ISCV - Recovery Caution Revitalizes Flight To Quality

• Since mid-May, the global rallies in Value and Size factors have cooled, and Quality has staged a robust comeback.
• The burst in reopening optimism last fall spurred a sharp rotation from Quality into Value, which is more heavily weighted to cyclically sensitive industries poised to profit from a reflating economy.
• The Quality rebound has come amid signs that the best of the economic and corporate-earnings recoveries may be behind us, as well as the discernably more cautious tone in market sentiment.

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