Friday Morning Coffee Nr. 64: Dissecting Value Underperformance

050719 Friday Morning Coffee

Friday Morning Coffee Nr. 64: Dissecting Value Underperformance

Value as an investment style continued to underperform growth/momentum strategies in the first half of 2019. European value stocks, as measured by MSCI Europe Value, have now trailed their growth peers by 3.76% per year (dividends included) since the trough in the market in March 2009 ( source: Bloomberg ). The value discount is now at record levels in all major developed markets comparable to those seen before the bursting Internet bubble.