November delivered a plot twist for U.S. equities. The headline S&P 500? Barely budged—up a mere 0.2%. But flip to the Equal Weight version, and you get a completely different story: a solid 1.9% gain, marking its second-strongest relative outperformance since July 2024.

This wasn't just a fluke at the index level. The Equal Weight approach dominated across most sectors, suggesting broader participation beyond the usual mega-cap suspects. That said, not every corner joined the party—Communication Services took a hit, landing as the second-worst performer in the EW breakdown.

What does this rotation signal? Perhaps a shift in where capital's actually flowing, beyond the surface-level headlines.