Value Investing Reigns in Emerging Markets

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A Value Advantage in Emerging Markets

Based on rolling five-year periods since 1992, value has outperformed 72% of the time in up markets (right of the Y axis) and 83% of the time in down markets. Each dot represents one five-year period. Value portfolio (low P/B) outperformance is reflected by the orange dots. No strategy works all the time or in all conditions. But value investing has proven to be an extremely reliable approach over time.

Past performance is not indicative of future returns. Y axis: Monthly Rolling 5-year USD annualized return of Low Price/Book (cheapest quintile price to book of MSCI EM universe, equal-weighted data). X axis: Monthly Rolling 5-year USD annualized return of MSCI Emerging Markets Index (gross returns). Source: MSCI, Sanford C. Bernstein & Co., Pzena analysis. Does not represent any specific Pzena product or service. Data through 6/30/2023.

Pzena has unwaveringly adhered to a classic value, research-driven discipline since its inception more than 25 years ago.

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