Growth and Momentum have stood supreme this year, outperforming in both the first and second quarter of 2020 and finishing wi th a positive return year-to-date. As spring turned to summer, however, every factor was overtaken by the rocket -like recovery in High Beta, which rode hopes for a rapid economic recovery to a 38% gain in Q2.
Value and Dividend strategies continued to have a difficult time and, although small - and mid-cap U.S. equities began to perform a little better more recently, the overall strength of the largest companies has left a significant majority of our S&P 500 factor indices traili ng the capitalization- weighted benchmark year-to-date.
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