Why would someone bet against a winning horse? Value-oriented funds, which identify stocks that trade below their intrinsic value, have been among the best performing in equity mutual funds. Yet, as AMFI data shows, these funds registered continuous net outflows over the last one year. After a prolonged period, the funds fared well thanks to better performance of pro-cyclical sectors, and higher mid and small cap allocation. Then why the outflow? Experts reason that the recovery in value funds came a bit too late and investors used this market rally to book profits.