Is a regime change brewing in Factor land?

Vaccine-fueled hopes for a quicker return to economic normalcy ignited a powerful rotation in Q4 away from long-dominant Quality and Momentum into Value and (smaller-cap) Size factors hit hardest by the pandemic shock since last March.

As investors increasingly look beyond the grim near-term economic outlook to brighter post-crisis prospects, could this Q4 reversal be the beginning of a more sustainable shift in factor leadership?

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