StarMine Monthly Performance Report – February 2025

Market Performance

Performance was mixed in February on an equal-weight basis.  Developed Asia ex. Japan and Developed Europe saw the strongest performance with prices rising by 4.1% and 2.0%, while U.S. and Canada declined by 5.8% and 2.1%.  Emerging Markets was mixed with underperformance led by India (-9.9%), while Korea saw the strongest performance (5.5%).

Long-Short Performance

Looking at top-bottom decile spreads for February, Relative Value (RV) and Intrinsic Value (IV) saw the greatest breadth with positive decile spreads in most regions and countries covered in this report.  Model performance was strongest in US, with RV and IV decile spreads of 10.6 and 5.9 percentage points.  These two models also had strong information coefficients (IC) above 0.05 in all regions except for Hong Kong and China. Strong performance in RV and IV supported Value-Momentum (Val-Mo), a multi-factor model blending Value and Momentum, which also delivered strong results and IC’s.

Long-Only Performance

When examining top decile performance on an absolute basis, Developed Europe, Developed Asia ex. Japan, Hong Kong, Taiwan, and Korea stood out with positive performance across all models. Conversely, US, Brazil, and India saw negative performance across all models (benchmark equal-weight returns were also negative across all models for these countries).

Compared to equal-weight returns, UK exhibited positive relative performance across all models, followed by Canada and Developed Europe.

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