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3 November 2025

Value investing is back but not where you think

In a market still dominated by AI narratives and growth momentum, value investing is quietly
making a comeback. But the real story isn’t just about style rotation, it’s about geography. In recent quarters, many value stock investors have outperformed their benchmarks. This indicates a shift in global market dynamics and could signal a change in market leadership.

For years, global value strategies lagged the broader global equity market. While absolute performance was solid, value stocks did not keep up with the dominance of large US technology stocks in the MSCI World Index. That picture is beginning to change. In the past six months, value-oriented funds have outperformed their value benchmarks, underlining the importance of active stock selection and regional diversification.

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Disclaimer.
Van Lanschot Kempen Investment Management NV (VLK Investment Management) is licensed as a manager of various UCITS and AIFs and authorised to provide investment services and as such is subject to supervision by the Netherlands Authority for the Financial Markets. This video is for information purposes only and provides insufficient information for an investment decision. This video does not contain investment advice, no investment recommendation, no research, or an invitation to buy or sell any financial instruments, and should not be interpreted as such. The opinions expressed in this video are our opinions and views as of such date only. These may be subject to change at any given time, without prior notice.

Value Equities: general risks to take into account when investing in Dividend equity strategies
Please note that all investments are subject to market fluctuations. Investing in a Value Equity strategy may be subject to country risk and equity market risks, which could negatively affect the performance. Under unusual market conditions the specific risks can increase significantly. Potential Investors should be aware that changes in the actual and perceived fundamentals of a company may result in changes for the market value of the shares of such company.

The value of your investment may fluctuate, past performance is no guarantee for the future. Do not take unnecessary risks. Before you invest, it is important that you are aware of and are informed about the characteristics and risks of investing. This information can be found in the available documents of the strategy and/or in the agreements that are part of the service you choose or have chosen.

Profile of the typical investor in Value equity strategies
The strategy may be suitable as a core or supplemental investment for those:
• interested in a convenient way of gaining exposure to international
equity markets;
• seeking long-term growth of their investment (5 years or longer);
• who can bear the possibility of significant losses, especially in the short term;

There’s a saying in Dutch, Kom verder, it means many things and it’s our business philosophy. It captures the way we work with clients but also the way we steer our investee companies to deliver shareholder value through active engagement.

Capital at risk. The value of investments and the income from them can fall as well as rise, and investors may not get back the amount originally invested. Past performance provides no guarantee for the future.

Van Lanschot Kempen Investment Management (UK) Limited is registered in England & Wales with registration number 02833264. Registered office at 20 Gracechurch Street, London, EC3V 0BG Tel: +44 (0)20 3636 9400. Van Lanschot Kempen Investment Management (UK) Ltd, is authorised and regulated by the Financial Conduct Authority (FCA) with reference number 166063.