18% of the companies in the MSCI USA Value index returned more than 22% last year. This doesn’t change the facts that growth clearly outperformed value but it does demonstrate that a reasonable number of value companies also performed very well. Just as all growth companies didn’t do as well as the index would suggest, not all value companies had a bad year.

Some of the better performing US value companies include the chemical manufacturer, Albemarle (+106%), the mining company, Freeport McMoran (+99%), the delivery company, Fedex (+74%), and the agricultural, construction and forestry machinery manufacturer, Deere (+58%).

The roster of top performers is quite likely to be different this year. But anyone who has been sucked into the hype to believe that it is only high growth companies that can offer high returns needs to think again.

The figures are even more striking in other markets. In emerging markets, an impressive 38% of value companies outperformed the median growth company. In the UK, Europe ex UK, and Japan the proportions were 30%, 27% and 24%. Less eye-catching companies can generate just as eye-catching returns.

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