Small-cap stocks represent one of the last areas of market inefficiency, with price not always being reflective of intrinsic value.

This is usually due to low analyst coverage and lack of interest from the largest fund management groups.

Small-caps throw up larger pricing anomalies with much greater regularity. This is fertile hunting ground for nimble stock pickers.

In the document below, we explore this investment approach further and unpack how it allows us to get in early when stocks are smaller, cheaper and shunned and exit when they become larger, dearer and coveted.

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A discretionary managed portfolio that mitigates risk through a diversified selection of up to 40 companies listed on the Alternative Investment Market (AiM).