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Value investing strategies, those calling for the purchase of shares with low market values relative to measures of their financial fundamentals, have shown great promise in the literature indicating the potential for stock market outperformance. Collectively this idence is one of the most controversial challenges to the efficient market hypothesis. This thesis focuses on one value strategy, net current asset value-to-market value 'NCA/M' strategy examining a large sample of U.K. shares over period from 1980 to 2005.