Field Notes - Bellevue Financial Advisors

Field NotesSteve McConnell2026-09-16T23:12:27+00:00

Insights from the field

Investment design, tax strategy, equity compensation, retirement planning, and separating hype from substance.

Investments September 8, 2026 ⋅ 12 min

Can Investors Benefit from the Active Management of Value Line Funds?
Most active managers underperform their benchmarks, but Value Line has a long enough record of exceptions that the Value Line Effect is cited as an anomaly for the Efficient Market Hypothesis. This analysis compares seven Value Line funds to factor-matched index fund clones over 2015–2024, built with the Fama-French five-factor model. Index clones won in five of seven cases. Value Line's mid cap growth and small cap growth funds outperformed, which is a rare result.

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Steve McConnell, CFP^®

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