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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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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.