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With the S&P 500 now just 8% below its February all-time high, and with growth names continuing to outperform, investors should begin to add exposure to value stocks, Berenberg said.
Rather than buying the group as a whole, the firm said buyers should be selective and focus on "QARP" names, or stocks that offer quality at a reasonable price.
"There needs to be a much stronger macro impulse than we currently envisage in coming months and quarters to structurally support value over growth," the firm said. "However, the combination of levels, valuation gaps and re-opening momentum sets up further performance from value in the near-term. Overall, we expect support for some portfolio rebalancing but prefer to be selective across value."
Berenberg said that for a stock to qualify as "QARP" it must have an attractive free cash flow yield, as well as a strong balance sheet and best-in-class return on equity.
Here are some of the stocks on the list: