How value can benefit from a new investment cycle

The changing of the guard in terms of value versus growth has been attributed to the post‑pandemic recovery, decade‑high inflation, and the potential for aggressive monetary tightening. However, as bottom‑up investors, we are excited about the potential for a new capital investment cycle forming after many years of underinvestment. For value investors, this is a positive development, as increased spending can be a significant source of investment opportunities.