small cap
Small-Cap Growth UK: Beats a Benchmark That Went Nowhere
UK small-cap growth returned 3.64% CAGR and beat the FTSE 100 by 2.41 points a year. The FTSE 100 returned 1.23%, which is the only reason that was possible.
small cap
small cap
Small-Cap Growth in China: +7.03% Over the SSE Composite
Chinese small-cap growth beat the SSE Composite by 7.03 points a year, the largest local excess in our 14-market study. It also drew down 72% and the benchmark it beat returned 2.43%.
small cap
Small-Cap Growth in India: 12.46% CAGR, but the Sensex Did 12.06%
NSE small-cap growth stocks returned 12.46% CAGR over 25 years. The Sensex returned 12.06%. The premium is +0.41%/yr, thin but real, and it comes with a -39% down capture.
small cap
Small-Cap Value on US Stocks: 18.10% CAGR Over 25 Years of NYSE, NASDAQ, and AMEX Data
We backtested a small-cap value screen on US stocks from 2000 to 2025. Buy the 30 cheapest small caps by P/B with quality controls. Result: 18.10% CAGR vs 7.85% for SPY, with half the drawdown.
small cap
Small-Cap Value on South African Stocks: 12.80% CAGR from the Johannesburg Stock Exchange
We backtested small-cap value on the Johannesburg Stock Exchange (JSE) from 2000 to 2025. 12.80% CAGR, +4.95% excess over SPY. Strong mid-2000s commodity boom returns, but the 0.163 Sharpe ratio reveals the cost of South Africa's high risk-free rate.
small cap
Small-Cap Growth in South Africa: 9.57% a Year, With the Alpha All in the 2000s
South African small-cap growth returned 9.57% CAGR over 25 years, the second-highest absolute return in our study. The excess was earned before 2010 and gave way to five straight losing years.
small cap
Small-Cap Growth Sweden: +2.86%/yr Over the OMX, and One Year That Nearly Took It All
Sweden's small-cap growth screen returned 5.41% CAGR against an OMX Stockholm 30 that did 2.55%. Then 2021 gave back 27.7 points of relative performance in a single year.
small cap
Small-Cap Growth Switzerland: +5.71%/yr Over the SMI, From 11 Stocks
Switzerland's small-cap growth screen returned 7.45% CAGR against an SMI that did 1.74%, the best up-down capture in our study. It averaged 11.4 holdings and two years supplied most of the excess.
small cap
Small-Cap Growth Taiwan: Level With the TAIEX After 25 Years
Taiwan's small-cap growth screen returned 3.94% CAGR against a TAIEX that did 4.09%. With 95% up capture and 90% down capture, it tracked the index instead of beating it.
small cap
Small-Cap Growth Thailand: The Emerging Market Where the Premium Doesn't Show Up
Thailand's small-cap growth screen returned 2.80% CAGR against a SET Index that did 5.13%, with 134% down capture and a -61% drawdown. Emerging market status is not a guarantee.
small cap
Small-Cap Growth in Germany: +1.64%/yr Over the DAX
German small-cap growth returned 6.68% CAGR against a DAX that did 5.04%, with 42% down capture. Every point of the edge was earned before 2018.
small cap
Small-Cap Growth in Canada: +4.29%/yr Over the TSX, Earned in the 2000s
Canadian small-cap growth returned 8.24% CAGR over 25 years against a TSX Composite that did 3.95%. $10,000 became $72,383. Almost all of the edge was banked before 2010.