After years of underperformance, value stocks outperformed growth stocks in 2022. Many of the conditions that existed during 2022 persist and we believe value may be positioned to outperform growth again in 2023.
Recent Value and Growth Performance of the Indices
In 2022, value outperformed growth for the first time in five years and for just the fourth time since 2009. We believe the current environment continues to favor value outperformance. Value stocks still appear inexpensive relative to growth stocks and the Russell 1000 Value Index exhibits lower benchmark concentration risk than the Russell 1000 Growth Index.
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