Value investing is an investment strategy where the investor is buying securities which he thinks are worth more than their current price. This means the current price on the exchange is lower than the intrinsic or book value of the respective security. These evaluations are called fundamental analysis and are mostly derived from the current balance sheet and the respective quarterly updates. Some of the more prominent measures used by value investors to determine if a company’s stock is a value investment are: – price-to-book ratio – earnings-per-share – free cash flow – dividend yield Obviously, there are many other

Opposite to the overall trend in the European ETF industry, factor-based ETFs faced estimated net outflows of €0.7 bn over the course of 2023. These outflows occurred after two years of inflows into factor-based ETFs in Europe. Does this mean that factor-based ETFs are out of favor of European investors? On the first view one could argue that a group of products which faced outflows, while the product category itself enjoyed in general very healthy inflows, is out of favor, but on the other hand there might be some other drivers visible in the underlying data. A more detailed view