History
Momentum is one of the most documented anomalies in empirical finance. Although trend-following instincts are much older, momentum became a formal academic factor in the 1990s as researchers showed that securities with strong recent relative performance often continued to outperform over intermediate horizons. The idea later moved from academic evidence into quantitative strategies, factor indexes and smart beta products. In portfolio form, momentum represents the belief that markets do not instantly absorb information, narratives or capital flows; leadership can persist before it eventually reverses.
Philosophy
This portfolio believes markets are not perfectly still or instantly efficient. Prices can trend because investors underreact to new information, institutions move capital gradually, winning narratives attract more flows and behavioral herding reinforces existing leadership. The portfolio does not try to identify cheap assets or stable businesses. It asks a simpler question: what is already working? Its strength is adaptability. Its weakness is fragility at turning points, when yesterday’s leaders become tomorrow’s crowded trades.