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Something’s happening to value stocks. They’re recovering. This has had a big impact on stock markets this year, as many of the 2020 champions have suffered a correction. It has also been great for active fund managers, many of whom are committed to a value style. It was difficult to beat the market when that required taking big positions in half a dozen stocks that already looked way overvalued; arguably the only way to do so was to be wildly irresponsible. This year, active managers begin to look both savvy and responsible.