After recording market-smashing gains of 40% and 20% in 2021 and 2022, the FM’s small-cap portfolio was probably overdue for an underwhelming delivery.

Readers might recall that in our 2023 small-cap selection the FM was not exactly brimming with confidence for the year ahead. At that juncture, the FM believed it had assembled a well-diversified portfolio with an emphasis on steady performance, decent distribution regimes and limited downside. Well, one out of three is not the optimum outcome, and the portfolio was certainly not helped by having no outright winners...

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