Market Performance
Performance was mixed in April on an equal-weight basis. UK and Developed Europe saw the strongest performance with prices rising by 3.5% and 1.4%, while U.S. and Developed Asia ex. Japan declined by 1.7% and 0.8%. Within Emerging Markets, performance was led by Brazil (+9.7%), while Taiwan saw the weakest performance (-6.9%).
Long-Short Performance
Looking at top-bottom decile spreads for April, Analyst Revision Model (ARM) saw the greatest breadth with positive decile spreads in most regions and countries covered in this report. Relative Value and Intrinsic Value underperformed in April, while Momentum models including ARM and Price Momentum saw strong performance.
On a regional basis, Taiwan and Korea showed the strongest breadth, with positive decile spreads across all models.
Long-Only Performance
When examining top decile performance on an absolute basis, Developed Europe, UK, Brazil, Korea, and India stood out with positive performance across all models. Conversely, Singapore and Taiwan saw negative performance across all models (benchmark equal-weight returns were also negative across all models for these countries).
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