For the last six months or so, value shares have outperformed on a relative basis. But a recent pause in this trend has many questioning the sustainability of the growth to value rotation. For the reasons outlined below, we think the relative outperformance of the value style has further to run.
In respect to relative valuations, it’s evident that value shares and indices are at historical lows relative to their growth counterparts. The question we now turn to is as follows: What might cause that gap to close?
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