From https://investresolve.com/blog/over-two-centuries-of-global-factor-premiums-paper-summary/ https://investresolve.com/blog/over-two-centuries-of-global-...

From https://investresolve.com/blog/over-two-centuries-of-global-factor-premiums-paper-summary/ https://investresolve.com/blog/over-two-centuries-of-global-... (linked to in the bloomberg article) : Trend and momentum are defined as the 12-month-minus-1-month excess return. While this is consistent with traditional measures of cross-sectional momentum, “trend” as proposed by Moskowitz, Ooi and Pedersen; and Hurst, Ooi and Pedersen does not impose a skip month. The current authors make the case that a skip month is more conservative because it allows for a delay in data diffusion in very early periods.