GMO’s Asset Allocation team outlines a rare opportunity in value investing, supported by historical valuation metrics and a disciplined approach to relative pricing across U.S. and global equities.
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Extreme valuation gap: As of June 2025, U.S. value stocks trade at their 3rd percentile relative to growth—one of the deepest discounts in over four decades.
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Selective opportunity: GMO emphasizes deep value (cheapest 20%) over broad value, citing stronger fundamentals and wider mispricing.
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Tactical conviction: Current conditions mirror prior turning points (e.g., 1999, 2020), where valuation-aware positioning paid off.
What role should deep value play in a disciplined portfolio today? The full note explores the case for acting while the window remains open.
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