Eli Horton says his firm at TCW is more active in names outside of the Mag 7 and megacap tech names. He sees opportunities in the other 490 names as roughly 40% of the S&P 500 (SPX) is concentrated into 10 stocks. His company offers several active equity ETFs in various investing themes, such as energy transformation and onshoring the U.S. supply chain. Eli adds that investing in American manufacturing is a largely bipartisan initiative supported by the government.