On Demand Coming Soon 1 CE Credit

AB Disruptor Series
The Forgotten Style: Whatever Happened to Value?

Today’s investment world has been called a “factor zoo,” but value was arguably the first. With name-dropping candidates from Graham-Dodd to Fama-French to Warren Buffett, the original style, termed an investment “superfood,” earned that label by outpacing growth over the better part of a century.

The tide turned for value around the time of the global financial crisis (GFC), with its popularity fading as growth soared. Despite the slump, a lot is happening in the “other half.” At the index level—and more so among industry leaders—dozens of strong growth and market-share stories have largely flown under the radar, judging from asset flows and multiples.

It might be time to change that.

Summary

On Demand Coming Soon • Accepted for 1 CFP / IWI / CFA CE Credit


Register now for the latest AB Disruptor Series episode, where a panel of AB experts talk through the investment paradox of finding growth in value, including:

  • A brief history of the value style and an assessment of its long stretch of dominance
  • An analysis of the post-GFC style inflection and the results of a 15-year intersection of flow trends and styles
  • The state of value today and a tutorial on the ways to measure and categorize value
  • A tour of value’s growth leaders across industries—even in the AI space

Speakers

Rick Brink, CFA

Rick Brink, CFA

Chief Market Strategist

AllianceBernstein

Richard A. Brink is a Senior Vice President and Market Strategist in the Client Group. Previously, he served as a managing director in the Alternatives and Multi-Asset Group. Prior to that role, Brink was a senior portfolio manager in Fixed Income, and before that an investment director for fixed-income investments within the Global Retail Investments Group. Before joining AB in 2004, he was senior product manager at the Dreyfus Corporation, covering both retail and institutional fixed-income offerings. Brink was previously a senior trainer, dealing primarily with the design and delivery of product training to financial advisors and mutual fund sales representatives. He holds a BS in applied mathematics and economics from Stony Brook University, and is a CFA charterholder. Location: New York

James MacGregor, CFA

James MacGregor, CFA

CIO—US Small and Mid Cap Value Equities; Head—US Value Equities

AllianceBernstein

James MacGregor was appointed Chief Investment Officer of US Small and Mid Cap Value Equities in 2009. In this role, he acts as the lead portfolio manager for AB's US Small and Mid Cap Value strategies. MacGregor was appointed Head of US Value Equities in 2019, responsible for all US Value portfolios in the areas of business management and talent development. From 2009 to 2012, he also served as CIO of Canadian Value Equities. From 2004 to 2009, MacGregor was director of research for Small and Mid Cap Value Equities, overseeing coverage of companies for the Small Cap and Small/Mid Cap Value services. He started as a research analyst covering a wide number of sectors for those same services. Prior to joining the firm in 1998, MacGregor was a sell-side research analyst at Morgan Stanley, where he covered US packaging and Canadian paper stocks. He also serves as a board member and volunteer for Xavier Mission, a charitable organization that provides basic services and opportunities for empowerment and self-sufficiency to New Yorkers in need. MacGregor holds a BA in economics from McGill University, an MSc in economics from the London School of Economics and an MBA from the University of Chicago. He is a CFA charterholder. Location: New York

Cem Inal

Cem Inal

CIO—US Large Cap Value; Portfolio Manager—Global Real Estate Securities

AllianceBernstein

Cem Inal was appointed Chief Investment Officer of US Large Cap Value Equities in 2020, after serving as portfolio manager of US Large Cap Value Equities from 2016 until 2019. He has also served as Portfolio Manager of Global Real Estate Securities since 2023. Inal was previously a senior research analyst and leader of the technology sector. He also co-managed the International Small Cap Value service from its inception in 2014 until 2016. Before joining the firm in 2003 as a research analyst, Inal was a vice president at fusionOne, a communications software provider. Prior to that, he was an engagement manager at McKinsey & Company and a research engineer at Mitsubishi Electric. Inal holds a BSE in electrical engineering from Princeton University and an MBA in financial engineering from Cornell University.

Snezhana Otto

Snezhana Otto

Senior Research Analyst—Value Equities

AllianceBernstein

Snezhana Otto is a Vice President and Senior Research Analyst for Value Equities, covering US consumer discretionary and healthcare. Prior to joining AB in 2018, she was an associate partner at McKinsey & Company, where she was a part of the Strategy & Corporate Finance practice, working primarily with healthcare clients on topics ranging from activist-investor strategy to cost-optimization programs. Otto holds a BA in economics (with honors) from Harvard University; an MBA (with high distinction) from Harvard Business School, where she was a George F. Baker Scholar; and an MPA in International Development from the Harvard Kennedy School. Location: New York

Artem Dergunov

Artem Dergunov

Research Analyst—US Large Cap Value Equities,

AllianceBernstein

Artem Dergunov joined AB in 2022 and is a Research Analyst with the US Large Cap Value Equities team. Before joining AB, he was a vice president of Corporate Strategy at SAP from 2019 to 2022. Prior to that, Dergunov spent over 10 years at Boston Consulting Group, most recently as a principal in the New York office. He holds an MBA from the Wharton School at the University of Pennsylvania and a PhD in economics from Financial University under the Government of the Russian Federation. Location: New York

Ruchira Amin, CFA

Ruchira Amin, CFA

Senior Research Analyst—Small and Mid Cap Value,

AllianceBernstein

Ruchira Amin is a Senior Research Analyst on the Small and Mid Cap Value team, responsible for the coverage of technology companies. Prior to joining AB in 2022, she was a senior financial analyst at Amazon, where she led revenue forecasting and managed business planning processes for Amazon Advertising. Prior to Amazon, Amin was an investment banking associate at J.P. Morgan, covering industrials. Before that, she was an associate relationship manager, corporate banking, with HSBC. Earlier in Amin’s career, she was a process engineer for the Indian Oil Corporation. She holds a BTech in chemical engineering from the National Institute of Technology Calicut, a PGD in management from the Indian Institute of Management Kozhikode and an MBA from the University of Chicago Booth School of Business. Amin is a CFA charterholder. Location: New York

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On Demand Coming Soon 1 CFP / IWI / CFA CE Credit
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