13 August 2018
In January this year we highlighted how the strong performance in the Small Caps sector had been led by a very narrow number of stocks over the preceding six months. Yet the financial year in small caps could be defined as a tale of two halves, with the 6 months to December returning a staggering +19% where fundamentals were left behind and momentum took over. The second half of the FY saw the market return a pedestrian +5% with increasing volatility a feature. In contrast the IML small cap portfolios benefited in the second 6 months as we saw a return to a more rational and balanced environment.
Read article >