The choice of a stock is a headache for all equity investors worldwide ranging from well
developed markets to developing markets. This study embarks on testing the Growth and
Value investment styles in an African frontier market namely the Nairobi securities
exchange and discovers is that the Value investment style does overall outperform the
Growth investment style on the basis of portfolio return and Sharpe however there are
instances when the Growth investment style does outperform the Growth investment style
in the case of this study the results of 2007 are evidence.