Over time, value outperforms almost every other strategy, e.g., growth. It is simply better to buy when stocks are undervalued. But it clearly doesn't work all the time.
The last time value underperformed for such a long stretch was the latter 1990s during the dot-com bubble. Interestingly, value performed great from 2000-2002 while the momentum stocks plunged.
We are monitoring value as we expect it to experience a similar turnaround relatively soon. If and when value starts to perform, we'll adjust our portfolios and fund accordingly.