Style Analysis Quarterly Note | March 2020

We present our quarterly style research against the backdrop of the dramatic volatility experienced in global and local markets attributable to Covid-19. February and March of this year saw the JSE drop by approximately 30% YTD (at its worst) with a mild recovery thereafter. Our style research considers the conventional performance analysis generally reported at quarter end but also includes Covid-19 specific analysis and its impact on style factors on the JSE post the extreme drawdowns and into the partial recovery experienced in April.