A noticeable shift has taken place across U.S. factor leadership lately, according to data from @SPDJIndices, even while broader market volatility has stayed relatively subdued. S&P 500 Pure Value has surged decisively to the front of the pack, posting a 20.5% advance and outpacing the broader index by 9.3 percentage points. At the same time, the S&P 500 Equal Weight Index and various dividend strategies have narrowed the performance divide. This stands in clear contrast to earlier stretches of the year, when Pure Growth, High Beta, and Momentum dictated the direction of the market. Currently, Momentum holds onto only a slight advantage over the S&P 500, leading by a slim 0.6% year-to-date. Up to now, this major market rotation has unfolded primarily beneath the surface.