Value Charges Ahead
The big story of 2019 remains the outperformance of value versus growth, as investors continue to seek opportunities outside the momentum darlings of the last two years. We can measure how well value has performed using equally-weighed indexes, where each component has the same influence. Equal weight changes the influence of S&P sectors, comparing value (SPW) and growth (SPX).
In some ways, comparing the value of growth is like the fable of The Tortoise and the Hare. If that’s the case, the former is making its move as the latter naps.
The S&P 500 cap-weighted index is up more than 10% year-to-date, but the S&P 500 equal-weighted index is almost up 14%.
I think this trend will continue for the foreseeable future.
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