EXHIBIT 1: DEEP VALUE VS. SHALLOW VALUE ANNUAL PERFORMANCE
As of 11/30/2022 | Source: GMO
Composite valuation measure is composed of Price/Sales, Prices/Gross Profit, Price/Book, and Price/Economic Book. Deciles of value and market are weighted by market cap, with the largest stocks capped at a 2% weight. For the U.S. market, relative return of the Value Index compares the return of the S&P 500 Value Index to the S&P 500 Index. S&P does not guarantee the accuracy, adequacy, completeness or availability of any data or information and is not responsible for any errors or omissions from the use of such data or information. Reproduction of the data or information in any form is prohibited except with the prior written permission of S&P or its third-party licensors. Please visit https://www.gmo.com/americas/benchmark-disclaimers/ to review the complete benchmark disclaimer notice.
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