Lab · Visualisation · Bar race

Which Closelook index led the rally — and who is rolling over now

Four Closelook functional indices, each rebased to 100 the day the market bottomed on 31 March 2026, racing on what $100 invested that day would be worth. Rubin — our AI build-out index, the semiconductor and infrastructure complex — ran to $162. HALO, our broad-growth 100, barely moved: $104. That gap is the story of this entire advance — a narrow bull carried by the AI trade while the rest of growth sat still. Watch the early-June bars: when the leader starts to give it back, leadership is what changes first.

Closelook Index Leadership - who led the rally off the March bottom

$100 invested in each Closelook functional index at the 2026-03-31 low, equal-weight, rebased to 100. Watch leadership change hands.

What you are watching

Each bar is one of our four functional indices — themed, rules-based baskets we build and track. They started level at 100 on the 31 March low, so the bars show pure relative leadership since the bottom:

Rubin — the AI build-out: chips, power, packaging and the infrastructure underneath the AI trade. Rubin 100 →
Euro-AI — the European AI names, from semis to defence and industrial AI. Euro-AI 50 →
AW25 — Agentic Winners 2025, the companies most exposed to AI agents doing real work. AW25 →
HALO — broad growth: 100 quality growth names well beyond AI. HALO 100 →

The bar in front always paints brand red. When a red bar slips back down the order, the market is handing leadership to something else — the single most useful thing to watch for at a turn.

Why this matters

A rally this concentrated has a tell: it leans on one trade. From the March low, the AI complex (Rubin, Euro-AI, AW25) did almost all the work while broad growth — HALO — added about four percent. That is the same narrow shape our breadth read sees underneath the index: a handful of names carrying the tape. The interesting question now is the reverse one. If the AI trade cools, does HALO — the broad book — start to catch up? That hand-off, if it comes, shows up here first, in the order of the bars.

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<iframe src="https://closelook.net/embed/race/index-leadership/" width="100%" height="640" frameborder="0" loading="lazy" title="Closelook Index Leadership Race"></iframe>

Methodology

Source: the live equal-weight series from the Rubin, HALO, Euro-AI and AW25 index workers — the same numbers behind each index page.
Value: equal-weight total level, rebased to 100 at 2026-03-31 so every index starts level — the bars show relative performance, not price.
Why 31 March: it is the rally low, and the first day all four indices share a common history under the current methodology — a fair common start.
Time window: 2026-03-31 → 2026-06-05, 24 snapshots (every second trading day).
Not yet racing: ABR and the newer Agentic Ecosystem index will join once they carry a full quarter of comparable history.
Cross-read: the sector-rotation race tells the same narrow-vs-broad story across the whole S&P 500; The Wire narrates it in words.

Closelook indices are research constructs published as an investment diary, not advice or a recommendation. Rebased index levels are illustrative of relative performance only.