Forgot your password?

Please enter the email address you used when registering.

Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

Email sent

Please check your email for password reset instructions.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Two-step verification

In order to change your password, we need to verify your identity. We have sent an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Two-step verification

In order to change your phone number, we need to verify your identity. We’ll send an authorization code to your email on file

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please enter you new phone number

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Your account phone number has been changed successfully

Invalid login

Enter your password to login.

Invalid login
Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Forgot password?

Two-step verification

To verify your identity, we need to send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Resend the email

Confirmed.
Welcome back.

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An error occurred while processing your request. Please try again later.

Please enter a valid phone number.

We need a phone number to keep your account secure. We'll send you a code to validate your phone number right now.

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number

Forgot your password?

Please enter the email address you used when registering.

Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

Email sent

Please check your email for password reset instructions.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Two-step verification

In order to change your password, we need to verify your identity. We have sent an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Two-step verification

In order to change your phone number, we need to verify your identity. We’ll send an authorization code to your email on file

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please enter you new phone number

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Your account phone number has been changed successfully

Enter your email address

Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.
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Role is required
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Invalid country code
Number is too short
Number is too long
Invalid number
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Passwords do not match
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

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The missing ingredient in today’s large-cap allocations: value stocks

Today, seven stocks—Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla, often referred to as the Magnificent Seven—have taken center stage as new technologies transform certain segments of our economy. The utter market dominance of this handful of companies, however, should give investors pause.

John C. Forelli

John C. Forelli, 

Director of Portfolio Research,

Boston Partners

Read bio
The missing ingredient in today’s large-cap allocations: value stocks

As of the close of 2023, these seven stocks represented just under 30% of the S&P 500 Index’s (S&P 500’s) total market capitalization. This is uncharted territory. Over the past 40 years, the seven largest stocks in the bellwether index rarely accounted for more than 20% of its market cap. The performance record behind these seven names is even more disproportionate. Last year, the Magnificent Seven gained more than 100%, while an equal-weighted allocation to the S&P 500 returned just 14%.

There might be a silver lining to this tale if these seven stocks represented a broad cross section of the economy. They do not. All seven are growth stocks, all are technology-focused companies, and all recently had valuations (as measured by forward price-to-earnings ratios) higher than the S&P 500 itself—in some cases, two or three times higher.1

Extreme concentration, high valuations, sector bias—the risks are significant and, in many ways, mounting. But that doesn’t mean investors are without recourse. We believe investors can counteract some of the most pronounced challenges in today’s equity market by refocusing on first principles.

The seven largest stocks represent a massive part of today's market 

Percentage of the S&P 500 Index represented by the seven large stocks as measured by market capitalization, 5/31/95–2/29/24

This chart shows the growth in the percentage of the S&P 500 Index represented by the seven large stocks as measured by market capitalization from May 1995 through February 2024. The proportion rose from around 14% in 1995 to more than 29% in early 2024. This chart shows the growth in the percentage of the S&P 500 Index represented by the seven large stocks as measured by market capitalization from May 1995 through February 2024. The proportion rose from around 14% in 1995 to more than 29% in early 2024.

Source: Boston Partners, S&P Dow Jones Indices, April 2024. The S&P 500 Index tracks the performance of 500 of the largest companies in the United States. It is not possible to invest directly in an index. Market capitalization is the value of a corporation determined by the market price of its issued and outstanding common stock.

The Magnificent 7's relative performance in 2023 was even more disproportionate

Source: Boston Partners, S&P Dow Jones Indices, April 2024. The S&P 500 Index tracks the performance of 500 of the largest companies in the United States. The S&P 500 Index's equal weighted performance assigns the same importance to each of the index's 500 stocks in calculating performance, regardless of the company's size as measured by market capitalization, so that large and small stocks count the same. It is not possible to invest directly in an index.

Cast a wide net: seek to proactively mitigate today’s market concentration risk

To spell out the problem behind concentration risk even more explicitly, a targeted allocation focusing on any narrow segment of the stock market is unlikely to pay off with any consistency. We can clearly see this in action by looking at the S&P 500’s underlying sector performance over the past 15 years. It’s frequently been the case that a top performer one year will be at the bottom of the pack the next, or vice versa. Case in point: Information technology was the top performer last year but one of the market’s worst-performing sectors in 2022.

Sector performance within the S&P 500 has been unpredictable

Total returns by S&P 500 Index sector, 2009–2023 (%)

This chart shows total returns by S&P 500 Index sector from 2009 to 2023, illustrating how the top and bottom performers among the 11 sectors has tended to vary from year to year, with little consistency. This chart shows total returns by S&P 500 Index sector from 2009 to 2023, illustrating how the top and bottom performers among the 11 sectors has tended to vary from year to year, with little consistency.

