A while ago, I was attending the investment committee of a major university when one of my colleagues, Dan Paduano of Neuberger & Berman, made an interesting suggestion. It was such a clever and should-be-obvious idea, that I decided to do some research. Bottom line: if you own a S&P index fund you really must consider this strategy. First some background. Most S&P 500 index funds are capitalization weighted. That means that the larger the company, the more weight it has in the index.