In this quarterly update, we take a closer look at the history of value investing, a key tenet in Artemis’s approach to investing. It is no secret that value investing has underperformed growth investing sharply over the last five years, and some investment analysts are now saying that such underperformance proves that in today’s world value investing no longer works.
We still believe in value investing. Yes, at times it has underperformed growth investing, but it has always sharply rebounded. There is scant evidence that today’s world is different and, indeed, so far in 2016, we are seeing a strong resurgence in value.