The Shift from Value to Growth Around the World
Research Paper
October 1, 2007
Preview
Over the long run globally, value stocks have outperformed growth stocks, a premium that has averaged roughly 300 basis points annually over the last four decades. Since May of this year, growth stocks have exhibited strength over value stocks, as evidenced by the MSCI World Value and Growth Indices. In fact, the growth premium has averaged 11.5 percentage points annualized over the last five months—May, June, July, August, and September. In this article, we put this recent development in historical context and briefly discuss its differences from past periods and its possible drivers.
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