EN - Report (page 2) - Flipbook - Page 13
Global large cap vs small cap and value vs growth
Again, large caps had a better quarter overall as concerns around
growth in 2022 and Omicron picked up. Surprisingly, growth
outperformed value over Q4 although, as has been the case over
recent years, a major part of this was driven by strong earnings
updates from a handful of US tech giants. Heading in 2022, tech
sold off on the back of central banks turning more hawkish still and we
expect performance to continue oscillating between the styles – and
would stress that value remains very cheap.
Global large cap versus small cap returns Q4 2021
Global growth versus value returns Q4 2021
10%
10%
8.3%
7.8%
8%
8%
7.8%
8.2%
7.2%
6%
6%
4%
4%
2.2%
2%
2%
0%
0%
MSCI World Large Cap
MSCI World
MSCI World Small Cap
MSCI World Value
MSCI World
MSCI World Growth
NR USD
NR USD
NR USD
NR USD
NR USD
NR USD
Source: Morningstar, 31.12.21
Liontrust Multi-Asset Portfolio Services Quarterly Report: Q4 2021 - 13