Source: S&P Dow Jones Indices, April 2024. The S&P 500 Index tracks the performance of 500 of the largest companies in the United States. It is not possible to invest directly in an index.

None of this is to suggest a bias against tech stocks or any other segment of the market. Our concern has more to do with the idea of intent. Investors with allocations to large-cap growth strategies would expect to see these seven stocks represented in their portfolios in meaningful ways. The problem, we believe, lies with investors in passive large-cap strategies and even in many actively managed large-cap core strategies.

For these investors—who would rightly expect their investments to offer broadly diversified exposure to the most dynamic economy in the world—something approaching one-third of their allocation is targeting a single, homogeneous, and relatively expensive segment of the stock market. Fortunately, this is a problem with a simple, time-tested solution.

Diversify with purpose: dedicated allocations to growth and value strategies may help prevent chasing yesterday’s top performers

We believe there’s a fairly easy way to counteract today’s extreme levels of concentration risk: a dedicated allocation to large-cap value stocks. How to implement such an approach is open to debate, but the pitfalls deserve review. Passive and core-based approaches in today’s market are heavily weighted in favor of growth stocks in general and the Magnificent Seven specifically. In fact, essentially any approach oriented toward the S&P 500 or the Russell 1000 Index would tend to overexpose investors to these seven securities due to their disproportionate representation in those indexes, and continued strong performance in the tech sector would only compound the problem.

For that reason, we believe it may be more prudent to target those types of tech-oriented holdings intentionally through a large-cap growth allocation—and then, with equal intention, to diversify away from those securities through a large-cap value position. This two-pronged approach is about as straightforward a way of dealing with concentration risk as there is: Exposure to, and reliance on, the Magnificent Seven would immediately be reduced significantly.

Such an approach also eliminates some of the temptation to chase yesterday’s top performers. Consider that over the past 45 years, growth and value have traded market leadership positions 27 times.

Growth and value stocks have changed leadership positions 27 times in 45 years 

Changes in performance leadership of the Russell 1000 Growth Index and the Russell 1000 Value Index as measured by trailing 12-month returns, 1/31/79–12/31/23 (%)

This chart shows the frequent changes in performance leadership of the Russell 1000 Growth Index versus the Russell 1000 Value Index as measured by trailing 12-month returns from 1979 to 2023. During that 45-year period, leadership changed between the growth and value  styles 27 times. This chart shows the frequent changes in performance leadership of the Russell 1000 Growth Index versus the Russell 1000 Value Index as measured by trailing 12-month returns from 1979 to 2023. During that 45-year period, leadership changed between the growth and value  styles 27 times.

Source: Boston Partners, S&P Dow Jones Indices, April 2024. The Russell 1000 Growth Index tracks the performance of large-cap companies in the United States with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Value Index tracks the performance of large-cap companies in the United States with lower price-to-book ratios and lower forecasted growth values. It is not possible to invest directly in an index.

It’s worth pointing out that this 45-year snapshot reflects a period of relative parity between growth and value investment styles: The Russell 1000 Growth Index returned 11.96% per year during this time frame while the Russell 1000 Value Index returned 11.57%. This hasn’t always been the case, and there are two realities that deserve addressing head on: first by looking at more recent history and then by taking an even broader view of the landscape. To begin, it’s true that since 2007, growth stocks have tended to outperform value stocks—why is ultimately a matter for another paper. The second point is to highlight what an anomaly the past decade-plus has been. Looking back to 1927—and including those recent years of value’s relative underperformance— value has still outperformed growth by an average of more than 4% per year. And in those calendar years where value does outperform, the difference has been huge: nearly 15% on average. More than just a source of ballast, value stocks can offer meaningful alpha to a diversified portfolio.

Buy low, sell high: dollar cost averaging and regular rebalancing may help investors stay diversified and reduce volatility

One of the underappreciated risks associated with any concentrated exposure is behavioral: Investors tend to have a fairly low tolerance for volatility. Every year, Morningstar calculates the average return for various asset classes and compares those figures with the dollar-weighted returns. The result, invariably, is a gap—the difference between the returns investors actually achieved and the more hypothetical performance any given category produced.

Morningstar found that volatility consistently undermines investor returns, both across categories and within. For example, allocation funds—which generally exhibit less volatility than equity strategies—posted a significantly smaller return gap over the past 10 years than several equity categories. The gaps within categories track volatility as well. U.S. equity funds with higher standard deviations experienced larger gaps than those that were relatively more stable. Per Morningstar, “the general trend makes intuitive sense, as funds that expose investors to less volatility should be easier to own and less prone to erratic cash flows, thus leading to better investor results.” Ultimately, volatility isn’t a problem in itself—it becomes one when it motivates investors to lock in losses or, on the upside, to buy into market peaks. A lower volatility profile within a U.S. equity allocation isn’t simply a means to help investors feel better; it can actually enhance long-term returns.

