The factor/style index investing: Midcap growth has been the winner in 1995–2024

Damir Tokic (), Dave Jackson () and Karlo Tokic ()
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Damir Tokic: University of Texas Rio Grande Valley
Dave Jackson: University of Texas Rio Grande Valley
Karlo Tokic: University of Texas Rio Grande Valley

Journal of Asset Management, 2025, vol. 26, issue 5, No 5, 514-522

Abstract: Abstract Our findings show that the factor/style index investing was an effective strategy over the last 30 years. The S&P 400 Midcap Growth had the best absolute and risk-adjusted performance from 1995 to 2024, closely followed by the S&P 400 Midcap Pure Growth, while the S&P 400 Small-cap Value had the worst risk-adjusted performance. Will this relative performance persist over the next 30 years will largely depend on the prevailing macro environment during this period.

Keywords: Factor investing; Value vs growth; Size effect (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1057/s41260-025-00419-x

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