Other ways to think about the results more intuitively:

As the Fed Funds Rate (FFR) rises...

1. Ability for companies to grow becomes tougher since borrowing costs rise

2. Share prices can come under pressure so that dividend yields can remain competitive with savings rates. Value stocks have more of a margin of safety in terms of dividend yields, so they outperform.

3. Typical value sectors (banks and energy) outperform since they receive higher revenues. Banks benefit from higher interest rates, while energy benefits from higher inflation.