Through most of the last bull market on the JSE, the small-cap sector - or a fund specialising in these counters - was a great place to be. Through most of the last bull market on the JSE, the small-cap sector - or a fund specialising in these counters - was a great place to be.They started rising before the bigger stocks, had a longer run and outperformed the market. Many quality companies were listed in this period. Those in favoured sectors had little difficulty raising capital and their shares did well.Much of that has changed in recent months. Small caps are again firmly out of favour, as shown by the 27% fall in the JSE small-cap index since it peaked last November.Prices of the seven unit trust funds quoted in the domestic smaller companies sector have fallen from last year's peaks by percentages ranging from 10% for the RMB Emerging Companies Fund to 30% for the Coronation Smaller Companies Fund and 31% for the Stanlib Small Cap Fund."Share price falls in these sectors have ...
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