Schroders' Kirrage: Is value investing really dead?

Past few years have been a rollercoaster ride

There is strong support from many decades of data that investing in lowly-rated companies that are deemed undervalued compared to their future worth can deliver strong outperformance.

However in the past few years, compared with market indices increasingly dominated by bond-proxies or tech, value style portfolios have underperformed.  In fact, growth investing has outperformed value investing for so long now, some are beginning to wonder if it will ever end. 2020 has been an extremely difficult year for value investors, and it comes after a five-year period which could hardly be described as vintage for the investment style.  At the turn of the year, the relative valuation dispersion between value and growth across global markets was reaching the widest in history,...