Contraction, Recovery & Growth: How Factors Performed

Factors historically have produced excess returns through the business cycle, even in the down times.

With the U.S. economic expansion approaching 10 years, and volatility whipsawing the mar-
kets, investors can be excused for planning for a potential slowdown. Our view is the slow-growth expansion will continue for a while with low inflation and accommodative central banks, an environment which historically has produced excess returns for most factors. But what if things get more volatile than expected? That is when factors have historically had their best performance.

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