Profit growth for the median shared favorite is expected to be 15% in 2023, compared to 7% for the median S & P 500 stock, Kostin said.
Since 2013, an equal-weighted basket of shared favorites has outpaced the S & P 500 in 58% of the months.
The basket has underperformed the S & P 500 by 3 percentage points so far this year, "consistent with other periods of market stress," Kostin wrote.
However, since the market rally in June, it has outperformed the S & P, he said.
Lastly, Wells Fargo 's stock is down about 12% in 2022.