StarMine Monthly Performance Report – May 2025

Market Performance

Performance was strong across all regions in May on an equal-weight basis.  Canada and UK saw the strongest performance with prices rising by 8.8% and 6.6%, while China and Emerging Markets rose by 2.1% and 2.5%.  Within Emerging Markets, performance was led by India (+7.6%).

Long-Short Performance

Looking at top-bottom decile spreads for May, Price Momentum (PMO) saw the greatest breadth with positive decile spreads in all regions and countries covered in this report except in UK.  Our combination models including Combined Alpha Model (CAM) and Value-Momentum (Val-Mo) showed positive decile spreads in most regions and countries.

On a regional basis, Taiwan showed the strongest breadth, with positive decile spreads across all models, for the second consecutive month.

Long-Only Performance

When examining top decile performance on an absolute basis, every region and country showed positive performance across all models. Compared to equal-weight returns, Canada exhibited the highest relative performance across all models (compared to market equal-weight return).

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