Value stocks have been outperforming growth stocks over the past six months, in part, because a change in Federal Reserve policy is signaling an extended period of rising interest rates. Within the value world, investors might be best-served by focusing on cash flow.

Click here for an explanation of how the Russell 1000 Index RUI is divided into overlapping subsets in the Russell 1000 Growth Index RLG and the Russell 1000 Value Index RLV.

In the low-interest-rate environment through most of the coronavirus pandemic, growth strategies have worked best. But check out this six-month chart showing the total return of the $1.3 billion Pacer U.S. Cash Cows ETF COWZ compared with those of the Russell 1000 Growth and Value indexes and the benchmark S&P 500 Index SPX :

FactSet

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