가치주 vs 성장주 (피델리티 영어 원문)

 

안녕하세요 도토리담입니다. 피델리티자산운용에서 성장주와 가치주에 관련한 간단한 기사가 올라왔습니다. 영어로 되어있고, image file이기에 번역하기 어렵지만, 그래도 큰 도움이 될 글 인것 같아서 전문을 가져왔습니다. 참고하시면 좋을 것 같습니다.

The distinction between value and growth can be murky. Value stocks trade at cheap valuations relative to their fundamentals, while growth stocks are associated with companies that have the potential to achieve high earnings growth.
Many companies, in fact, will have traits of both. And while value and growth investing approaches differ, they do overlap. Value investors shouldn't ignore a company's growth prospects, and growth investors shouldn't ignore a stock's valuation.



"In our opinion, the two approaches arejoined at the hip: Growth is always a component in the calculation of value, constituting a variable whose importance can range from negligible to enormous ..."l -Warren Buffett, the best-known value investor 

Value investors liken their approach to buying a $100 bill for $80. That is, they buy stocks at a discount to their fair value.

A stock might be underpriced for a variety of reasons. Supply chain disruptions, for example, have hindered the sales of some companies over the past year. Value investors essentially bet that these reasons will be short-lived, not a sign of things to come.

Unlike value investors, growth investors will pay a premium for a stock if the company's future looks bright. Often price-to-earnings ratios on growth stocks can appear highly inflated versus the rest of the market.
But with high earnings growth, even a stock with a high valuation can pay off.

Common Value Stock Characteristics	Common Growth Stock Characteristics
Slower growth of sales and income	Higher sales and income growth
Lower valuations versus their history	Higher valuations versus the broader market
ighly predictable financial performance	Financial performance can be volatile
Mature businesses	Often "disruptive" companies with new business models or technologies
Higher dividend yield	Pay minimal or no dividends
Dividends make up a large share of the total return	Dividends contribute less to total return
Less volatile than broader market	Stock more volatile than broader market

Sources: 'What to Look for in Value vs. Growth Stocks," Nasdaq.com, March 22, 2021; '2 Schools of Investing: Growth vs. Value," Fidelity.com, accessed April 28, 2022.

Russell 1000 Value Index		Russell 1000 Growth Index
2.52	Price-to-book ratio	11.15
15.41	Price-to-earnings ratio*	26.52
2.10%	Dividend yield	0.89%
11.25%	5-year earnings-per-share growth*	24.51%

Sources: FT Russell 1000 Value Factsheet, FT Russell 1000 Growth Factsheet, FTRussell.com, as of April 30, 2022. 
*Excluding companies with negative earnings. *Five-year growth rates are annualized. 

Two Sides of the Same Coin?
Typically, value stocks are more defensive and do well in the early stages of an economic recovery.2 Growth stocks do better during bull markets and when inflation and interest rates are falling, which boosts the value of their future earnings.

For today's investor, here's the challenge. Will high inflation and rising interest rates continue to weaken growth stocks? Or will easing supply chain bottlenecks, tighter monetary policy, potentially slower economic growth and expiring pandemic-related federal stimulus get inflation back under control? Inflation expectations for the coming year have shot up, but longer-term expectations remain relatively low.


Investment Ideas
Growth stocks such as Amazon (AMZN), Zoom(ZM) and Peloton (PTON) boomed during the pandemic. As the economy has reopened, however, their performance has lagged. In contrast, value stocks have gained favor as the economy has picked up. Looking ahead, should investors favor value or growth?

 

 GARP:
'Growth at a Reasonable Price' Can't choose between value and growth? Consider a compromise. Some investors pick companies that exhibit a few qualities of both value and growth, referring to their approach as "GARP" — growth at a reasonable price.

Also, some funds strike a balance by investing in some of each. Often these are referred to as "growth and income" or "blend" funds.

원문 : https://www.fidelity.com/insights/investing-ideas/value-vs-growth-investing

Value vs. Growth: Which is better?

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