However, there have been many false dawns for the so-called “rotation” from growth to value. Similar moves were recorded at the beginning of 2021 and some professionals have predicted the rotation every year of the past decade.

Terry Smith, star manager of the £29bn Fundsmith Equity fund, said he was not convinced 2022 would be any different. In a letter to investors this week, he warned value seekers that even if markets changed direction it would not mean that stocks trading cheaply were good companies. He said: “Even if you identify a truly cheap value stock and time the rotation correctly, this will not transform it into a good long-term investment.”

However, DIY investors still have to consider their next moves. Too much money dedicated to one investment style can be harmful for portfolios.

Michael Seidenberg, co-manager of the £1bn Allianz Technology Trust, said higher interest rates might make him more hesitant to invest in stocks that were not yet profitable. He said: “The cost of borrowing will go up for these companies, so they will have to change their spending habits. If they try to pass this on to customers, they could become even less profitable.”

Barry Norris, who runs the Argonaut Absolute Return fund, said higher interest rates meant growth investing was approaching the end of its cycle.

“Such investors often do not pay attention to how expensive a stock is,” he said. “These are the companies that are most vulnerable to a fall at the moment.” He added that “reopening stocks” in leisure and hospitality were an alluring opportunity.