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26 February 2026
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Small and mid-cap companies aligned with long-term trends like security, climate and digital media can offer compelling growth opportunities. Here are three US stocks that are set to take off in 2025.
Like the proverbial middle child, global mid-caps tend to be overlooked and underappreciated. However, mid-caps offer potentially more growth than large caps and less risk and volatility than small and micro-caps.
Global asset owners have historically allocated capital to two distinct equity asset classes: global large cap and/or global small cap. There's a good argument for a small-midcap fund to be part of investor portfolios.
There's been a 13-year runway of varying degrees of capital allocation that paid little attention to fundamentals and valuation. If there was ever a market environment when quality stocks are expected to perform, it's now.
Small and mid cap stocks potentially offer investors an opportunity not seen in decades as valuations are close to two standard deviations 'cheap' relative to larger companies. It's not the only thing in their favour.
Some high-quality companies have emerged even stronger since the onset of COVID and are well placed for outperformance. We call these the ‘COVID Opportunists’ as they are now dominating their specific sectors.
Global equity markets have experienced huge volatility during 2020. Investors are now looking at stretched large cap valuations but there are good opportunities in less well-known, smaller companies.
Australian investors have a domestic bias, but around the world, a swag of small to medium cap companies offer better value than the mega-cap names that have driven markets in recent years.
The sizeable increase in the market capitalisation of the technology leaders has inadvertently led to reduced diversification via a reduction to a mid cap exposure in portfolios represented by the Russell 1000.
Companies ranked 51st to 100th by ASX capitalisation are in the mid-cap sector. They have better historic returns, industry diversity, insider ownership, and growth prospects than the S&P/ASX50.
Investing in mid-caps not only avoids the concentration of banking and mining companies in the Top 20, but has provided better returns due to their growth potential and agility in making strategic decisions.
The renowned investor says 2025’s real story wasn’t AI or US stocks but the shift away from American assets and a collapse in the value of money. And he outlines how to best position portfolios for what’s ahead.
The post-World War Two economic system is unravelling, leading to huge shifts in currency, bond and commodity markets, yet stocks seem oblivious to the chaos. This looks to history as a guide for what’s next.
Our cost-of-living pressures go beyond the RBA: surging house prices, excessive migration, and expanding government programs, including the NDIS, are fuelling inflation, demanding bold, structural solutions.
The capital gains tax discount is under review, but debate should go beyond its size. Its original purpose, design flaws and distortions suggest Australia could adopt a better, more targeted approach.
A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.
This is my last edition as Editor of Firstlinks. I’m moving onto a new role though the newsletter will remain in good hands until my permanent replacement is found.