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Style Box Update: Small And MidCap Value Still Outperforming YTD

Brian Gilmartin, CFA profile picture
Brian Gilmartin, CFA


  • Mid and small-cap value continue to outperform their respective “growth” factors YTD.
  • Only large-cap growth is beating large-cap value YTD.
  • At some point, large-cap growth will go out of favor and it could last a while.

Hand of male putting wood cube block with word VALUE on wooden table

marchmeena29/iStock via Getty Images

This blog updates the various market-cap (large, mid, and small-cap) and styles (growth versus value) every 6 weeks, so the above represents the YTD results and rolling 1, 3,5, 10 and 15 year time frames for the various style boxes.

This article was written by

Brian Gilmartin, CFA profile picture
Brian Gilmartin, is a portfolio manager at Trinity Asset Management, a firm he founded in May, 1995, catering to individual investors and institutions that werent getting the attention and service deserved, from larger firms. Brian started in the business as a fixed-income / credit analyst, with a Chicago broker-dealer, and then worked at Stein Roe & Farnham in Chicago, from 1992 - 1995, before striking out on his own and managing equity and balanced accounts for clients. Brian has a BSBA (Finance) from Xavier University, Cincinnati, Ohio, (1982) and an MBA (Finance) from Loyola University, Chicago, January, 1985. The CFA was awarded in 1994. Brian has been fortunate enough to write for the TheStreet.com from 2000 to 2012, and then the WallStreet AllStars from August 2011, to Spring, 2012. Brian also wrote for Minyanville.com, and has been quoted in numerous publications including the Wall Street Journal.

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Comments (4)

wsoyke profile picture
"At some point, large-cap growth will go out of favor and it could last a while."
At some point anything can go out of favor, but last awhile? Big tech is gushing in cash and returning it to shareholders. How long would they be out of favor?
And remember that "value", ("undervalued"), is often undervalued for good reasons. Reasons that may not be readily apparent.
I'd also point out that trying to trade in and out for short term gains rarely works well. So any pullback in money printing big tech is a buy and hold opportunity. In other words, buy big tech now.
Brian Gilmartin, CFA profile picture
@wsoyke all good points.
j2myers profile picture
Brian, what is your opinion on the reason for the draw downs? 12 years of growth in the large caps, I would assume the majority are long term and possibly "older than average" investors. Are they selling to spend the money and buy toys for retirement or using the money to reinvest into other sectors? It could matter, as i have read elsewhere there is massive cash available for investment. If it is spent, that is good. If it will be reinvested in the future 1 month - 12 months, The QQQ price is coming down and a huge percent of investment will go there, IMHO. The value investment will be short lived, then back to growth.
What is your opinion of the reason for drawdowns?
Brian Gilmartin, CFA profile picture
@j2myers the "average" correction for the SP 500 every year since 1980 is anywhere from 12 to 14% J2. it's been a one-way market since late March '20 so i wouldnt put too much of an emphasis on recent action - it's badly needed from a sentiment perspective. That's not advice, just an opinion.
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