Value or growth strategy?

The short answer is probably, but with a caveat.

Microsoft, Facebook, Alphabet (Google), Amazon, Netflix, Uber, AirBnB, Tesla et al have significantly changed consumer behaviour and are materially impacting sectors like technology, retail, media, press, transport, leisure and others.

Are value managers therefore more prone to value traps now? Yes, in theory.

Although we do not favour value over growth, we do still find it tough to understand why value investing is so unloved.

If it is for any of the three reasons above, the evidence seems to counter much of it.

Rory Maguire is managing director of Fundhouse