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If historical characteristics remain in tact, you would expect the stock of Medtronic...

to outperform when the beta is statistically significant, all else equal.

to do better when value stocks outperform glamour (growth) stocks, all else equal.

to do better when glamour (growth) stocks outperform value stocks, all else equal.

to outperform the market when the market is going up, all else equal.

	Mkt-RF	SMB	HML	RF	MDT
201611	4.86	5.67	8.21	0.01	-10.9851
201612	1.82	0.09	3.6	0.03	-2.43803
201701	1.94	-1.13	-2.74	0.04	7.361994
201702	3.57	-2.04	-1.67	0.04	6.432514
201703	0.17	1.13	-3.33	0.03	-0.4326
201704	1.09	0.72	-2.13	0.05	3.690184
201705	1.06	-2.52	-3.75	0.06	1.432163
201706	0.78	2.23	1.49	0.06	5.303762
201707	1.87	-1.46	-0.22	0.07	-5.38593
201708	0.16	-1.65	-2.07	0.09	-3.48963
201709	2.51	4.45	3.09	0.09	-3.53512
201710	2.25	-1.93	0.22	0.09	4.151578
201711	3.12	-0.56	-0.05	0.08	1.999494
201712	1.06	-1.32	0.03	0.09	-1.68025
201801	5.58	-3.18	-1.36	0.11	6.96714
201802	-3.65	0.26	-1.03	0.11	-6.98568
201803	-2.35	4.06	-0.23	0.12	0.413073
201804	0.29	1.1	0.48	0.14	0.465183
201805	2.65	5.31	-3.13	0.14	7.724926
201806	0.48	1.13	-2.33	0.14	-0.82251
201807	3.19	-2.25	0.45	0.16	5.39658
201808	3.44	1.14	-3.98	0.16	7.474147
201809	0.06	-2.3	-1.7	0.15	2.032999
201810	-7.68	-4.82	3.43	0.19	-8.69168
201811	1.69	-0.68	0.26	0.18	8.583837
201812	-9.55	-2.42	-1.9	0.19	-6.7364
201901	8.41	2.9	-0.44	0.21	-2.27429
201902	3.4	2.04	-2.68	0.18	2.387153
201903	1.1	-2.98	-4.05	0.19	0.640879
201904	3.96	-1.74	2.17	0.21	-1.95786
201905	-6.94	-1.34	-2.37	0.21	4.245025
201906	6.93	0.25	-0.71	0.18	5.195512
201907	1.19	-1.94	0.42	0.19	4.671945
201908	-2.58	-2.32	-4.95	0.16	6.418341
201909	1.43	-0.97	6.83	0.18	0.676616
201910	2.06	0.28	-1.93	0.15	0.763373
201911	3.87	0.8	-2.02	0.12	2.286499
201912	2.77	0.72	1.79	0.14	1.849365
202001	-0.11	-3.13	-6.24	0.13	2.239346
202002	-8.13	1.03	-3.79	0.12	-12.7945
202003	-13.38	-4.89	-14.02	0.12	-10.4202
202004	13.65	2.47	-1.18	0	8.938834
202005	5.58	2.45	-4.8	0.01	0.973066
202006	2.46	2.69	-2.04	0.01	-6.97911
202007	5.77	-2.28	-1.53	0.01	5.903356
202008	7.63	-0.26	-2.92	0.01	11.39096
202009	-3.63	0.02	-2.62	0.01	-3.30325
202010	-2.1	4.41	4.16	0.01	-2.67548
202011	12.47	5.65	2.13	0.01	13.05558
202012	4.63	4.82	-1.43	0.01	3.025505
202101	-0.03	7.12	2.99	0	-4.48521
202102	2.78	2.03	7.18	0	5.066026
202103	3.08	-2.41	7.41	0	0.991701
202104	4.93	-3.11	-0.93	0	11.38417
202105	0.29	-0.28	7.04	0	-3.30736
202106	2.79	1.8	-7.76	0	-1.94328
202107	1.2	-3.96	-1.7	0	6.318009

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