A stacked bar chart shows changes in the Morningstar U.S. Large Cap Value Index valuation from June 2025 through July 2026. Bars decompose the year-over-year change in logarithms in the price to trailing 3-year average earnings ratio into three components: trailing earnings momentum, earnings expectations, and terminal value and discount rates. The chart shows that earnings expectations became increasingly positive beginning in early 2026 and account for most of the valuation expansion, while terminal value and discount rate factors contributed negatively. A dotted line shows the price to trailing 3-year average earnings ratio rising from about 0.06 in June 2025 to roughly 0.20 by mid-2026 and remaining elevated through July 2026.