Large cap factors that worked well in 2024

General
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Has anyone got any large cap factors that have fared well this year? Most of mine have been very mediocre all teh sudden after working decently for a few years. For example, long term ROIC metrics and gross profit to ev seemed to work reasonably well before 2024.

But in 2024, it seems that the only factors that have worked in large caps are long-term momentum (NVDA and other AI heavy) and EBITDA growth (also NVDA and other AI heavy). Has anyone else had a similar experience?

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Factor Analysis Using P123 Data to address this question: Two Interesting examples of this approach that may begin to address the usefulness of two particular factor categories.

I've conducted some factor analysis on the S&P 500 universe over the past year that might be relevant to this discussion:

  1. A latent factor combining multiple EBITDA/EV features: (First chart showing strong performance in top quantile with 49.09% return)

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  1. A latent factor focused on analyst revisions:
    (Second chart showing relatively flat performance across quantiles with top quantile around 30.94% which is not better than the benchmark)

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Interestingly, my results for analyst revisions for large-caps differ from those discussed in this P123 community post. Interesting article on factor investing (with props to P123).

This is just a quick example of an analytical approach to this question--using factor analysis--that is incomplete at best. I find the approach more useful than any debate about particular factors. I could be wrong about what factors have been best over this last year using this quick analysis. But I think the method has the potential of providing an objective, analytical result.