(Harvest) In fact, in three of the past four quarters, value has outperformed growth. Key to our assumption that value has a very long runway, a multi-year runway if you will, in terms of outperformance is the way that value is performing in the up portions of the overall market.
If you go back and look at from the low of February 11th through the end of the second quarter, value was in lockstep with growth in what was a very powerful upmarket.
And in that cycle, you saw value actually participate in line with growth. Previously, in the other bull market rallies that we’ve seen, value has lagged growth dramatically. So we think that shift is really important and will continue going forward.
