The fourth inefficiency that we consider is the market’s tendency to focus on high-quality growth stocks, which can lead to excessive valuations. To avoid investing in overvalued companies, we apply a deliberate value tilt by seeking to identify undervalued stocks whose earnings probable is not yet fully valued by the market. SFM analysis is integrated into investment processes of all of our emerging market capabilities, as we consider many SFM factors to be strong leading indicators for long-term earnings.