Even as large, fast-growth companies, paced by tech favorites like Apple and Amazon, have chalked up huge gains over the last decade, the stocks of smaller companies, known more for their solid but plodding value propositions than their breakneck growth, have lagged.

The numbers for the last decade are grim.

The large-company Russell 1000 Growth Index has returned 15.2 percent a year in the 10 years through Dec. 31, 2019, vs. 10.6 percent annually for the small-company Russell 2000 Value Index, reports Dougal Williams, chief investment officer for the asset manager Vista Capital Partners.

But small-cap value has actually outperformed growth over the longer term.

Since Jan. 1, 1979, through Dec. 31, 2019, the Russell 2000 Value Index has returned 12.7 percent a year, compared with 11.6 percent for the large growth stocks of the Russell 1000 Growth index, Mr. Williams said.

Small-cap value stocks have, in short, had a relatively poor 10 years, but a fine long-term record. That implies opportunity for investors, strategists like Lori Calvasina say. She heads United States equity strategy at RBC Capital Markets and says she now favors small-cap value stocks.