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Small, Value, or Small/Value?

Javier Estrada

Journal of Investing2026https://doi.org/10.3905/joi.2026.001article
AJG 1ABDC B
Weight
0.50

Abstract

This article focuses narrowly on a very concrete question that investors and advisors may consider frequently. Given a goal of enhancing a portfolio’s long-term return by tilting it toward the size and value factors, and given an existing core exposure to the broad stock market, is it better to add one (small/value) satellite or two (one small-cap and one value) satellites? The results here suggest that, all things considered, adding one small/value satellite is the better option.

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https://doi.org/https://doi.org/10.3905/joi.2026.001

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@article{javier2026,
  title        = {{Small, Value, or Small/Value?}},
  author       = {Javier Estrada},
  journal      = {Journal of Investing},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.3905/joi.2026.001},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.