Factor Valuations — Cheap vs Expensive Factors

Flip the deciles view inside-out. For each factor, take every stock with positive exposure to it (beta > 0) and average the composite valuation percentile of those underlyings. Low average = the names that load on this factor are cheap vs their own 10-year history; high = expensive. Sortable, with equal- / beta- / cap-weighted options. Useful sanity check: Value should sit near the cheap end, Momentum near the expensive end.