Value

Markets
March 2026

Hope Springs Eternal

Verdad

Brian Chingono

Research

6 Pages

Verdad says after more than a decade of drought, the value premium has sprung back into positive territory, and the best years may be yet to come.

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Portfolio Management
September 2021

Did I Miss The Value Turn?

Research Affiliates

Rob Arnott

Research

11 Pages

Research Affiliates examines whether investors missed the recent value rebound and what today’s extreme valuation spreads imply for future returns.

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Portfolio Management
July 2021

Mid-Year Letter For 2021

GMO

Ben Inker

Research

7 Pages

GMO’s mid-year 2021 letter outlines a turning point in equity markets, arguing that the long-awaited reversal from Growth to Value has begun and could extend for years.

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Portfolio Management
March 2021

The Long Run is Lying to You

AQR

Cliff Asness

Research

16 Pages

AQR challenges the idea that long run averages are reliable guides for investors, arguing that starting valuations and economic conditions heavily distort realized outcomes over practical investment horizons.

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Portfolio Management
December 2020

Quarterly Letter 3Q 2020

GMO

Ben Inker, John Pease

Research

20 Pages

GMO argues that value stocks are trading at historically extreme discounts after their worst 12-month stretch on record, setting up a potential reversal versus growth.

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Portfolio Management
December 2017

The Deep Value

AQR

Cliff Asness

Research

59 Pages

AQR Capital Management examines “deep value” periods when valuation spreads between cheap and expensive assets become extreme across equities, bonds, and currencies.

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Portfolio Management
November 2016

When a “Value” Company is Not a Value

O’Shaughnessy Asset Management

Chris Meredith

Research

7 Pages

OSAM examines why price to book ratios may increasingly misclassify value stocks as growth stocks, particularly after decades of rising share repurchases.

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Portfolio Management
July 2016

A Case Study for Using Value and Momentum at the Asset Class Level

Elm Wealth

Victor Haghani, Richard Dewey

Research

15 Pages

Elm Wealth examines how combining value and momentum signals across asset classes may improve long term portfolio outcomes. The paper argues simple, long only allocation shifts added roughly 266 basis points annually from 1975 to 2013, challenging the idea that passive diversification alone is sufficient.

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Portfolio Management
November 2012

Value and Momentum Everywhere

AQR

Cliff Asness

Research

72 Pages

AQR examines whether value and momentum strategies work consistently across equities, bonds, currencies, and commodities worldwide.

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