Which equity factors excelled in Q2?

During Q2, global equities rallied in the face of tariff uncertainty, reigniting risk appetite. The MSCI World delivered returns of 11.5%, with the MSCI USA returning a similar figure. Emerging Markets (EM) hit 12.0% and despite a strong start, Europe staggered and left year-to year gains at 8.5%. Looking at equity factors from the past quarter, Growth and Momentum outperformed globally and in the US due to AI-capex strength, while Value led globally in 2025. Quality lagged, and regional differences saw strong Size performance in Europe and an increase in Value and Size in EMs. Learn more...