Matthias Hanauer presents a data-driven analysis of value investing’s resurgence since the end of 2020, challenging claims that the style is obsolete. The piece highlights valuation spreads, performance attribution, and structural expectations that support value’s ongoing relevance in a post-pandemic, rate-sensitive world.
Value investing: “The reports of my death have been greatly exaggerated”
Robeco
Matthias Hanauer
Research
11 Pages
Key Takeaways
Valuation spreads remain wide: Despite recent performance, value stocks still trade at historically steep discounts relative to growth, suggesting room for further mean reversion
Returns not fully explained by revaluation: While narrowing spreads drove gains, structural components like earnings recovery and portfolio migration also contributed materially
Interest rates not the key driver: The link between interest rate changes and value returns is statistically weak, pointing to fundamental mispricing as a more persistent force
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