Head - EMEA Investment Strategy
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European small- and mid-cap equities typically perform well in absolute terms and outperform large-caps in the early stages of a cyclical upturn.
While European small and mid-cap stocks (SMID) are up 45% since the 23rd March 2020 lows and up 7% since our recent recommendation on 1st July, they have further to go in absolute and relative terms.
There are several factors supporting this view: