New Delhi, July 28 -- For much of 2024 and early 2025, U.S. stock market gains were narrowly focused on mega-cap tech. Names like Nvidia, Microsoft, Apple, and Amazon dominated headlines and portfolios.

But starting mid-June, a new trend emerged. The Russell 2000, which tracks U.S. small-cap stocks, rallied nearly 10% in just five weeks. This was not a speculative bounce. It was driven by stronger earnings, favorable policy signals, and a broadening of market participation.

Most Indian investors missed this move, not because they weren't paying attention, but because their portfolios were too concentrated in large caps.

If you're sitting on a Rs.5 lakh U.S. allocation that hasn't moved much since April, this may be why.

The Russell 20...