Stocks “New to Top 200” are outperforming by 655 bps YTD (after underperforming by -635 bps in ’25) and have outperformed by 370 bps annualized since inception. This is an important shift for the “New to Top 200” to outperform as they have been enduring a remarkable streak of underperformance. Sharp outperformance perhaps heralds improving manager relative performance. 36 stocks were new this period which is above the 30-stock average three-month Top 200 turnover. By definition, the “New to Top 200” fully reconstitutes with 100% turnover every three-month period. This period’s “New to Top 200” group appears in Figure 2.