2021 can be characterised as the post COVID bounce in equity markets which resulted in unlocking of value, small & medium caps and rand tracker shares. Importantly, the impact of the bounce, buoyed by COVID related remedial action by central banks (quantitative easing), resulted massive financial gains coupled with significant increases in inflation. The last quarter of 2021 was therefore peppered with increases in risk-aversion fuelled by hawkish interest rate murmurs from the federal reserve, the result of which is a decline in global growth and an interesting re-emergence of quality and high dividend yield on the JSE. The Q4 quarterly style note provides a detailed view of style performance over 2021 and shows the quantitatively estimated house-view of style performance for the Q1 of 2022, which (as expected) is already proving to be incredibly volatile!