Portfolio considerations

Valuations, economy may favor value stocks

August 23, 2023

We’ve been here before—not long ago
Value stocks appear depressed, even in the context of a long-running decline in their relative value

Value stocks’ aggregate price/book ratio divided by growth stocks’ aggregate price/book ratio

Our outlook for value stocks—a solid relative performance edge
There may be an economic case for value stocks beyond valuations
Historically, value has shined amid economic recoveries

Average monthly return advantage of value over growth across economic cycles

Investors who can look past shorter-term market cycles may benefit in the long run


Olga Lepigina
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