StarMine Monthly Performance Report – March 2025

Market Performance

Performance was mixed in March on an equal-weight basis.  Canada and Emerging Markets saw the strongest performance with prices rising by 2.9% and 1.2%, while U.S. and Developed Europe declined by 3.7% and 1.6%.  Within Emerging Markets, performance was led by India (+8.1%), while Taiwan saw the weakest performance (-7.7%).

Long-Short Performance

Looking at top-bottom decile spreads for March, Value-Momentum (Val-Mo) saw the greatest breadth with positive decile spreads in all regions and countries covered in this report.  Model performance was strongest in Korea, with Val-Mo and Combined Alpha Model (CAM) decile spreads of 13.4 and 13.7 percentage points.  These two models also had strong information coefficients (IC) above 0.05 in most regions and countries.

Long-Only Performance

When examining top decile performance on an absolute basis, Canada, Hong Kong, Singapore, Brazil, and India stood out with positive performance across all models. Conversely, US 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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