The Spotlight Blog

  • Is Value Ready to Run?

    While value stocks are off to a slightly better start than growth stocks in the early days of December, its most recent run of outperformance lasted for only one month – September – before growth resumed its upward trajectory in the subsequent two months, quieting the value zealots once again.

  • Value Redux?

    The sun has been shining on value’s door since we saw the sharp move up in interest rates in early September that has accelerated of late thanks to investors’ reassessment of impending doom for the global economy.

  • Is That It For Value?

    After receiving considerable attention by investors following its best weekly performance since August 2009, value stocks have pulled back relative to growth stocks in the subsequent weeks making any rotation feel short lived at this point.

  • The Great Growth Give-Up

    After yields on 2-year U.S. Treasurys closed above those for 10-year U.S. Treasurys for the last seven days of August, the yield curve has steepened sharply in September, erasing all of its declines in a short time period. With rates moving higher, value stocks have had their best weekly…

  • The Inversion Playbook

    Earlier this week, the International Monetary Fund released its most recent World Economic Outlook, in which they downgraded global output by -0.1% to 3.2%, primarily driven by the potential for trade tensions to weigh on business investment and sentiment.

  • Growth Getting Its Gains

    After lagging value stocks by 0.31% in June, when the U.S. Treasury Yield Curve (as measured by the difference between 2-Year and 10-Year yields) steepened from 0.20% to 0.25% as investors continued to price in the impact of a lower Federal funds rate at the July FOMC meeting.

  • Small Caps Can’t Catch a Break

    U.S. stocks are outperforming their International peers again in June and have outperformed in 9 of the last 12 months through the end of May .While the U.S. is now approaching its highest relative valuation in our data history, we believe Other than a meager 0.09% excess return during the week…

  • Getting Growthy

    U.S. stocks are outperforming their International peers again in June and have outperformed in 9 of the last 12 months through the end of May.While the U.S. is now approaching its highest relative valuation in our data history, we believe that the U.S. still offers greater upside potential than…

  • Growth Stocks Pricey. Is This Value’s Moment?

    As recently as March, investors were still allocating to value stocks in the face of long-term underperformance, but lately that course has reversed. Over the last 5 and 10 years, the differences in performance between growth stocks and cyclical stocks have been an annualized 19 basis points and 6…

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