Via the excellent Damien Boey at Credit Suisse:
Globally, equities have very much been a momentum and quality story in early 2020. Value factors have badly underperformed, having bounced hard in late 2019. We have seen a very sharp risk-off rotation in alpha terms, even as the market has gained.
Having said this, the momentum and quality rotation has been nowhere near as sharp in Australia, in part because of some dramatic turnarounds in beaten-up stocks during the early stages of reporting season. And for context, we should also note that the value rotation in late 2019 was nowhere near as sharp in Australia as it was abroad.