March 30, 2023
From 9/30/20 to 12/31/22, the MSCI World Value Index outperformed the MSCI World Growth Index by 37.1% cumulatively.[1] Nevertheless, this outperformance did little to narrow the historically wide gap between the valuations for value stocks and those for growth stocks. At the end of this period, value stocks continued to trade at high levels of discount vs. growth stocks across various valuation metrics, indicating—in our opinion—that there is still a positive outlook for value.