Sector Neutral Value

Value stocks’ underperformance against growth (yellow line) is well documented.
Things look different at the sector neutral level (blue line) i.e. picking the cheapest stocks within a given sector.
This measure actually worked very well from 2002 to 2017/18, while the overall measure continued to fall.
It only fell apart in the last few years as growth mania took hold, but has bounced back very sharply.
Source.