Market Performance
Performance was positive across most regions in July on an equal-weight basis. Singapore and Hong Kong saw the strongest performance with prices rising by 8.2% and 7.8%, while Brazil and India fell by 6.2% and 3.4%.
Long-Short Performance
Looking at top-bottom decile spreads, Price Momentum (PMO) and Intrinsic Value (IV) saw the greatest breadth with positive decile spreads in many regions and countries covered in this report. Conversely, Smart Holdings (SH) and Relative Value (RV) showed weaker breadth.
On a regional basis, Singapore showed the strongest breadth, with positive decile spreads across all models, including a 13.8 percentage point decile spread for PMO. Singapore also had the strongest information coefficients of any region or country.
Long-Only Performance
Developed Asia ex. Japan, Singapore, Hong Kong, Japan, Taiwan, and Emerging Markets showed positive top decile performance across all models.
Compared to equal-weight returns, Analyst Revision Model (ARM) exhibited the greatest breadth, with positive relative performance across most regions. China saw a relative outperformance of 330 basis points, followed by Korea (190 bps), and Singapore (180 bps).
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