Value has had a nice (relative) run vs growth over the past two years, as higher interest rates impacted growth stocks significantly. When rates are high 'future' earnings are discounted more. Growth stocks by design have more 'future growth' thus the valuation of that growth can change significantly with rates. In the international market, things are not quite as good as in the US, which is running at 5%+ GDP still. Many regions are struggling. BUT......if rates pivot in the US this should still be very good for international markets. They are highly sensitive to the US dollar and lower rates implies a weaker dollar. Overall, then, we would expect that growth stocks will start to perform relatively better internationally, assuming interest rates do start to pivot. Value stocks will not neccessarily decline, they may just not move at the same rate as growth. Growth stock movements can be very dramatic at times, as noted by the giant November rally where markets had one of their best months in years, and some growth stocks rose 40% or more in the month alone.
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