Equities are challenged right now. last week, US/global equities were down about 3%, weighed down by commodities, value, and carry. The carry trade is especially interesting right now… There have been strong unwinds in both the Japanese Yen and Swiss Franc (traditionally the “short” side of the carry trade), but also a similar unwind in “safer” currencies even in emerging markets. Watch the FX markets.
Global equity styles like low volatility, quality, and momentum (the three strong performing equity styles YTD) still fared well last week, suggesting the style investors in the equity markets are either behind–or at least diverging from–equity and bond investors… while the underperforming styles YTD (size and value) seemed to have found a bottom mid-July. This week will be interesting.
|Last Week’s Top 5 Performers|
|Last Week’s Bottom 5 Performers|
Factor Returns: Year-to-date
Factor Returns: July, 2019
Factor Returns: Trailing
Notes to performance
- Past performance does not guarantee future returns
- The factor returns may not correspond to the factor returns inside the factorE application.
- The equity styles are market neutral, meaning these returns are on top of equity market returns
- A csv download will be made available for those who want to show trailing returns in another format