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17 May 2024
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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.
If you’re like me, you may have put money into term deposits over the past year and it’s time to decide whether to roll them over or look elsewhere. Here are the pros and cons of cash versus other assets right now.
How useful are the retirement savings and spending targets put out by various groups such as ASFA? Not very, and it's reducing the ability of ordinary retirees to fully understand their retirement income options.
Australia will have 3.7 million more people in a decade's time, though the growth won't be evenly distributed. Over 85s will see the fastest growth, while the number of younger people will barely rise.
There's been little debate on how spending changes as people progress through retirement. Yet, it's a critical issue as it can have a significant impact on the level of savings required at the point of retirement.
Recently, I compiled a list of ASX stocks that you could buy and hold forever. Here’s a follow-up list of US stocks that you could own indefinitely, including well-known names like Microsoft, as well as lesser-known gems.
The $3 million super tax will capture retired, and soon to retire, public servants and politicians who are members of defined benefit superannuation schemes. Lobbying efforts for exemptions to the tax are intensifying.