By Tyler J. Pullen, CFA

2016 was a year of reversals in the equity markets, but one that was split very much down the middle. Value outperformed growth, small caps beat big caps for the first time since 2013, and the energy sector went from the worst performing sector in 2015 to first. While these shifts in leadership are consistent with the broader cyclical rebound we saw in stocks, it was also consistent with the improving economic data seen throughout the year as well.