• The final month of 2020 brought gains for every one of our reported S&P 500 factor indices. High Beta was the month’s leader, but it was not sufficient to catch the year’s winning factor, Growth.

• In the fourth quarter, the multi-year trend against the original “Fama-French” factors of value, size and market beta showed signs of cracking, but it remains too early to call a change in the market’s factor winds.

• If Growth is to outperform again next year, it may have to rely on continued outperformance from an unusually narrow range of large companies.