‘Quality’ investing styles have enjoyed structural tailwinds for around 40 years. Over this period, cyclical variances have happened, but the trend towards bigger companies, increased concentration, greater ease of movement of capital across borders, and economies of scale has ultimately always prevailed. Quality has consistently won out. As we discuss below, the improvement to the relative return profile of quality factor investments has been greater than any other, whilst value as a style has struggled relative to all others. We think the structural backdrop which caused this may be in the process of reversal; more to the point, even if it does not reverse but merely stays in stasis, we think fundamental pathologies to market structure means investors should consider building some protection against a shift in the dominant style into their portfolios. In other words, it would be dangerous to assume that the recent value rally is just a temporary phenomenon that we will shortly be able to forget about.