Asia Style Guide

Research evidence excerpt

Asia Style Guide

Global Research

2 July 2026ab

Asia Style Guide Equities

AsiaGrowth, Quality and Momentum performance

streak continues Quantitative

Will Stephens

Analyst

will.stephens@ubs.com

Growth and Quality factors posted gains for a 3rd month; Value / Low Risk lag +852-3712 3892

Factor leadership trends in Asia continued in June, despite the market posting a slight Jia Li Mok, CFA

decline for the month. Quality, Growth and Momentum factors remained strong, while Analyst

Low Risk and Value factors showed mixed performance. Revision to 12m fwd EPS was jia-li.mok@ubs.com

the strongest factor in June, rising by 10.8%, followed by Delta Quality, which rose +65-6495 5772

10.0%. EPS Growth also posted a strong month, rising by 9.4%. Dividend Yield (-6.8%), Paul Winter

Book Value Yield (-6.0%) and Low Price Beta (-3.7%) were the worst performers. Size Analyst

and Momentum remained strong but slowed materially from May's outsized returns, paul-j.winter@ubs.com

likely due to more muted large-cap AI gains for the month. YTD, Momentum factors are +61-2-9324 2080

now posting gains in excess of 75%. Cathy Fang, PhD

Crude oil impact eased, while market dispersion edged higher S1460518100001

The contribution of macro factors to return variance declined in June, decreasing to cathy.fang@ubs.com

40% from 45% in May. Crude oil was the largest decliner, dropping from 27% to 20%. +86-21-3866 8891

Gold's impact on market variance increased for a second month to 6%. The stock Aaron Guo, CFA

picking environment generally improved with regional dispersion increasing to 53% Analyst

from 42%, while pairwise correlation declined from 14% to 13%. China / HK was a key aaron.guo@ubs.com

driver here, with dispersion increasing to 56% in June. Asia ex Japan cross-sectional +852-2971 7705