The relative performance of our favored equity characteristics have set a few records over the past year, with small-cap and value-oriented stocks having found renewed favor among investors. Perhaps that should not come as a surprise, given the lengthy period of underperformance that both factors had and still have been experiencing. Despite the nearer-term relative gains, we think both slices of the stock universe have legs to run. Not least among the reasons is the fact that longer-term gaps in performance and valuation relative to their large-cap and growthier peers remain. History, too, provides evidence that we might not want to guess a going-forward slackening in comparative gains just yet.