Who wins in India: Value or Growth?

Living investment legend Warren Buffett has for long extolled value investing. But in the Indian context, what clicks: Value or Growth? Data from MSCI indices tracking the two different styles of investing throws up interesting results. Analysing the returns of both styles for the last 10 calendar years i.e 2006 to 2015, shows that 'growth' has been on a six-year winning spree. On the other hand, 'value' which had huge success in 2006, 2007, 2008 and 2009 has failed in recent years. 'Growth' on fire The MSCI India Growth Index captures large and mid cap securities exhibiting overall growth style characteristics in India. The criteria for the index are set considering forward and historic EPS growth rates over the short and long term. With 40 constituents, the index targets 50 per cent of the free float-adjusted market capitalization of the MSCI India Index. At the end April 29, 2016, the top constituents of the 'Growth' index included TCS, HDFC, Sun Pharma, HUL, HCL Tech, Maruti Suzuki, Dr Reddy's, Lupin and ITC. The 'Growth' index has beate