Sector/industry vs. style rotation: Top-down / bottom-up

I’ve noticed recently that sector/industry rotation is classified as “top-down”, while style rotation is characterise as “bottom-up”. I would assume that style rotation is “top-down” as well so what am I overlooking here?

Style rotation would be a bottom-up. Just to list some of the factors around style rotation:

  • Value
  • Price momentum
  • Growth
  • Quality
    All four screams bottom-up assessment rather than top-down. Hope it helps!