The market volatility which has characterised the first quarter of this year has revived a familiar debate: the relative merits of growth versus value investing. For much of the past decade, value strategies have been widely dismissed. Ultra-low interest rates, scarcity of growth, and the relentless rise of Big Tech left value investing looking like a relic of a financial past.
Now, the narrative has become more complicated. Despite the strong performance of growth stocks following last April’s tariff shocks, value has been quietly resilient. Over the course of 2025 as a whole, the MSCI World Value Index performed in line with its growth counterpart; a consequence of it holding up much better during the selloff at the start of the year. 
The question investors now face is no longer whether value has returned, but where it can still be found, and how it should be approached – particularly against an increasingly uncertain economic and geopolitical backdrop.
Disclaimer
Van Lanschot Kempen Investment Management NV (VLK Investment Management) is licensed as a manager of various UCITS and AIFs and authorised to provide investment services and as such is subject to supervision by the Netherlands Authority for the Financial Markets. This document is for information purposes only and provides insufficient information for an investment decision. It does not contain investment advice, investment recommendation, research, or an invitation to buy or sell any financial instruments, and should not be interpreted as such. Opinions expressed are as of the date of publication and may change without notice. Sustainability-related statements are for information only and do not guarantee improved performance or reduced risk.
Please note that all investments are subject to market fluctuations. Investing in a Value Equity strategy may be subject to country risk and equity market risks, which could negatively affect the performance. Under unusual market conditions the specific risks can increase significantly. Potential Investors should be aware that changes in the actual and perceived fundamentals of a company may result in changes for the market value of the shares of such company. The value of your investment may fluctuate, past performance is no guarantee for the future. Do not take unnecessary risks.
Before you invest, it is important that you are aware of and are informed about the characteristics and risks of investing. This information can be found in the available documents of the strategy and/or in the agreements that are part of the service you choose or have chosen.
