The 27four quantitative research team conducts style based analysis on the top 100 shares (by market capitalization) listed on the JSE. The styles typically considered include, momentum, value, growth, low volatility and quality. We have recently added size and liquidity as additional factors. Even though size and liquidity are considered weaker styles over the past decade, we do believe that both provide independent information related to the levels of risk-aversion present on the JSE.