In emerging markets, small cap stocks have significantly outperformed the MSCI Emerging Markets Index by 18.3% on a year-to-date basis through November 30, 2021. Quality, high dividend, and volatility have also generated meaningful outperformance as well.

The anemic returns for momentum and growth stocks have disappointed investors.
When examining the excess returns on a five-year basis, momentum, growth and quality have delivered the highest excess returns relative to the MSCI EM Index.

Value and high dividend stocks have underperformed the MSCI EM Index over the last five years, similar to the factor returns seen in developed markets.