Stocks that look cheap relative to their fundamentals (low P/E, low P/B, etc).
Fama-French 1992 famously documented that high book-to-market stocks ("value") outperform low book-to-market stocks ("growth") in long horizons. We blend P/E, P/B, EV/EBITDA, and forward-PE divergence into one z-scored value factor. 100 = cheapest in our universe by composite, 0 = most expensive.