Small caps are out of favour and valuations are low. Recession is ahead but business remains reasonably solid for the moment.
Market commentators have spent a lot of time in recent months on the relative merits of “value” and “growth” styles of investing. As readers will know, we are firmly in the “value” camp, but it is important to define what this actually means.Read more
We recently made a presentation at the LVIC Value Investor conference in London (password provided at the end of the article) on the theme of how ‘constructive engagement’ on smaller listed companies can accelerate returns and reduce risk.
Unlike large caps, where it is difficult to add value and where passive strategies can provide an effective response, for small caps, active management offers a real opportunity to outperform the market by a wide margin. Not to mention its clear benefits in terms of responsible investment and shareholder advocacy.
QUAERO CAPITAL further strengthens its European Small Cap Equity investment team through the hiring of Adrian Bignell as a Senior Portfolio Manager. Based in London, Adrian Bignell will bring his strong expertise in Northern European companies and his specific focus on small- and mid-caps. Prior to joining QUAERO CAPITAL, he was Head of Small Caps at Invesco, where he launched and ran their European Opportunities fund.
QUAERO CAPITAL has brought its Luxembourg funds into compliance with the new European SFDR1 regulation on sustainability disclosure, confirming its strong commitment to responsible investment. While sustainable funds have proven to be superior in terms of performance, the new European directive will effectively combat the “greenwashing” that plagues the industry.
Si les GAFAM et autres géants de la tech ou de la pharmacie ont obtenu les faveurs des marchés en 2020, certaines petites valeurs européennes ont également su tirer leur épingle du jeu, surperformant les plus grands titres. Ainsi, l’indice Emix Smaller European Companies a progressé de +7.3% sur l’année, à comparer avec une baisse de -2% pour le Stoxx600. Tour d’horizon de quelques gagnants de la crise sanitaire.