We believe that alpha can be sourced from repeatable and predictable behavioural biases, specifically momentum and value investing. IFM Investors recognise that purely quantitative-driven strategies that rely on systematic factor screens are insufficient and may falter over time, so our fundamental overlay seeks to mitigate certain risk factors (i.e. value traps, crowded trades) that purely quantitative driven strategies tend to ignore. The team has a formal commitment to fundamental research and continued improvement to investment processes. This hybrid approach allows us to capture the returns from value and momentum signals but we also take into account the risks such as ‘crowded trades’ and ‘value traps’ that traditional quant investors tend to overlook.