Value has outperformed growth for the first nine months of the year, but the picture has been complicated because there have been multiple style rotations along the way. Dividing stocks into value, GARP (growth at a reasonable price), and hyper-growth baskets clarifies the pictures enormously because it shows that value and GARP have actually tracked each other with the exception of diverging performance in late April, while hyper-growth stocks have been all over the place. “After the significant rotation out of growth and into value that occurred in March and April, growth is now back in vogue,” write Credit Suisse…