Key Takeaways: - The top 10 S&P 500 stocks now account for approximately 40% of the index, nearly double their share from a decade ago. - International developed markets have recently traded at ~16x forward P/E vs. ~22x for the S&P 500, which may represent a valuation opportunity (MSCI EAFE, May 2026). - VEFA seeks exposure to developed market companies outside the US and Canada, selected based on...