not really. Value based strategies tend to get hurt pretty bad during the tail end of bull markets when euphoria starts to set in, and increases tend to be due to P/E expansion and rosy predictions for the future rather than current performance, and tend to do very well after downturns and things get oversold.
Still, most value funds aren't losing money over the past 5 months.
They are probably market neutral. For as many dollars they are long, they are short an equal amount. Therefore it doesn't matter what the market is doing. It matters that their longs outperform their shorts.