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.
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Data as of 15 April 2021 unless stated otherwise.
This document is marketing material and is not intended as a recommendation to invest in any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication. The information provided is for illustrative purposes only, it should not be relied upon as recommendations to buy or sell securities.
Where individuals or the business have expressed opinions, they are based on current market conditions, they may differ from those of other investment professionals, they are subject to change without notice and are not to be construed as investment advice.