Value is beating growth across the board this year

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Value stocks are beating growth stocks across every major U.S. market-cap category so far in 2026, signaling a notable shift in equity leadership away from the narrow growth trade that dominated much of the previous cycle, Oppenheimer Asset Management strategist John Stoltzfus wrote in a Monday note.

Through April 10, value has outpaced growth in the Russell 3000 (IWV [https://seekingalpha.com/symbol/IWV]), Russell 1000 (IWB [https://seekingalpha.com/symbol/IWB]), Russell Midcap (IWR [https://seekingalpha.com/symbol/IWR]), Russell 2000 (IWM [https://seekingalpha.com/symbol/IWM]) and Russell Microcap (IWC [https://seekingalpha.com/symbol/IWC]) indexes, according to Stoltzfus. The performance gap is most pronounced in smaller companies, where Russell 2000 Value (IWN [https://seekingalpha.com/symbol/IWN]) gained 9.7% compared to just 2.6% for growth (IWO [https://seekingalpha.com/symbol/IWO]). Russell Microcap Value climbed 11.2%, while its growth counterpart managed only 1.7%.
[Oppenheimer Asset Management]
Oppenheimer Asset Management

Among large caps, the Russell 1000 Value Index (VONV [https://seekingalpha.com/symbol/VONV]) has also topped the Russell 1000 Growth Index (VONG [https://seekingalpha.com/symbol/VONG]) since the start of the year, a meaningful development given the concentrated growth leadership that characterized much of last year, Stoltzfus wrote.

The shift marks a potential inflection point for investors who had grown accustomed to growth dominance.

"In our view, this represents a broadening in investor appetite for stock market capitalization segments and styles that underperformed in 2025 along with a desire for further diversification and away from over-concentrated positioning," the note said.

[Oppenheimer Asset Management]
Oppenheimer Asset Management

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