Vaccine rally showed value flawed as momentum hedge, quant says

Rob Mannix
@RobMannix
23 Nov 2020

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It was the news value investors had been waiting for. On November 9, Pfizer announced that its coronavirus vaccine was found to be more than 90% effective in preventing Covid-19 – prompting the sharpest rotation from momentum to value stocks on record.

Some investors hailed it as the start of a long-awaited recovery in value factor strategies, after years of poor performance. But on closer inspection, it looks more like a false dawn.

“It’s really been a disastrous year for value during the

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