An animated scatter-plot chart with trailing six-month returns for the Morningstar growth versus value indexes from January 2000 to December 2024 on the X axis. The Y axis shows the growth versus value exposure for U.S. domiciled active equity open-ended and exchange-traded funds assigned to Morningstar’s “Large Value” and “Large Growth” style boxes whose fund legal name explicitly references “growth” or “value.” Many funds with the value label cluster in the part of the chart with a more than 20% growth exposure. Compared to value funds, funds labeled as large growth are more dispersed across growth and value styles. Overall, the chart shows that both growth and value funds often drift from their stated styles.