Both Price Momentum and Earnings Momentum endured another torrid quarter. With global equity markets experiencing their worst correction in years, these cyclical strategies are generally expected to experience some underperformance given the context. Earnings revision in particular suffered significant underperformance with both legs contributing to the return spread, that is, companies with positive earnings sentiment sold off, whereas companies with negative earnings sentiment rose. This outcome is not typical of the earnings revisions factor, which traditionally fulfils a defensive role within a broad Momentum strategy. Despite some recovery in December, Price Momentum produced the worst return spread overall, with -18.9% over 2018, while Earnings Momentum delivered a weak -12.6%.