Growth Versus Value: End of an Era?

Acadian

Research

9 Pages

Acadian Asset Management argues the 2022 value comeback story is messier than headlines suggest because common value benchmarks now embed big sector bets. They frame much of the swing as an unwind of prior growth speculation, not a clean victory for classic value discipline. A practical implication follows: investors may need to rethink what their value exposure truly owns.

Date published: November 2022

Key Takeaways

Benchmark distortion: Mainstream value measures can reflect sector tilts more than genuine valuation stock selection.
Speculation unwind: Recent value strength may reflect cooling enthusiasm for growth narratives more than fundamentals shifting.
Implementation matters: Sector relative and multifactor approaches aim to capture value without unintended risk baggage.
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