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21.10.2020 50

Time to reconsider US growth and value ?

Published October 21, 2020

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< 5 minutes

THE ESSENTIAL


  • The outperformance of growth stocks over value stocks has reached record levels, as has the valuation gap.
  • The environment for growth stocks has been ideal: interest rates have plummeted, and US technology companies have become increasingly dominant in the United States and abroad. However, we believe this ideal environment is unlikely to last. Inflation -- which has been dormant for years -- may rise as a result of stimulus measures. Historically, value has outperformed growth during inflationary periods.
  • We expect that select quality value stocks that can manage through this difficult economic period could benefit as the US and the global economy rebound and inflation returns.​​​​​​​
  • Given the uncertainty regarding the timing of a reflation of the US economy and the potential for a corresponding increase in interest rates, we believe increasing exposure to both high-quality value stocks and growth stocks may be prudent, while reducing exposure to hyper-growth and deep-value stocks.

 

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