In this quarter’s style note we have added dividend yield to the current set of styles we analyse on a quarterly basis. Dividend yield has seen a resurgence in 2021, which is interesting given its unique overlapping classification as both a value and quality proxy. We also consider whether the value reversal experienced globally since November has lost steam as well as the re-emergence of the small and medium market cap. premium rally experienced since the COVID-19 drawdowns in February and March 2020.