Thankful for any cash returned, investors reward value stocks

The world’s investors are rewarding companies that return the most cash and are hunting for stocks priced cheaply relative to earnings.

Investors favor cash returning companies | Photo: Colourbox

That has driven funds into health-care companies and value-focused ETFs. That’s a shift from the past year when analyst forecasts held the most sway.

Citigroup strategist Tobias Levkovich ranked value and health-care stocks top of a list of "things to be thankful for in a dreadful market" ahead of the U.S. Thanksgiving holiday in a Nov. 20 note. Goldman Sachs wrote a day earlier that investors should favor cash or defensive shares.

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