From the sky high Growth perch, tech stocks have been falling into a more humbling Value category lately. The S&P Value indices, after the recent rebalance, now include Microsoft, Amazon, Meta (the mighty FAANGs) and make up the largest weights in S&P 500 Value index.

How the times have changed! Other names in the index include Cisco Systems, Salesforce, Netflix, IBM, Intel and PayPal.

The IT sector's weight in the index is now at 16.8%, the highest ever.

It is now the second biggest sector in the index, behind Financials.

The index construction methodology seems to be using momentum and returns (or allocating higher weights to these inputs) given how the weight of Energy has shrunk in the Value index and surged in the Growth indices.

Investors allocating to value this year and shunning growth in the hunt for outperformance might not get what they're looking for. Index funds can be bought with a click of a button on your brokerage app, but you might as well look under the hood what is it that you're buying and if that is what you intend to get exposure to in the first place.