Value-oriented stock exchange traded funds have been outperforming and may continue to lead the markets as we head toward the late business cycle and after falling behind the growth style in recent years.

“Value was the best performing factor for the second consecutive quarter in Q4, outperforming the S&P 500 Index by 4.14%,” Andrew Ang, Head of Factor Based Investing Strategies at BlackRock, said in a research note.

For instance, the iShares S&P 500 Value ETF (NYSEArca: IVE), Vanguard S&P 500 Value ETF (NYSEArca: VOOV) and SPDR S&P 500 Value ETF (NYSEArca: SPYV) gained 10.4% over the past three months.

Investors have also begun shifting into the value play. Ang pointed out that the value-themed iShares MSCI USA Value Factor ETF (NYSEArca: VLUE) attracted almost $1 billion in net inflows over the fourth quarter, or 55% of overall single factor ETF flows.

In contrast, the iShares S&P 500 Growth ETF (NYSEArca: IVW), Vanguard S&P 500 Growth ETF (NYSEArca: VOOG) and SPDR S&P 500 Growth ETF (NYSEArca: SPYG) returned about  5.1% over the past three months.

Meanwhile, the blended iShares Core S&P 500 ETF (NYSEArca: IVV), Vanguard 500 Index (NYSEArca: VOO) and SPDR S&P 500 ETF (NYSEArca: SPY) advanced 7.8%.

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