Factor dispersion has come in, a fair bit, for quite a few metrics, but not all.
Generally speaking, you’d still suggest that the value of Value is quite material; in other words, a higher ex ante return to value strategies relative to growth, all else equal.
And all isn’t equal.
We’ve still got some persistence, to the inflation data (namely owner’s equivalent rent, which is a lagged impact, even though at the margin rental pressures are moderating) and we’ve still got the hawkish near term Fed decision, and shortly after, the RBA.
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