• Among five prominent factors: value, momentum, quality, small size, and low volatility, value may be the most important due to its effect as a standalone investment criteria and the influence it can exert in modulating other factors. Value, as an investment principle, is most effective when combined with other factors, in our view.
• An integrated factor scoring approach, which identifies companies that exhibit favorable exposure to the desired factors, generally results in higher factor expression than an isolated approach, which combines separate factor portfolios.
• Emphasizing one factor over another via weighting schema can influence risk and return potential. Additionally, each factor when combined, plays an important role in potentially reducing risk and dependence on a particular market regime (e.g., value or growth cycle).

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