After a spectacular 40%-plus return in 2021, the bar for the FM’s small-cap portfolio in 2022 was set intimidatingly high.

The local equity market was tough and tricky last year, and the segment endured a mixed performance overall. Officially, the JSE’s small-cap index crept up about 1.7% — better than the slight dip of the all share index, but still nothing to really write home about...

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