Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye Macro Analyst Ben Ryan. Click here to learn more.
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This morning, we’ll make just a few points on relative factor performance trends right now that we find interesting as cyclically minded analysts. Take it or leave it… Pretty much any way you construct each factor exposure, “growth” has had a good-run against “value” to say the least. As an example, see our Chart of the Day below which is actually three separate images where we look at L-T Total Return factor indices... ...On broad “Growth” outperformance, remember that it is pretty much a non-discussion at this point that “Growth” as a factor exposure underperforms other factor constructions of the “Value” or “Momentum” nature over the long-term. |
