The ongoing rotation into so-called value stocks – or beaten-down companies with discounted share prices – looks to extend into 2021, and possibly beyond.
The reversal of value's fortune was seen globally. But with Europe's heavy weighting in "old economy" stocks, the MSCI European value index has risen 15.39% in the last quarter, compared to the MSCI European growth index's 5.23%, according to Bloomberg data. "Almost all the price pulls you could simply put down to the discount rate coming in or the risk-free rate coming in further," he added.
"You could buy almost any stock in certain sectors, and I think you're onto a winner on a near term view [and] on a medium term view," he added.
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