Value stock mutual funds’ striking outperformance of growth funds in the past 15 years stems largely from growth funds’ sharp decline during 2000-02 bear market. Since the market low in March 2009, growth funds have climbed 185% vs. value funds’ 170% and 177% for the broad stock market as measured by the S&P 500. JPMorgan Midcap Value has generated an average annual return of 12.32% the past 15 years vs. 4.19% for the S&P 500.