{"id":14012,"date":"2023-02-19T14:49:53","date_gmt":"2023-02-19T20:49:53","guid":{"rendered":"https:\/\/fundamentalis.com\/?p=14012"},"modified":"2023-02-19T14:49:53","modified_gmt":"2023-02-19T20:49:53","slug":"style-box-update-growth-starts-2023-well","status":"publish","type":"post","link":"https:\/\/fundamentalis.com\/?p=14012","title":{"rendered":"Style-Box Update: Growth Starts 2023 Well"},"content":{"rendered":"<ul>\n<li>What&#8217;s interesting is that to start 2023, large-cap growth has outperformed large-cap value by 1 basis point.<\/li>\n<li>In the mid-cap and small-cap asset classes, value continues to outperform growth, just on a smaller scale than on 2022;<\/li>\n<li>For the 1-year time frame, growth across all asset classes continues to show a loss for the 1-year time frame, while value has a positive return for the 1-year time period and beyond;<\/li>\n<\/ul>\n<p><a href=\"https:\/\/fundamentalis.com\/wp-content\/uploads\/2023\/02\/styleboxupdate21523.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-14013\" src=\"https:\/\/fundamentalis.com\/wp-content\/uploads\/2023\/02\/styleboxupdate21523-300x118.jpg\" alt=\"\" width=\"300\" height=\"118\" srcset=\"https:\/\/fundamentalis.com\/wp-content\/uploads\/2023\/02\/styleboxupdate21523-300x118.jpg 300w, https:\/\/fundamentalis.com\/wp-content\/uploads\/2023\/02\/styleboxupdate21523-1024x403.jpg 1024w, https:\/\/fundamentalis.com\/wp-content\/uploads\/2023\/02\/styleboxupdate21523-150x59.jpg 150w, https:\/\/fundamentalis.com\/wp-content\/uploads\/2023\/02\/styleboxupdate21523-768x302.jpg 768w, https:\/\/fundamentalis.com\/wp-content\/uploads\/2023\/02\/styleboxupdate21523.jpg 1308w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>The attached spreadsheet is probably confusing but it&#8217;s the simplest way to quickly organize and update the data every 6 weeks.<\/p>\n<p>Value outperformed growth smartly in 2022, the first time that&#8217;s happened in the large-cap space since 2016.<\/p>\n<p>Growth has narrowed the difference in 2023, but it&#8217;s still early in the year.<\/p>\n<p>The 2nd section of data on the spreadsheet, roughly from lines 18 to 26, shows the 1,3,5, 10 and 15 year returns of the iShares growth and value ETF&#8217;s by large-cap, mid-cap and small-cap.<\/p>\n<p>Note the large-cap growth returns across the 1 to 15 year time frames. That may keep a lid on the asset class &#8220;exuberance&#8221; for a while.<\/p>\n<p><em><strong>Summary \/ conclusion:<\/strong><\/em> 2022 was badly needed as a &#8220;reset&#8221; year for the US stock market across large-cap growth in particular, but if readers would look at 10 and 15 year returns across large-cap through small-cap, a case could be made for muted, conservative returns across all asset classes for some time. That doesn&#8217;t mean &#8220;sharply negative&#8221; returns, just muted upside.<\/p>\n<p>We don&#8217;t know though, and so much depends on US monetary policy.<\/p>\n<p>It could also mean that it&#8217;s time to look at non-US equity markets.<\/p>\n<p>Past performance is no guarantee of future results.<\/p>\n<p>These style-box updates are meant to be &#8220;quick-hit&#8221; posts. Short and sweet&#8230;<\/p>\n<p>Thanks for reading.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What&#8217;s interesting is that to start 2023, large-cap growth has outperformed large-cap value by 1 basis point. In the mid-cap&hellip;<\/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":[142,1],"tags":[],"class_list":["post-14012","post","type-post","status-publish","format-standard","hentry","category-style-analysis","category-uncategorized"],"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\/14012","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=14012"}],"version-history":[{"count":2,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/posts\/14012\/revisions"}],"predecessor-version":[{"id":14015,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/posts\/14012\/revisions\/14015"}],"wp:attachment":[{"href":"https:\/\/fundamentalis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}