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Rob Arnott | Focusing on Growth (Not Market Cap) | At the Money, Sonic AI
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Focusing on Growth (Not Market Cap) | At the Money
At The Money
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May 8, 2026
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14:12
Interview
Focusing on Growth (Not Market Cap) | At the Money
From
At the Money
Rob Arnott
(Founder, Research Affiliates, guest)
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Executive Summary
Research Affiliates has developed a new 'Growth Index' that challenges traditional cap-weighting by selecting companies based on their percentage growth in sales, profits, and R&D.
The index weights constituents by their absolute dollar contribution to macroeconomic growth, resulting in significant holdings like NVIDIA and Apple, while excluding others like Amazon and Microsoft.
Backtested data shows the strategy would have outperformed the Russell Growth index by 4.5% annually over 30 years, and live tracking since March 2023 shows continued outperformance.
The strategy is expected to have higher volatility and turnover than traditional indexes but offers a potential solution to the market concentration and valuation risks in cap-weighted products.
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Redefining Growth Investing
Alternative to Cap-Weighting
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