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Small-cap stocks such as Abercrombie & Fitch (ANF) are seeing billions of dollars added to their year-to-date market capitalizations, aided by the recent rotation into that portion of the U.S. equity market from large-caps (SP500)(SPY)(COMP:IND).
The Russell 2000 (RTY) rose for a second straight week, picking up 1.5%, although the advance was limited by stalling in its recent rally. Small-caps funds drew in $9.9B over the past week, the second-largest weekly inflow on record, Bank of America said Friday, citing EPFR data.
Insmed (INSM) is among the Russell 2000 (RTY) constituents posting big jumps in stock-price performances alongside swelling market caps. Insmed’s (INSM) valuation has climbed to $11.3B so far this year, from $4.3B in 2023. Shares of the biotech company focused on rare pulmonary diseases were up 145% YTD, swinging from a ~29% loss in late May.
Here’s how the market caps of the 10 most valuable stocks in the iShares Russell 2000 ETF (IWM) have increased so far this year:
- Insmed (INSM) – Market cap: $11.3B - Market cap in 2023: $4.3B
- FTAI Aviation (FTAI) – Market cap: $10.3B - Market cap in 2023: $4.65B
- Vaxcyte (PCVX) - Market cap: $8.66B - Market cap in 2023: $5.98B
- Fabrinet (FN) - Market cap: $8.58B - Market cap in 2023: $6.91B
- Sprouts (SFM) - Market cap: $8.31B - Market cap in 2023: $4.89B
- Fluor (FLR) - Market cap: $8.2B - Market cap in 2023: $4.89B
- Abercrombie & Fitch (ANF) - Market cap: $8.02B - Market cap in 2023: $4.45B
- Lantheus (LNTH) - Market cap: $8.02B - Market cap in 2023: $4.25B
- Applied Industrial Technologies (AIT) - Market cap: $8.01B - Market cap in 2023: $4.25B
- Ensign Group (ENSG) - Market cap: $7.7B - Market cap in 2023: $6.28B
Other small-cap ETFs include (IJR), (VB), (VBR), (SPSM), and (DFAS).