Investing in small and micro-caps – case studies

Over the 20-year history of the Quaero Capital Funds (Lux) – Argonaut fund (the Fund), we have adhered to our investment philosophy and fundamentals/value approach of investing in good companies at great prices. Our investment process is based on primary research, which is necessary for investment in smaller companies that communicate less and have limited coverage by brokers. Over the years, we develop an intimate knowledge of the companies we invest in.

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Navigating the divergence: a reflection on the striking dynamics of small/micro-cap investments

The year 2023 saw significant stock market gains worldwide, but for anyone investing in European Small/Micro-cap, an invitation to the party was notably absent. Why bother trying to identify winners from thousands of small-cap stocks when you can simply invest in a few of the largest, best-known companies globally and achieve better returns?

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Small & Mid caps: Beware of complacency

Despite some optimism among market participants, the macroeconomic environment remains rather weak and growth is set to slow in 2024. The big question is whether this will be a soft landing or a harder one. Caution therefore seems to be the order of the day in the first half of the year, even if price falls will provide opportunities to add to positions.

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The Argonaut Fund Scrapbook

To celebrate the 20th anniversary of our Argonaut fund in style, we have put together a scrapbook album that sums up 20 years of adventures in the jungle of European microcaps, with a few key dates, facts and figures, anecdotes from company visits or trips, and some good and not-so-good memories.

Download the scrapbook