Style Research Blog

Monthly Style Summary to End August 2014

Led by the USA, Western markets rose during August. This was accompanied by a recovery in Growth stocks, especially those with higher expected future Growth. Though Australia and Singapore shared this Style pattern, Asian and Emerging markets in general delivered moderately negative returns across most popular factors, an unusual situation where expensive, but weakly growing stocks outperformed. However, smaller caps and low Beta fared well too in these markets.

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Monthly Style Summary to End July 2014

The combination of anticipated tapering of US quantitative easing, ripple effects from sanctions against Russia and concerns surrounding the Middle East and Gulf area caused most Western markets to drift lower over the month, even as Asian and Emerging markets continued higher. Against this unsettled and disparate background, Value outperformed in Asian and Emerging markets and in the US and UK.

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