Value retakes the lead as risk appetite revives

According to factor analysis by FTSE Russell, value investing rebounded in most markets during a second quarter rally after faltering in the first quarter, with much of its outperformance coming in June as the US banking scare subsided and economic data remained surprisingly resilient. Value was ahead particularly in markets with big exposures to the robust recovery in financials, namely emerging markets and Japan, as the banking crisis ebbed.  Quality lost steam but held its own, however, doing best in markets with big tilts to high-flying tech stocks, particularly in the US and Asia...