Capital Markets Winter 2021

V

Winners vs. Losers Style Wars

• Analyst estimates suggest Growth stock fundamentals are accelerating relative to Value

I

Estimated Long-Term EPS Growth

II

Russell 1000 Value

Russell 1000 Growth

20%

The fundamental spread between growth and value companies is larger than normal

18%

16%

III

14%

12%

10%

IV

8%

6%

4%

V

2%

0%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

VI

Source: Long-term EPS growth represents consensus long-term analyst estimates and actual future EPS growth rates might be materially different than the forecasts shown.

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