Sam, thanks for your comment. The sector weightings that you highlight is interesting yet not relevant given that they are an outcome of the process of ranking the individual stock fundamental factors. This is in fact the point of the note and demonstrates a pure comparison of fundamental factors (growth versis value) and that to justify underperformance by style namely value, isn’t accurate. Rather that it was stock selection skill that has delivered / detracted alpha in this asset class given the low cross sectional volatility environment we have experienced. Happy to discuss further if you’d like to contact me. Regards

On Skill vs style - active management in Australian small caps -