CHART OF THE DAY: New Month, Same #Quad2 Factor Tilt

Back to this morning’s math…

In addition to measuring and mapping the US Equity market from a Sector Style perspective, we do the same from a Factor Exposure perspective. It was a clean cut #Quad2 day to start May on that front yesterday too:

1. LEVERAGE (High Debt/EV) was +1.0% on the day to +24.6% YTD
2. HIGH BETA was up another +0.8% on the day to +26.7% YTD
3. SMALL CAP was up another +0.9% on the day to +21.9% YTD
4. HIGH SHORT INTEREST was up another +0.5% on the day to +19.0% YTD

Yeah, sure, you could have lost your macro marbles and SOLD your HIGH BETA Commodities Exposures in March and/or gone all Macro Tourist on yourself in April and sold your Small Caps. But you didn’t. Why? Because you love me.

Haha. No you don’t. But I do love the idea of you loving your process. Part of my coaching style is to constructively criticize you like I criticize my former self.