Investment Style Guide - Yardeni Research

Investment Style Guide

February 28, 2022

Dr. Edward Yardeni

516-972-7683 eyardeni@

Joe Abbott

732-497-5306 jabbott@

Yardeni Research, Inc.

Please visit our sites at blog.

thinking outside the box

Table Of Contents Table Of Contents

Index Price Performance: 2022

1

Index Price Performance: 2021

2

Index Price Performance: 2020

3

Index Price Performance: 2019

4

Index Price Performance: 2018

5

Index Price Performance: 2017

6

Index Price Performance: 2016

7

Index Price Performance: 2015

8

Index Price Performance: Bull Market of 2020-?

9

Index Price Performance: Bull Market of 2009-2020 10

S&P 500 Growth/Value Relative Price Performance 11

S&P 500 Pure G/V Relative Price Performance

12

Growth/Value Relative Forward Revenues & Earnings 13

Market Cap: S&P Earnings & Valuation

14

Market Cap: S&P 500, 400, 600

15-16

Market Cap: Russell 1000 vs. 2000

17

Growth vs. Value: Revenue Squiggles

18

Growth vs. Value: Earnings Squiggles

19

Growth vs. Value: Profit Margins

20

Growth vs. Value: Earnings Growth

21

Growth vs. Value: S&P Valuation

22-23

Growth vs. Value: Market Cap Shares

24

Growth vs. Value: Net Revenue Revisions

25

Growth vs. Value: Net Earnings Revisions

26

Growth vs. Value: Revenue Growth

27

Growth vs. Value: Earnings Growth

28

Russell Valuation SmallCap, Growth, Value

29

Valuation: SMidCap's Relative to LargeCap's

30

Fwd Revenues & Earnings: SMidCap's vs. LargeCap's 31

Fwd Growth: Blended vs. Pure Style

32

Valuation: Blended vs. Pure Style

33

LTEG & Fwd Profit Margin: Blended vs. Pure Style 34

February 28, 2022 / Investment Style Guide

Yardeni Research, Inc.



Index Price Performance: 2022

Figure 1.

5

LARGECAP & SMIDCAP PERFORMANCE: 2022 (percent change ytd)

5 Latest data thru: 02/25/22

0

0

-5

-5

S&P 500 LargeCap (-8.0)

S&P 400 MidCap (-6.3)

-10

S&P 600 SmallCap (-6.5)

-10

Russell 1000 LargeCap (-8.3)

Russell 2000 SmallCap (-9.1)

-15

Jan

Feb

Source: Frank Russell Company, Haver Analytics, and Standard & Poor's Corporation.

-15

Mar

2022

Figure 2.

5

GROWTH & VALUE PERFORMANCE: 2022 (percent change ytd)

0

5 Latest data thru: 02/25/22

0

-5

-5

-10

-10

-15

-15

S&P 500 LargeCap Growth (-12.7)

S&P 500 LargeCap Value (-2.8)

S&P 400 MidCap Growth (-9.7)

-20

Jan

Feb

Source: Frank Russell Company, Haver Analytics, and Standard & Poor's Corporation.

S&P 400 MidCap Value (-2.9)

S&P 600 SmallCap Growth (-10.3)

S&P 600 SmallCap Value (-2.6) Mar

-20

2022

Page 1 / February 28, 2022 / Investment Style Guide

Yardeni Research, Inc.



Index Price Performance: 2021

Figure 3.

40

LARGECAP & SMIDCAP PERFORMANCE: 2021

40 Latest data thru: 12/31/21

(percent change ytd)

S&P 500 LargeCap (26.9)

35

S&P 400 MidCap (23.2)

35

S&P 600 SmallCap (25.3)

30

Russell 1000 LargeCap (24.8)

30

Russell 2000 SmallCap (13.7)

25

25

20

20

15

15

10

10

5

5

0

0



-5

-5

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2021

Source: Frank Russell Company, Haver Analytics, and Standard & Poor's Corporation.

Figure 4.

40

GROWTH & VALUE PERFORMANCE: 2021 (percent change ytd)

35

40 Latest data thru: 12/31/21

35

30

30

25

25

20

20

15

15

10

10

5

5

0

0

-5

S&P 500 LargeCap Growth (31.0)

S&P 400 MidCap Value (28.4)

-5

S&P 500 LargeCap Value (22.2)

S&P 600 SmallCap Growth (21.7)

-10 Jan

S&P 400 MidCap Growth (18.1)

S&P 600 SmallCap Value (28.8)

-10

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2021 Source: Frank Russell Company, Haver Analytics, and Standard & Poor's Corporation.

Page 2 / February 28, 2022 / Investment Style Guide

Yardeni Research, Inc.



Index Price Performance: 2020

Figure 5.

30

LARGECAP & SMIDCAP PERFORMANCE: 2020 (percent change ytd)

30 Latest data thru: 12/31/20

20

20

10

10

0

0

-10

-10

-20

-20

S&P 500 LargeCap (16.3)

S&P 400 MidCap (11.8)

-30

S&P 600 SmallCap (9.6)

-30

Russell 1000 LargeCap (18.9)

Russell 2000 SmallCap (18.4)

-40

-40



-50

-50

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2020

Source: Frank Russell Company, Haver Analytics, and Standard & Poor's Corporation.

