COVER STORY Growth / value
Blunt FAANGs Adler suspects that banks are likely to come back into favour soon , while investors are likely to continue to shun most of what used to be known as the FAANGs ( Facebook , Amazon , Apple , Netflix and Google ) to the point they become hated . However , it is too early to classify any of them as value stocks . “ Just because they have fallen a long way , it does not make them cheap – it is simply a reflection of how high they rose ,” he adds . Robert Lancastle , manager of the
JOHCM Global Opportunities fund , agrees : “ I don ’ t think there are many companies that have moved from growth to genuine value , because the excesses of the last five to 10 years will take a heck of a long time to unwind .” Nevertheless , he and co-manager Ben Leyland cite GXO Logistics as a rare example of a former growth stock that is currently valued as if it won ’ t grow again . “ It is a spinout from a trucking company ,” says Leyland . “ It is listed in the industrials sector and
Performance of indices ( in $) in 2022
S & P 500 Value ( -3.7 %) S & P 500 Growth ( -21.2 %)
5 % |
|
|
|
|
0 % |
|
|
|
|
-5 % |
|
|
|
|
-10 % |
|
|
|
|
-15 % |
|
|
|
|
-20 % |
|
|
|
|
-25 % |
|
|
|
|
|
-30 %
Jan22
|
Feb |
Mar |
Apr |
May |
|
|
Source : FE Analytics |
|
|
/ 12 / trustnet . com |
|
|
|
|