--- title: "A Pure Choice of Value and Growth: Two Major Style Indices Unlock New Investment Paths" type: "News" locale: "en" url: "https://longbridge.com/en/news/282133778.md" description: "In the A-share market, the game between value and growth is the core focus of investors. The CNI Value 100 and CNI Growth 100 indices provide investors with clear style positioning and historical performance. Value ETFs and growth ETFs have become important tools for style investing. The value index focuses on undervalued targets, pursuing stable returns; the growth index, on the other hand, concentrates on performance growth potential, enduring volatility to achieve higher returns. There is no absolute superiority between the two; the key lies in matching investment needs. The CNI indices express styles more purely, avoiding interference from market capitalization attributes" datetime: "2026-04-09T04:29:16.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282133778.md) - [en](https://longbridge.com/en/news/282133778.md) - [zh-HK](https://longbridge.com/zh-HK/news/282133778.md) --- # A Pure Choice of Value and Growth: Two Major Style Indices Unlock New Investment Paths In the A-share market, the game between value and growth has always been the core theme running through bull and bear markets, and it has troubled countless investors: should one choose value or growth? Is it possible to balance both? If using ETFs for allocation, what investment tools are available? The CNI Value 100 and CNI Growth 100 indices are a pair of style indices that have attracted considerable attention in the past two years. They not only have clear style positioning but also outstanding historical performance. Correspondingly, the value ETF E Fund (159263) and the growth ETF E Fund (159259) have gradually become important tools for investors to engage in style investing. **Value vs Growth: What are the differences in investment logic?** Unlike broad-based indices that cover the entire market, style indices categorize stocks based on specific investment characteristics through standardized rules, allowing investors to express their investment judgments through the index without repeatedly weighing individual stock selections. The investment logic of the value index is "find cheap, seek stability," focusing on targets that are undervalued by the market and have solid fundamentals, pursuing long-term stable returns. The CNI Value 100 index is a representative value index. On the other hand, the investment logic of the growth index is "look for potential, seek elasticity," focusing on targets with significant performance growth potential and high industry prosperity, which usually requires enduring certain volatility to exchange for higher return elasticity. The CNI Growth 100 index is one of the typical representatives of growth indices. It is important to note that there is no absolute superiority or inferiority between value and growth; the key lies in matching one's investment needs. **What distinguishes the CNI Value 100 and CNI Growth 100 indices from other similar indices?** Many style indices, such as the CSI 300 Value Index, select stocks from broad-based indices, thus incorporating large-cap and mid-cap attributes. However, the CNI Value 100 and CNI Growth 100 style indices have no preference for market capitalization, aiming to make the style purer and more distinct. This means that if investors simply want to express "optimism about value" or "optimism about growth" without wanting to add too much judgment on large or small caps, the expression of these style indices will be more direct and pure. Moreover, the CNI style indices also have distinctive features in negative screening, factor design, and rebalancing frequency. In terms of negative screening, the CNI Value 100 and CNI Growth 100 indices conduct preliminary screening based on indicators such as marginal profit changes, profitability, and profit stability, striving to enhance the fundamental quality of the sample pool. In factor design, they are more aligned with the essence of the style. The CNI Value 100 index does not only look at traditional valuation indicators like price-to-earnings ratio and price-to-book ratio but also incorporates free cash flow ratio, emphasizing that value style is not just about being "cheap," but also about having "quality on top of being cheap"; the CNI Growth 100 index focuses not only on historical performance growth but also on "future growth," emphasizing consistent expected performance growth rates, making the index's depiction of growth more forward-looking. Regarding rebalancing frequency, the CNI Value 100 and CNI Growth 100 indices adopt quarterly rebalancing, which, compared to many style indices that rebalance semi-annually, is more in line with the rhythm of financial report disclosures and can more quickly reflect changes in fundamentals Ultimately, these two indices are not simply labeling "value" and "growth," but are solidifying styles through their compilation rules. **From a risk-return perspective,** **how to allocate** **between value and growth** **?** Due to different investment logics, the stock selection rules for the indices also differ, and the CNI Value 100 and CNI Growth 100 indices may perform very differently in various market stages. Many investors may ask: When to buy value? When to buy growth? Historically, the CNI Growth 100 index has shown a more significant advantage during economic upturns, with returns exceeding 70% in both 2015 and 2020, making it suitable for investors seeking high returns and who can tolerate high volatility; the CNI Value 100 index, on the other hand, has demonstrated strong resilience during downturns, achieving positive returns in 2022, making it suitable for conservative investors. Overall, there often exists a "seesaw" effect between value and growth, with one high and the other low. From a long-term perspective, from 2013 to the present, both the CNI Value 100 and CNI Growth 100 indices have outperformed the CSI 300 index in terms of annualized returns. If it is difficult to judge market trends and one does not want to make a "multiple-choice question," one can also allocate both the CNI Value 100 index and the CNI Growth 100 index simultaneously, diversifying risks while striving for better returns. The CNI Value 100 and CNI Growth 100 indices have created high-purity style investment tools, with complementary returns and distinct risk-return characteristics. Historically, the value style has exhibited relatively low volatility, while the growth style is more elastic but also relatively more volatile, with different styles performing differently in various market environments. Investors can assess whether a single style or balanced allocation is suitable based on their risk tolerance and investment goals. Specifically, the value ETF E Fund (159263) and the growth ETF E Fund (159259) are ETFs tracking these two indices, and off-market investors can also allocate through products like the E Fund CNI Value 100 ETF Connect Fund (Class A: 025497; Class C: 025498). 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