Insights / Series
Series
Below the Surface
What sits beneath the index returns.
In Tom’s view, markets rarely move for the reasons the headlines give. Below the Surface is Tom Fletcher's ongoing series of articles on the dislocations and nuances that sit beneath index returns, and what they mean for clients. Written from the perspective of someone who spent a career where the most important variables are the ones you cannot see.
Tom Fletcher, CFACo-Founder & Chief Investment Officer
In this series
2 issuesNo.2
Jun 18, 2026 · 4 min readBelow the SurfaceEmerging Market Diversification
No.1The iShares Emerging Markets ETF (EEM) isn't the diversifier it once was — three AI-chip names from Korea and Taiwan now make up nearly 29% of the fund. A look beneath the index.
May 26, 2026 · 2 min readBelow the SurfaceEnergy
Why "energy" shouldn't be reduced to oil majors or a sector ETF — five sub-sectors of the energy complex respond very differently to geopolitical supply disruption.