PROPONENTS OF VALUE INVESTING never have it easy when the tide is against them, but in the recent past, since 2020 to be precise, value investing has come back with a bang. According to a report by Axis Securities, Value has not only emerged as the best-performing theme over a longer term but in the short term as well. While Growth got trumped by all other styles by a notable margin over the past 12 months, it is back from the oversold zone. But the Value theme is still in vogue as banks, PSUs, and domestic-cyclical stocks continue to find favour given their relatively inexpensive valuations. The Momentum theme, meanwhile, continues to be under the weather given the conflicting macro variables at play. The report states that Value outperformance is likely to continue moving forward, while Growth stocks that offer long-term earnings visibility will continue to do well amid the prevailing challenging environment.

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