Morningstar - Q3 2020 - 56
Investors
Value Investing Revisited
The methods may need fine-tuning,
but fundamentals still drive returns.
Undiscovered Manager
Staying the Course
62
Sector Rap
66
Bright Horizon for Utilities
69
User Profile
Investing for Social Justice From
the Bottom Up
MORNINGSTAR CONVERSATION
Alex Bryan
Any way you cut it, value stocks have been out
of favor for quite some time. From the end
of 2006 through May 2020, the Russell 3000 Value
Index lagged its growth counterpart by a
staggering 5.9 percentage points annualized.
Is systematic value investing broken? Andrea
Frazzini, principal and head of the global
stock selection team at AQR Capital Management,
and Andrew Ang, head of factor investing
strategies at BlackRock, agreed to tackle the
question and discuss their approaches to value.
We spoke on June 8, and valuation and
performance data is as of that date. Our conversation has been edited for length and clarity.
Alex Bryan: Value investing is an intuitive strategy-
buying stocks that are trading at low valuations makes
sense. Why has value underperformed for so long?
Andrew Ang: I will start by emphasizing just how
bad it has been. If we look at Fama/French
SCA N TRIGGER
L AUNCH CO MPA N I O N V I D E O
Alex Bryan, director of passive strategies for
North America at Morningstar.
Download MorningstarAR from the App Store or Google
Play, and navigate to "Morningstar Magazine."
56
Morningstar Q3 2020
Andrew Ang, head of factor investing strategies
at BlackRock.
Morningstar - Q3 2020
Table of Contents for the Digital Edition of Morningstar - Q3 2020
Contents
Morningstar - Q3 2020 - CT1
Morningstar - Q3 2020 - CT2
Morningstar - Q3 2020 - Cover1
Morningstar - Q3 2020 - Cover2
Morningstar - Q3 2020 - 1
Morningstar - Q3 2020 - 2
Morningstar - Q3 2020 - Contents
Morningstar - Q3 2020 - 4
Morningstar - Q3 2020 - 5
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Morningstar - Q3 2020 - Cover3
Morningstar - Q3 2020 - Cover4
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