Factor leadership is shifting more quickly than in prior years, increasing the value of disciplined exposure management.
Quality
Quality remains a key anchor in uncertain macro regimes, particularly when financing conditions tighten.
Value
Value opportunities are improving in pockets where cash-flow durability is underappreciated, but balance sheet stress must be screened carefully.
Momentum
Momentum remains useful for timing risk, though signal half-life has shortened. Position sizing should account for reversal risk.
Practical Takeaway
Our process combines factor awareness with bottom-up selection to avoid over-committing to any single style narrative.