巴克莱股票因子洞察：2026年5月

Barclays Equity Factor Insights:May 2026 Risk-on is back in the USaftera strong earnings season as warworries fade; we turn Positive on Growth & Momo, Neutral onValue & High-v-Low Vol, Negative on Quality. In EU, earningsbenefited Value, which may gain from any broadeningbeyond Momo (now looking crowded). We maintain EU factorviews. U.S. Equity StrategyVenu Krishna, CFA+1 212 526 7328venu.krishna@barclays.comBCI, US Riddhiman Dass+1 212 526 0850riddhiman.dass@barclays.comBCI, US The methodology behind US & EU factor basket construction can be viewed in Global EquityStrategy - Updating Barclays Equity Factor Baskets for Liquidity Weighting, 2 Apr 2025. Rex Feng+ 1 212 526 6114rex.feng@barclays.comBCI, US In the US, we are Positive on Growth, supported by a clear return of risk-on sentiment, strongTech and AI earnings surprises, and supportive discretionary and systematic flows intolarge-cap Tech.In Europe, we stay Neutral on Growth, as earnings momentum is improvingbut renewed rates volatility weighs on long duration support. Tianqi Feng+1 212 526 9179tianqi.feng@barclays.comBCI, US In the US, we have downgraded Value to Neutral, as its defensive, anti-AI profile is lessattractive in a risk-on market, elevated long-end ratesofferonly partial support, and weakconsumer sentiment weighs on its consumer-heavy exposure.In Europe, we are Positive onValue, viewing it as the cleanest beneficiary of any broadening beyond Momentum, with strongearnings delivery (EPS growthliftedto 7%, highest since 1Q23), improving earnings momentum,and a structurally negative correlation to Momentum. European Equity StrategyEmmanuel Cau, CFA+44 (0)20 3134 0475emmanuel.cau@barclays.comBarclays, UK Emmanuel Makonga+44 (0)20 7773 2593emmanuel.makonga@barclays.comBarclays, UK In the US, we remain Positive on Large-over-Small, as large caps continue to deliver superiorearnings revisions, operating leverage, and margin dynamics, while small caps face higherleverage and are more exposed to multiple-driven reversals, given multiples expansion in semis,softwareand construction.In Europe, we are Neutral on Small Caps, given cooling macromomentum and restrictive ECB policy may cap near term rotation upside, even as valuationslook attractive. Magesh Kumar Chandrasekaran, CFA+44 (0)20 3134 5983magesh.kumarchandrasekaran@barclays.comBarclays, UK In the US, we have upgraded Momentum to Positiveas the rally has proven resilient, earningsgrowth is the strongest across factors, valuations remain supportive (fwd PE at 30th %-ile vs last10y), and seasonality into May–June is favorable.In Europe, we stay Neutral on Momentum:performance has been strong and AI-led, but the trade is increasingly crowded, arguing formanaging exposure rather than adding. Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that couldaffectthe objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA. Please see analyst certifications and important disclosures beginning on page 37.Completed: 12-May-26, 01:14 GMTReleased: 12-May-26, 04:10 GMTRestricted - External In the US, we have downgraded Quality to Negative, as a risk-on rotation towardsemiconductors, hardware, and speculative AI exposures has eroded its defensive appeal, whilegrowth characteristics remain weak and valuations elevated.In Europe, we remain Neutral onQuality, reflecting a lack of near-term catalysts amid disruption from AI-led winners even asvaluation support has improved risk-reward. In the US, we have upgraded High-over-Low Volatility to Neutralfollowing a sharp reboundsupported by strong earnings and easing geopolitical concerns, although stretched valuationsand mixed sector exposure cap upside.In Europe, we are Negative on Low Volatility, sincerelative valuations are still unattractive and the factor continues to screen poorly in a stickyinflation, higher rates environment. In the US, we remain Neutral on Yield, as strong labor data and fewer expected Fed cutsweaken the bond proxy case, even as cheap valuations and light positioning limit downside risk.In Europe, Yield faces downside pressure, as the partial unwind of the conflict premium andfurther progress toward peace would mechanically weigh on energy-sensitive, high-yieldexposures. US factor analysis and views: May 2026. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Europe factor analysis and views: May 2026. . . . . . . . . . . . . . . . . . . . . . . . 16 US factor analysis and views: May 2026 Equity market performance in April 2026: •Risk assets posted an exceptional run in April, with the S&P 500 up more than 9% and BigTech