Growth? Value? Neither. Why only 1% of companies really matter.

Many of our clients and other contacts have been asking in recent months about the apparent breakdown in historical patterns of growth and value investment styles.

Historically, in a big economic downturn such as this one we would have seen stable consumer-type companies such as food producers and grocery chains significantly outperform. 


This time, capital-light and online companies have shown much more resilience in terms of share prices. In either case, we think company specifics in the presence of disruption are far more important than style. 


Some of the differences from the historical norm are easily explained by the specific challenges of Covid-19, but the underlying trends in the economy were already there. We don’t expect a simple reversion to mean when the economy normalises. On our website, we gather together the various articles we’ve written on this topic in recent years in one place. We hope you find this to be a useful resource.

Stuart Dunbar


Recent articles


The right to be wrong

When it comes to making mistakes, fund managers should be concerned if they’re not making enough of them. Scott Nisbet explains why.


Trade tensions and digital dominance

James Anderson tackled trade tensions and digital dominance when he was interviewed by Bloomberg’s Ed Hammond.

Governance and sustainability

A force for good

When it comes to ESG and responsible investing, it’s important that our industry views this as an opportunity, not a box-ticking exercise. Gareth Roberts, director, explains why.

Long-term thinking

The risk in the index

The notion that equity indices are somehow risk-free has always been a dangerous fallacy, which as Mark Urquhart explains, has been amplified by the rise of passive investing.