Global Equities Momentum

GEM (Global Equities Momentum) is Gary Antonacci's original dual momentum model - the strategy that gave the entire dual momentum framework its name, and a foundational inspiration for DMS. Each month, GEM compares U.S. equities against International equities and holds whichever shows superior 12-month relative strength. But before committing to either, the strategy applies an absolute momentum test: if neither U.S. nor International equities is outperforming T-bills, GEM sidesteps stocks entirely and shifts into aggregate bonds for safety. This simple two-layer approach - relative strength paired with a trend-following safety check - became one of the most studied tactical allocation models ever published, prized for capturing global equity growth while sitting out prolonged bear markets.

GEM uses no leverage. For more details, see Global Equities Momentum.