It happens all the time. A new strategy emerges from the obscure recesses of the research caverns and morphs into an ETF, mutual fund, or a separate account program. Or perhaps it’s outlined on an investor’s blog for all the world to see. Sometimes there are glowing reviews fueled by compelling back-tests. For the most successful strategies that spawn products, there are big inflows of assets. There’s usually plenty of hype too. But when you peel back the details and drill down into the core of the strategy du jour, you’ll typically find a familiar combination of variables: rebalancing with one or more factor tilts.