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Redefining value: From style category to investment discipline
How to define value investing? The traditional separation of value and growth implies two distinct styles with different return profiles. Yet, the companies assigned to either category evolve as earnings trajectories, capital allocation decisions, and valuation regimes change.
Authors
Boston Partners
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There is also some overlap between growth and value indices, underscoring the notion that style is a classification convention rather than a durable economic identity. In practice, distinguishing durable value from superficial cheapness requires a broader assessment of the underlying business, paired with a framework designed to mitigate value traps and respond as fundamentals shift.
In a new white paper, long-time value investors Boston Partners explore the fluid nature of value classifications and outline how they assess intrinsic value using their time-tested ‘Three Circles’ process. This seeks companies at the intersection of good value, strong fundamentals and forward momentum to identify and act on equity market opportunities.
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