Quant Insight has no advice for Elliott on how to turn Pepsi around.

But on one thing we agree: PEP’s fundamentals have been weakall year.

Our Macro Factor Equity Risk Model (MFERM) breaks down 2025’s returns into macro vs idiosyncratic.

·     idio has been a drag all year

·      the only reason Pepsi is now flat YtD is thanks to macro tailwinds

·     credit spreads, real yields and the curve shape did the heavy lifting
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Qi's MFERM (Macro factor Risk Model for Equities) protects your pure-alpha mandate by:

·     explaining unexplained P&L in real time

·     flagging hidden macro risks before they bite

·     signalling when to lean into your best ideas...and when to pull back

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