Over the past weeks, there has been a lot of talk about the rotation from growth stocks – companies expected to grow sales and earnings at a faster rate than the market average – into value stocks.

On the surface, that appears to be the case. In November, value stocks – shares that trade at a lower price relative to a company’s fundamentals – enjoyed a resurgence after news of a potential vaccine breakthrough was announced.

Investors sold some of the biggest growth names in the market from Amazon to Microsoft, and pivoted to value stocks in the financial, industrial and energy sectors. In a client note published mid November, investment bank Goldman Sachs noted that a “powerful tactical rotation” into value stocks was underway.

There’s more to it than meets the eye

Dig a little deeper however, and a different perspective emerges. The move to value has also been accompanied by a