{"id":187742,"date":"2023-03-31T11:45:00","date_gmt":"2023-03-31T15:45:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=187742"},"modified":"2023-03-31T10:54:27","modified_gmt":"2023-03-31T14:54:27","slug":"why-us-large-caps-have-fared-better-with-a-factor-tilting-approach","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/why-us-large-caps-have-fared-better-with-a-factor-tilting-approach\/","title":{"rendered":"Why US Large Caps Have Fared Better with a Factor Tilting Approach"},"content":{"rendered":"\n

The past five years in US markets have been nothing if not eventful. They\u2019ve featured every macro regime of the economic cycle, where markets weathered a global pandemic, quantitative tightening and easing, inflation, and both low and rising rate environments. And while US large cap equity indexes have generally fared well over the past five years, the Russell 1000 Invesco Dynamic Multifactor Index [RB1]<\/a> has posted standout returns \u2014 shedding light on the potential value of tactically allocating to factors throughout economic cycles.<\/p>\n\n\n\n

US large caps did well \u2014 but factor tilting gave them a boost<\/strong> <\/h2>\n\n\n\n

The Russell 1000 Index<\/a> \u2014 an unbiased barometer for the broad US large cap segment \u2014 has largely shrugged off the ever-shifting macroeconomic backdrop since 2017, returning an annualized 9.7% for the period.[1]<\/a> However, while this performance is far from weak, the Russell 1000 Invesco Dynamic Multifactor Index returns have almost consistently outstripped those of the Russell 1000 over the past five years, outperforming by a cumulative +4,958 bps.<\/p>\n\n\n\n

\"Dynamic<\/figure>\n\n\n\n

Growth was the right choice at the right time<\/strong> <\/h2>\n\n\n\n

One of the noteworthy US market trends over the past five years was growth stocks\u2019 outperformance relative to value from 2019-2021<\/a>. The Russell 1000 Growth Index<\/a> represents the constituents of the Russell 1000 that exhibit growth characteristics \u2014 effectively measuring the performance of the US large cap growth segment \u2014 and the index returned an annualized 11.6% for the five-year period. <\/p>\n\n\n\n

Growth\u2019s run of strong relative performance is evident when comparing the Russell 1000 Growth index to the Russell 1000 Invesco Dynamic Multifactor Index. However, despite a stretch of underperformance during the growth rotation, the dynamic multifactor index cumulatively outperformed by +2,713 bps over the past five years.<\/p>\n\n\n\n

This chart suggests that while a tactical rotation into growth stocks for the 2019-2021 period would have delivered strong relative performance, allocating dynamically to factors would have resulted in higher relative returns over the longer term.<\/p>\n\n\n\n

Why the factor tilt outperformance?<\/strong> <\/h2>\n\n\n\n

Understanding how factors behave in different market cycles is key to explaining Russell 1000 Invesco Dynamic Multifactor Index outperformance. The past five years have featured every macro regime in the economic cycle \u2014 and, as we have explaine before, factors<\/a> tend to exhibit cyclicality and perform differently in response to each regime.<\/p>\n\n\n\n

\"Factors<\/figure>\n\n\n\n

As a result of this cyclicality, no one factor consistently outperforms over every short-term period. A factor that finishes at the top of factor rankings one year might not continue that trend into the next calendar year.<\/p>\n\n\n\n

\"Factor<\/figure>\n\n\n\n

In essence, the Russell 1000 Invesco Dynamic Multifactor Index performance has not only benefited from low correlations among factors, but also from tactically weighting the factors themselves as the US economy has cycled through macro regimes.<\/p>\n\n\n\n

An index designed to dynamically capture factor cyclicality<\/strong> <\/h2>\n\n\n\n

As we outlined recently<\/a> Some investment strategies don\u2019t survive contact with reality, but the Russell 1000 Invesco Dynamic Multifactor Index has performed true to its design over the past five years. Constructed with a transparent, rules-based approach that dynamically re-weights constituents based on factor scores and economic cycles, the index\u2019s multi-factor tilting framework has been a key driver behind its strong performance.<\/p>\n\n\n\n

For more details about multi-factor indexes, see our FTSE Invesco Dynamic MultiFactor Index Series<\/a> or Subscribe<\/a> to our blog.<\/p>\n\n\n\n

For more information on equity factors, see our equity factors report<\/a> that\u2019s updated quarterly.<\/p>\n\n\n\n

[1]<\/a> FTSE Russell for the period ending February 28, 2023.<\/p>\n\n\n\n

—<\/p>\n\n\n\n

Originally Posted March 28, 2023 – Why US large caps have fared better with a factor tilting approach<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Russell 1000 Invesco Dynamic Multifactor Index [RB1] has posted standout returns \u2014 shedding light on the potential value of tactically allocating to factors throughout economic 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