The FM’s small-cap portfolio performed solidly in 2024. “Solidly” might sound self-deprecating in considering a 37% annual return with dividends added back in.

The JSE’s small-cap index returned about 28% and the mid-cap index around 17%. But more than a handful of small-cap stocks registered gains well in excess of 100%. So, maybe — as stock pickers — we should be humble enough not to be content to peg against benchmark indices...

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