Figure 6.

40

GROWTH & VALUE PERFORMANCE: 2020 (percent change ytd)

30

40 Latest data thru: 12/31/20

30

20

20

10

10

0

0

-10

-10

-20

-20

-30

S&P 500 LargeCap Growth (32.0) S&P 500 LargeCap Value (-1.4)

-30

S&P 400 MidCap Growth (21.5)

-40

S&P 400 MidCap Value (1.3)

-40

S&P 600 SmallCap Growth (18.3)

-50 Jan

Feb

Mar

Apr

May

Jun

S&P 600 SmallCap Value (0.4)

Jul

Aug

Sept

Oct

-50

Nov

Dec

2020 Source: Frank Russell Company, Haver Analytics, and Standard & Poor's Corporation.

Page 3 / February 28, 2022 / Investment Style Guide

Yardeni Research, Inc.



Index Price Performance: 2019

Figure 7.

30

LARGECAP & SMIDCAP PERFORMANCE: 2019 (percent change ytd)

30 Latest data thru: 12/31/19

25

25

20

20

15

15

10

10

S&P 500 LargeCap (28.9)

5

S&P 400 MidCap (24.1)

5

S&P 600 SmallCap (20.9)

Russell 1000 LargeCap (28.9)

Russell 2000 SmallCap (23.7)

0

0



-5

-5

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2019

Source: Frank Russell Company, Haver Analytics, and Standard & Poor's Corporation.

Figure 8.

30

GROWTH & VALUE PERFORMANCE: 2019 (percent change ytd)

25

30 Latest data thru: 12/31/19

25

20

20

15

15

10

10

5 S&P 500 LargeCap Growth (29.1) S&P 400 MidCap Growth (24.5) S&P 600 SmallCap Growth (19.6)

0

5 S&P 500 LargeCap Value (28.6) S&P 400 MidCap Value (23.6) S&P 600 SmallCap Value (22.2)

0



-5

-5

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2019

Source: Frank Russell Company, Haver Analytics, and Standard & Poor's Corporation.

Page 4 / February 28, 2022 / Investment Style Guide

Yardeni Research, Inc.



Index Price Performance: 2018

Figure 9.

20

LARGECAP & SMIDCAP PERFORMANCE: 2018 (percent change ytd)

20 Latest data thru: 12/31/18

15

15

10

10

5

5

0

0

-5

-5

S&P 500 LargeCap (-6.2)

S&P 400 MidCap (-12.5)

-10

S&P 600 SmallCap (-9.8)

-10

Russell 1000 LargeCap (-6.6)

Russell 2000 SmallCap (-12.2)

-15

-15



-20

-20

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2018

Source: Frank Russell Company, Haver Analytics, and Standard & Poor's Corporation.

Figure 10.

25

GROWTH & VALUE PERFORMANCE: 2018 (percent change ytd)

20

15

10

5

0

-5

S&P 500 LargeCap Growth (-1.4)

-10

S&P 500 LargeCap Value (-11.3)

S&P 400 MidCap Growth (-11.5)

-15

S&P 400 MidCap Value (-13.6)

S&P 600 SmallCap Growth (-5.0)

S&P 600 SmallCap Value (-14.2)

-20

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

2018 Source: Frank Russell Company, Haver Analytics, and Standard & Poor's Corporation.

25 Latest data thru: 12/31/18

20

15

10

5

0

-5

-10

-15

-20

Sept

Oct

Nov

Dec

Page 5 / February 28, 2022 / Investment Style Guide

Yardeni Research, Inc.



Index Price Performance: 2017

Figure 11.

25

25

LARGECAP & SMIDCAP PERFORMANCE: 2017

(percent change ytd)

20

S&P 500 LargeCap (19.4)

20

S&P 400 MidCap (14.5)

S&P 600 SmallCap (11.7)

15

Russell 1000 LargeCap (19.3) Russell 2000 SmallCap (13.1)

15

10

10

5

5

0

0



-5

-5

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2017

Source: Frank Russell Company, Haver Analytics, and Standard & Poor's Corporation.

Figure 12.

30

30

GROWTH & VALUE PERFORMANCE: 2017

27 (percent change ytd)

27

24

24

S&P 500 LargeCap Growth (25.4)

21

S&P 500 LargeCap Value (12.6)

21

18

S&P 400 MidCap Growth (18.4)

18

S&P 400 MidCap Value (10.2)

15

S&P 600 SmallCap Growth (13.5)

15

S&P 600 SmallCap Value (9.8)

12

12

9

9

6

6

3

3

0

0

-3

-3



-6

-6

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

2017

Source: Frank Russell Company, Haver Analytics, and Standard & Poor's Corporation.

Page 6 / February 28, 2022 / Investment Style Guide

Yardeni Research, Inc.



 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download