Dim Sum Express

新萄京官网,Investment Strategy: Small caps yet to post share price strength amid
lack of LT storiesBased on historical patterns, a shift in the MLT
market focus towards small-cap stocks is notdependent upon a bottoming
out in their relative valuations. Instead, we believe that
consistentstrength in small caps typically needs to be supported by
convincing long-term stories. Observablemarket preference towards small
caps seen during 2H09-2010 and 2013-1H15 serves as goodexamples. With
the absence of any such story and the fading influence of the small-cap
M&A themeat present, we do not expect a share price rally in small-cap
stocks to be seen any time soon.


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