The bombing of Saudi Aramco’s oil processing facilities has triggered a topsy-turvy period for oil markets. Crude prices have soared, lifting the shares of neglected energy producers. Energy stocks, along with financials, usually fall into the category of inexpensive equities labelled “value”. These have long trailed the broader market.

Value fund managers, the perennial underdogs of the investment world, have grounds to believe they are now alpha animals. They should think again.

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