Factor outperformance in real life?

M

Maverick2608

Eugene Fama introduced the three-factor model in 1993. Today, more than USD 1 trillion is invested in an explicitly factor-based fashion.

My question:
Can a factor fund /smart beta fund be identified that has outperformed the market for more than two decades? What about 15 years? 10 years?
 
This one is easy.

You can look up the Eugene fama inspired firm, where he is a board of director.

Out-performance over market over last 25 years

Snap2.png
 
Even if factor investing has been working for the past decades, who says it will continue to work? If everybody is piling in, like many funds seem to do now, then the effect should go away common sense says.
 
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