Stay long value

BofA with the note:

A rare month of broad-based Value factor leadership

As our US Regime Indicator advanced further into “Mid-Cycle” in March, Value saw broad leadership: seven of the best performing factors overall were Value factors, a first in our factor performance history since 1986. Value tends to outperform in Mid-Cycle (leading the index in 75% of these periods, historically), and so far since the start of the current Mid-Cycle in Jan., this group has gained 18.5%, leading the index by 7.2ppt and Growth by 9.1ppt, in both cases the third-widest return margin in our history.

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