Defined contribution plans are an ideal setting for helping investors to put such a program into action. The nature of dollar cost averaging acts as a check on over- allocating to the priciest parts of the market, while many plans’ automatic rebalancing features can help keep investors’ portfolios appropriately diversified. By way of reminder, dollar cost averaging is one of those rare investing concepts that acts like more of a law of physics: When buying any variable quantity of something—whether it’s shares of a mutual fund or gallons of gas—if the dollar investment is fixed, you’ll end up buying more of it when it’s cheap and less when it’s expensive. The result over time is to drive down the cost basis, which is the key to any successful long-term investment strategy.

Price matters: seek the lowest cost basis

We hope by now it’s clear that the reports of value investing’s demise have been greatly exaggerated. There’s no shortage of evidence to demonstrate that lower relative prices lead to higher prospective returns. We believe value stocks remain a meaningful source of alpha and that investors would be remiss to pass over the opportunity, especially given the inherent concentration risks involved in any strategy that doesn’t expressly incorporate value stocks into a portfolio.

For those investors who may have grown skeptical of value investing’s potential or have inadvertently seen their portfolios tilt toward growth, now may be the perfect time for a reexamination: Our own research suggests that we may be in the early innings of a market leadership pivot away from large-cap growth toward large-cap value. But again, rather than shoulder the impossible task of trying to time such a transition, we believe investors are better served by owning both growth and value stocks throughout various market regimes—and to hold them in roughly equal proportions by rebalancing regularly.

There is some urgency to act: When the tech-led sell-off began in late 2000, it took just 12 months for the Russell 1000 Growth Index to lose more than half its value.2 While we certainly can’t predict the future, it’s worth considering that with seven stocks making up such an outsized portion of the market—and, consequently, of many investor portfolios—a reversal of fortune or spike in volatility in just three or four of those companies could have dramatic consequences for investor returns. We believe that’s the kind of risk most long-term investors would gladly avoid.

More than two decades later, these dot-com era titans are priced at fractions of their former valuations

Market capitalization ($B) 

This bar chart shows the large declines in the valuations of seven of the largest U.S. technology stocks as measured by market capitalizations in 2000 at the peak of the dot-com bubble relative to the end of 2023. For example, Cisco Systems  had a $536.4 billion market capitalization in 2000 versus just  $205.3 billion at the end of 2023. In some cases, the biggest tech companies of 2000 were eventually taken over by other companies. This bar chart shows the large declines in the valuations of seven of the largest U.S. technology stocks as measured by market capitalizations in 2000 at the peak of the dot-com bubble relative to the end of 2023. For example, Cisco Systems  had a $536.4 billion market capitalization in 2000 versus just  $205.3 billion at the end of 2023. In some cases, the biggest tech companies of 2000 were eventually taken over by other companies.

Source: Boston Partners, April 2024. Market capitalization is the value of a corporation determined by the market price of its issued and outstanding common stock.

 

FactSet, as of December 31, 2023. 2 Bloomberg, FTSE Russell, 2024.

The views presented are those of the author(s) and are subject to change. No forecasts are guaranteed. This commentary is provided for informational purposes only and is not an endorsement of any security, mutual fund, sector, or index. Any economic or market performance is historical and is not indicative of future results.

The S&P 500 Index tracks the performance of 500 of the largest companies in the United States. The Russell 1000 Index tracks the performance of 1,000 large-cap companies in the United States. The Russell 1000 Growth Index tracks the performance of large-cap companies in the United States with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Value Index tracks the performance of large-cap companies in the United States with lower price-to-book ratios and lower forecasted growth values. It is not possible to invest directly in an index.

The forward price-to-earnings (P/E) ratio is a stock valuation measure comparing the current shareprice of a stock with the underlying company’s estimated earnings per share over the next 12 months.

Diversification does not guarantee a profit or eliminate the risk of a loss.

Dollar cost averaging is investing a set amount of money at regular intervals, without considering the share price.

Alpha measures the difference between an actively managed fund's return and that of its benchmark index. An alpha of 3, for example, indicates the fund’s performance was 3% better than that of its benchmark (or expected return) over a specified period of time. 

Investing involves risks, including the potential loss of principal. The stock prices of midsize and small companies can change more frequently and dramatically than those of large companies. Value stocks may decline in price. Foreign investing, especially in emerging markets, has additional risks, such as currency and market volatility and political and social instability. Large company stocks could fall out of favor, and illiquid securities may be difficult to sell at a price approximating their value. These products carry many individual risks, including some that are unique to each fund. Please see each fund’s prospectus to learn all of the risks associated with each investment. Diversification does not guarantee a profit or eliminate the risk of a loss.

MF3563143 

 

John C. Forelli

John C. Forelli, 

Director of Portfolio Research,

Boston Partners

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