Taking stock of value: perspectives from across the investment spectrum

The continued relevance of value investing, a cornerstone of investment management for almost a century, has been increasingly questioned in light of several years of underperformance.

Much of the debate has centred on the imprecision of price-to-book multiples in an era of fast-changing business models, growth-fuelled tech dominance and the ongoing rise of “intangibles”.

We aim to look beyond this narrow framing of the issue by offering perspectives on value from across the investment spectrum – encompassing active, passive, strategic and tactical approaches.

In doing so, we attempt to demonstrate the many facets of value – a concept that can be defined, perceived and accessed in numerous ways and which remains a key element of investment thinking.

We accept there is scope for innovation and adaptation in this space, as has always been the case, but suggest the way forward lies in further evolution rather than unnecessary revolution.

Amid ongoing doubts over a meaningful and lasting renaissance, investors should recognise what value has done well in the past and, crucially, what it could do better now and in the future.