An eye for growth stocks demands a willingness to pay more for high-octane earnings than a value stock demands. But there's another aspect to growth investing that value investors don't talk about: the uncertainty.

"It's not that it's difficult to do the valuation, it's just that the range of potential outcomes is very wide," says Neil Carter, who along with Aidan Puddy, is global co-head of equities at IFM Investors. Carter also has direct responsibility for IFM's small caps strategy, which has zeroed in on growth names such as Afterpay - which it bought at $2.45 - to underpin returns.