Investment strategy based on value-growth migrationIn Tehran Stock Exchange (1377-1386)

Variability in different ingredients of capital market is obvious and natural over the time. The level of book to market ratio (BM), as a criterion for value and growth stock, will be different in distinctive periods. In financial literature, changing the position of a stock, from value to growth, is called value-growth migration. In this research, it has been approved that we can improve the performance of portfolio based on value - growth migration phenomena. After preparing and implementing an investment strategy based on value-growth migration, the relationship between variables which have been derived from financial statements and return of portfolio's companies has been studied by the factor analysis method. We found that the operational income to equity ratio (ROEOI) has had a positive relationship with the return of portfolio which has been made based on our new strategy, over the study period.