Evaluating Market Anomalies for Active Equity Investing

Jonathan is an equity analyst at a small investment firm that specializes in active equity investing. Recently, he conducted a study on various market anomalies, particularly the well-known 'January effect', a seasonal anomaly where stock prices tend to increase in January. To further understand the implications of market anomalies, Jonathan is assessing how they can provide investment opportunities that may lead to superior returns.

He is examining three different options based on his research findings about market anomalies: the 'January effect', 'value investing', and 'size effect'. After analyzing the historical performance of these anomalies, he needs to determine which one is least likely to provide consistent opportunities for active managers.