For stocks in the Aussie “growth” bucket, the PE premium to Value is still enormous. So even though the share prices have de-rated, by quite a bit (e.g. XRO, DMP) the spread remains at near record highs.
Too soon to rotate back, in our view, but it is coming, and selectively we’ve added to stocks like IRE and SPK, but there will be others, over time.
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