So far this year the market has favored U.S. Large Cap Growth Stocks. One reason could be due to the 2017 tax law forcing U.S. companies to onshore non-domestic profits. The top 25 companies in the S&P 500 Index account for 56% of the $1.9 trillion ($1,900 billion) in cash held by the index constituents. The top 50 hold 68% of the total, and the bottom 250 near 0%. An estimated repatriation of some $220bn of this cash the first quarter, likely followed by a similar or higher amount in Q2, has tightened liquidity in non-US financial markets. In 2018, at this pace, near a $1 trillion could return to shareholders of the largest U.S. companies, some used in capital expenditure but mostly in dividends and share buybacks. The U.S. Federal Reserve Bank is reducing holdings of Treasuries at a $50bn per month pace this autumn. By the end of 2019, the Fed will have cut its balance sheet by about $1 trillion, draining more liquidity from global financial markets. The U.S. tax cuts have created a ballooning deficit, estimated to exceed $1 trillion in the next year. Debt is being issued to finance this, absorbing even more liquidity. Adding it all up, we have $2 trillion in U.S. liquidity reduction, and a further $1 trillion in repatriated offshore cash. A substantial amount of the latter will be given to the shareholders of the top tier U.S. companies. The portfolio holds some of the biggest and fastest growing of these cash generators. The aforementioned return of cash might explain why some of these companies have, and might continue, to outperform. As an aside, the holdings should be largely unaffected by the current Trade disputes, as they neither consume nor produce much, if any, of the items so far being targeted by various trade blocs and governments.