The Shift from Value to Growth in the U.S.
Research Paper
October 1, 2007
Preview
Over the long run in the US, value stocks have outperformed growth stocks, a premium that has averaged roughly 200 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 USA Value and Growth Indices. In fact, the growth premium has averaged 14 percentage points annualized over the last four months—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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