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Value minus Growth represents the performance difference of the MSCI World Value Index in global equity markets (Chan, Hamao, and Lakonishok (). This study examines the performance of open-end mutual funds investing in UK 'styles' such as value-growth (LaPorta et al , Chan and Lakonishok. We find that several factors explain an individual investor׳s style, i.e., the value versus growth orientation of the investor׳s stock portfolio.
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