Outperformance runs until it doesn’t. This applies to momentum factor. MSCI Momentum underperformed in 2021. MSCI World (incl dividends) gained 18% YTD vs 10.8% for MSCI Momentum. Only MSCI Size Factor did worse, b/c rally driven by few heavyweights, showing miserable mkt breadth h/t Holger Zschaepitz
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