mtum has lagged the s&p 500 by 4% this year, has also underperformed a lot of the low vol names thisear. there was that rebalancing at the end of january that pushed exposure away from tech and boosted exposure to health care. in hindsight, pretty bad timing for those sectors, but situations like this could rub salt in the wounds of investors that are frustrated with timing individual factors. does that carve the way for multifactor strategies? dan: as an investor, trying to understand the methodology of the index, not only constituents, but the rebalancing and other nuances, because it's important. you can have a number of momentum etf's in the marketplace but they differ. the idea on multifactor is to bring together better diversification. as some factors are zigging, some are zagging. how can you put them together to give a better return to clients? what are you trying to accomplish in your overall portfolio? these tools can be helpful, if you understand and use them the right way. scarlet: let's talk about a theme that has been very consistent over the last couple of months. anot

. >> i think it depends on the microsoft which is the number one holding at mtum, almost a 6% positionthink it depends on your time horizon. i'm assuming in the reporter has a six month or some type of time mo horizon coupled with earnings growth so i think the timing is important. it is usually around a six month momentum >> i'll read this sentence try to help you out. >> i don't need help >> there are plenty of offensive names that are of higher fundamental quality. doesn't microsoft fall in that list fundamentals of disney different than what they were? that stock has -- >> when you talk momentum, you it uppicly talk momentum stocks. >> but we typically talk the faang names. >> right so i'm saying -- >> they are saying that it is about the fundamentals is fundamentals. >> we're talking semantics. i think this is important. momentum eventually dies momentum always dies i'm buying and owning enduring fundamental models that is visa so rather than some name that he puts in the report that we're sucking up, just buy enduring fundamentals good business models >> a, nobody is sucking up t