StarMine Monthly Performance Report – November 2025

Market Performance

Performance was mixed in November on an equal-weight basis.  Brazil, Canada, and Japan had the strongest performance with prices rising by 6.1%, 4.4%, and 3.3%, respectively. China and Taiwan saw prices fall by 2.2%.

Long-Short Performance

Value-Momentum (Val-Mo), a multi-factor model, delivered the strongest breadth with positive top-bottom decile spreads across all regions, led by Japan, Australia, and Canada. Relative Value (RV) and Intrinsic Value (IV), underlying inputs to Val-Mo, ranked next, posting positive spreads across most regions.

Long-Only Performance

Most regions saw mixed top-decile performance across all models. Canada was a clear standout, with CAM and ARM returning 13.3% and 12.5%, outperforming the equal-weight benchmark by 890 and 810 basis points, respectively.

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