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Value: Neglected, Not Broken

First Quarter 2021 

There’s a growing consensus that a sustained market rotation is on the horizon—or already underway.

Insight from our sub-adviser, Schroders Investment Management
Schroders Quantitative Equity Products (QEP) Investment Team
The QEP Investment Team was established in 1996 and has managed money since 2000. The team is led by Justin Abercrombie and is supported by a highly experienced team of senior investors. It consists of 31 members based in London, Sydney, New York, and Hong Kong.

 

The credibility of Value-based investing has been established for many years, outperforming in seven out of the past nine decades in the us (based on research by Kenneth French).1 We normally avoid generalizing about value, as it captures a broad range of strategies and implementation decisions. However, if we exclude the more value-friendly year of 2016, value’s drawdown since 2010 is one of the longest on record and has inevitably prompted many concerns that it has experienced an existential crisis. However, many of the arguments used to explain value’s underperformance are not very compelling.
 


1 Kenneth French,  http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/

Important Risks: Investing involves risk, including the possible loss of principal. 

The views expressed herein are those of Schroders Investment Management, are for informational purposes only, and are subject to change based on prevailing market, economic, and other conditions. The views expressed may not reflect the opinions of Hartford Funds or any other sub-adviser to our funds. They should not be construed as research or investment advice nor should they be considered an offer or solicitation to buy or sell any security. This information is current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Schroders Investment Management or Hartford Funds.

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