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As admirers across Britain and around the world awaited Queen
Elizabeth's Platinum Jubilee celebrations, equity investors reveled
in value factors' good cheers throughout the month of May (Table
1). However, markets are still trying to recover from the built-up
pressures that have reigned in 2022 including supply chain issues,
elevated inflation, the war in Ukraine and the recent downturn in
China from renewed COVID restrictions.
US: Robust double-digit spreads were recorded by value measures
including Forward 12-M EPS-to-Enterprise Value
Developed Europe: Price Momentum measures moved to the opposite
end of the performance spectrum, with Industry-adjusted 12-month
Relative Price Strength the weakest performing factor last
month
Developed Pacific: In Japan, investors rewarded both value and
momentum measures, as represented by Industry Relative Leading
4-QTRs EPS to Price and Rational Decay Alpha, respectively
Emerging markets: Deep Value and Relative Value themes were
favored in May, as captured respectively by TTM
EBITDA-to-Enterprise Value and Industry Relative TTM Dividend
Yield
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This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.
