Rodirgues, Paulo Manuel MarquesPinci, Paolo2024-12-062024-12-062024-02-012024-02-01http://hdl.handle.net/10362/176257This study examines the factors that influence returns in different industry portfolios, with a specific focus on fundamentalist and chartist factors. The analysis is conducted using time series regression analysis. The research covers the period from July 1990 to July 2021, examining the Fama and French five-factor model, which is based on fundamental analysis, and comparing it to a chartist method that incorporates momentum and carry factors. The findings indicate that fundamentalist components have a major impact on asset returns in various industries, while the chartist model is constantly influenced by momentum. The Fama and French model is widely recognized in asset pricing literature for its strong theoretical foundations and empirical support. It is firmly founded in the concepts of the Capital Asset Pricing Model (CAPM) and is considered a fundamental framework in this field.engBehavioral financeInvestor heterogeneityMomentum beliefVolatilityCarry factorMomentum everywhereFama frenchmaster thesis203680782