This page looks at the relationship between value vs. growth and international vs. U.S. performance on the left and the relative valuations between international value and growth on the right. The left chart highlights that periods of international outperformance and underperformance versus the U.S. has a lot to do with style leadership. International markets have more representation of value style sectors at 50% of market capitalization versus only 28% in the U.S. The right-hand chart shows relative forward price-to-earnings ratios between the MSCI ACWI ex-U.S. Growth Index and the MSCI ACWI ex- U.S. Value Index, underscoring the opportunity in international value as it is historically cheap relative to international growth.