Value
Tilt towards stocks that appear cheap based on fundamentals like low price-to-book ratios, with the expectation they'll outperform over time.
Growth
Tilt towards stocks of companies with strong expected growth in earnings or revenue, often trading at higher valuations.
Quality
Tilt towards financially strong companies with high profitability, stable earnings, and low debt, aiming for more resilient long-term returns.
Value | Growth | Quality | |
|---|---|---|---|
After-tax excess return | +2.93% | +3.00% | +3.19% |
| Tax alpha | +3.57% | +3.44% | +3.84% |
| Pre-tax excess return | +0.24% | +0.45% | +0.23% |
| Management fee | -0.50% | -0.50% | -0.50% |
| Transaction cost | -0.08% | -0.09% | -0.08% |
| Post-tax financing cost | -0.30% | -0.30% | -0.30% |
| Annualized losses generated | 8.82% | 8.47% | 9.54% |
| Tracking error | 1.49% | 1.58% | 1.52% |