{"id":13436,"date":"2022-10-01T17:00:02","date_gmt":"2022-10-01T23:00:02","guid":{"rendered":"https:\/\/fundamentalis.com\/?p=13436"},"modified":"2022-10-01T17:00:02","modified_gmt":"2022-10-01T23:00:02","slug":"stylebox-update-growth-has-outperformed-value-since-june-30-22","status":"publish","type":"post","link":"https:\/\/fundamentalis.com\/?p=13436","title":{"rendered":"StyleBox Update: Growth Has Outperformed Value Since June 30 ’22"},"content":{"rendered":"

\"\"<\/a><\/p>\n

Click on the above box to enlarge it, and then give the numbers a quick study.<\/p>\n

While 1 and 3 year returns for large-cap growth have gone negative, the fact is since the June 30 update, growth has outperformed value across the large, mid and small-cap asset classes, which was somewhat surprising (to me anyway).<\/p>\n

Looking at the annual returns (2nd section, near the bottom) the performance premium for large-cap growth for the 5, 10 and 15 year time frames is still pretty sizable. We can interpret that two ways i.e. large-cap growth will “revert to the mean” over time, or the best companies in the US will continue to gain and maintain “large-cap” status and continue to warrant the performance premium they deserve thanks to their sustainable competitive advantages and their sustainable moats.<\/p>\n

Like the good country lawyer once said, “I can argue it either way”.<\/p>\n

Looking at the numbers, it isn’t that growth and value aren’t down – all the asset classes and styles are negative – look at large-cap growth since June 30 and then through 9\/30 and then look at large-cap value over the same time frame: value fell far more over the 3 months than did growth as a percentage of the June 30 YTD return.<\/p>\n

Value is still performing better over the last 9 months clearly.<\/p>\n

This update is posted every 6 weeks just to track relative style changes. The next update will be on or about November 15th, 2022.<\/p>\n

Thanks for reading.<\/p>\n

More blog posts coming over the weekend.<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Click on the above box to enlarge it, and then give the numbers a quick study. While 1 and 3…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[142],"tags":[],"class_list":["post-13436","post","type-post","status-publish","format-standard","hentry","category-style-analysis"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/posts\/13436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13436"}],"version-history":[{"count":3,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/posts\/13436\/revisions"}],"predecessor-version":[{"id":13440,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/posts\/13436\/revisions\/13440"}],"wp:attachment":[{"href":"https:\/\/fundamentalis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}