Telecom operators with stable ARPU but under-levered balance sheets form part of current deep value investing radar. Fiber roll-out could drive medium-term growth rerating. Major market indexes such as the S&P 500 declined in the first few months of the year, but have since rebounded significantly. In contrast, biotech giant Amgen (NASDAQ: AMGN) started the year strong, but has not maintained that momentum. Over the past six months, Amgen's shares have declined by 9%. The drugmaker is facing some issues, including upcoming patent cliffs. “In our 2025 US Market Outlook , we recommended investors overweight value stocks as they were trading at an attractive discount to fair value, especially as compared to overvalued growth stocks,“ says Morningstar chief US market strategist Dave Sekera . “Since then, in a highly volatile market, value stocks have posted steadier gains, yet lagged the broad market return. Growth stocks, which started the year well into overvalued territory, fell precipitously in the first quarter, dropping to a valuation level that was in line with the broad market. However, growth stocks surged in the second quarter, rising back to significantly overvalued levels. Agriculture commodity-linked firms show deep value investing traits due to cyclical downturn. Inventory drawdowns and export data hint at sector bottoming, creating contrarian buy cases.
