As an equity portfolio manager, you are tasked with analyzing the performance of your portfolio in light of recent market anomalies. Recent research suggests that certain anomalies, such as the momentum effect and the value effect, continue to present opportunities for active equity investing despite market efficiency. Describe how you would evaluate these anomalies, integrate them into your investment strategy, and their potential implications for your portfolio's risk and return profile.

Be sure to discuss the relevant literature on market anomalies, the behavioral finance aspects that may explain their persistence, and any risks associated with exploiting these anomalies in your investment strategy.