JPMorgan har analyseret aktieudviklingen hos small cap-selskaber i forhold til big cap-selskaber og konkluderer, at small cap stadig er attraktive sammenlignet med de store selskaber. Især selskaber med stor værdi har et vækstpotentiale.
Small cap outperformance has further to run
After almost 10 years of relatively subdued performance, small cap indices have been reinvigorated in recent months, helped by greater exposure to the dynamics of economic recovery.
In the U.S., more than 80% of the profits of companies in the Russell 2000 are derived from the now red-hot domestic economy. We see a good chance that this renewed enthusiasm for smaller companies will persist; our research finds the valuation of small caps vs. large caps to be more attractive now than in almost 80% of the last 30 years.
Within the small cap market, we see the same trends we find elsewhere, but here they’re more pronounced, and recovery from recession is very much the theme of the moment.
In particular, higher quality attributes have been ignored of late—a typical pattern in a rapid recovery, and one that is unlikely to persist. Our investors are beginning to again add higher quality names to the reliable long-term outperformers in the small cap space (EXHIBIT 3).
Small still attractively valued relative to large
EXHIBIT 3: VALUATION SPREADS OF RUSSELL 2000 INDEX VS. RUSSELL 1000 INDEX
