Consider a midcap stock fund whose manager emphasizes stocks that currently are out of favor with investors. The manager believes that recent events have caused these stocks to sell for less than their intrinsic value. To identify these stocks, the manager screens the midcap database for stocks with low price to book ratios and low P/E ratios. These value criteria cause the portfolio to have a unique return behavior that relates directly to the manager’s style. Such a style differs from other midcap fund managers who emphasize growth when selecting stocks.