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Long-Short Performance
Analyst Revision Model (ARM) exhibited the broadest strength, with positive top-bottom decile spreads across all regions and countries, followed by Combined Alpha Model (CAM), Value-Momentum (Val-Mo), and Earnings Quality (EQ). Value factors including Relative Value (RV) and Intrinsic Value (IV) exhibited the weakest breadth.
In the U.S., ARM rebounded sharply, recording a decile spread of 10.2 percentage points, its highest since 2009. This was driven by top-decile performance in Semiconductors, while bottom-decile stocks declined, led by Health Care and Discretionary.
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