Why the growth premium is likely to stay

BlackRock
Door juni 7, 2019 07:15

Why the growth premium is likely to stay

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The value drought persists. Large cap growth, measured by the Russell 1000 Growth Index, is beating value, measured by the Russell 1000 Value Index, by approximately 450 basis points (bps, or 4.5% points) year-to-date and by a similar amount during the past 12 months.

Growth’s recent out-performance conforms to the post-crisis norm. Focusing on price returns, since 2010 growth has outperformed value by an average of approximately 350 bps a year.  The out-performance has not only been meaningful, it has been consistent.  During the past five years value has only outperformed meaningfully on one occasion, 2016.

Not just about earnings

As others have noted, a large part of growth’s winning streak can be attributed to stellar earnings growth, particularly from technology companies. That said, multiple expansion, i.e. paying more for a dollar of earnings, has played a part as well. Since the 2011 market bottom, the trailing price-to-earnings (P/E)

BlackRock
Door juni 7, 2019 07:15

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