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Alternative Market Briefing

Disciplined Alpha positioned for value stocks' outperformance

Tuesday, November 22, 2022

B. G., Opalesque Geneva:

The last 12 months have mostly been less painful for value investors than their growth-oriented counterparts. And this is likely to continue for the foreseeable future, according to some.

The MSCI World Value index was up 9.7% (gross) in October and down 7.7% in the last 12 months, compared with the MSCI World Growth index which was up 4.6% in October and down 28% in the last 12 months.

The Russell 1000 Value index jumped 10% in October, beating its growth counterparts by 4.3 percentage points, reported CNBC. The value outperformance spread is in the 96th percentile of outcomes since 1978, according to Bank of America. The iShares Russell 1000 Value ETF earned $444m in inflows last month during the rally.

"We continue to prefer value over growth, with growth in the middle of a perfect storm of higher rates plus weakening fundamentals," said BofA Securities in a note. "Value factors have also historically benefitted from year-end seasonality." The Russell 1000 Value Index is currently -5.6% in the last year and the Russell 1000 ......................

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