Editor's letter - A pinch and a punch

At time of writing this column it is the first day of July, and a sensible time to look back over the first half of the year. One of the defining features of H1 2021 for investors was the rotation from high-quality growth stocks into value and cyclical names - at least, certainly in the first few months of the year - with the MSCI World IMI Value index outperforming its growth counterpart by more than 11 percentage points by 12 May, with a total return of 10.4%, according to data from FE fundinfo. Since then, however, the gap has begun to narrow, with the MSCI World IMI Growth index climbin...