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Market Performance
Performance was mixed on an equal-weight basis. Hong Kong, U.K., and Developed Asia ex. Japan had the strongest performance with prices rising by 8.2%, 4.2%, and 3.8%, respectively. Korea saw prices fall 13.6%, marking its worst month year-to-date, driven by weak performance amongst memory semiconductor names.
Long-Short Performance
Relative Value (RV) exhibited the broadest strength, with positive top-bottom decile spreads across all regions and countries, followed by Intrinsic Value (RV), Value-Momentum (Val-Mo), and Earnings Quality (EQ). Momentum exhibited the weakest breadth, with the Analyst Revision Model (ARM) and Price Momentum (PMO) posting negative spreads across most regions.
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