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The Bad and Good News for Value Investing

John Rekenthaler (john.rekenthaler@morningstar.com)

It's no secret that value investing has struggled. When Vanguard introduced its  Vanguard Growth Index Fund VIGRX and  Vanguard Value Index Fund VIVAX index-fund series in 1998, history suggested that Value would lead, comfortably. Value did indeed begin well, courtesy of the 2000-02 technology-stock crash, but over the trailing five-, 10-, and 15-year periods (through July 31), Growth Fund is ahead.