Small caps are bigger than you think

More than 6,000 companies. One overlooked opportunity set.

For much of the past decade, investors have been rewarded for owning a relatively small group of large-cap companies. Yet beyond the market's biggest names lies a much broader opportunity set. More than 6,000 companies are represented within the global small-cap universe, spanning a wide range of sectors, business models and growth drivers. As the AI investment cycle extends beyond the hyperscalers and market concentration increases, could investors be overlooking opportunities beyond today's market leaders?

Our latest research explores why small caps may deserve a closer look, from the companies supporting the AI transformation to valuations, diversification and capital expenditure.

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Why small caps?

Beyond the hyperscalers

Access opportunities across the wider AI value chain, from infrastructure and power to cooling systems and specialist suppliers

Diversification in a concentrated market

Reduce reliance on the handful of companies that have driven an increasing share of global market returns in recent years

A valuation opportunity

Reduce reliance on the handful of companies that have driven an increasing share of global market returns in recent years

A better case for small caps

Explore the key insights from our latest research in this infographic, then discover the full investment case in our white paper.

Whitepaper

Better bet on small caps

Drawing on proprietary analysis, market data and two decades of historical evidence, our latest research explores whether the next opportunities could lie beyond the hyperscalers. From capital expenditure and earnings expectations to valuations and market concentration, we examine the case for small caps today.

Inside the paper

The AI investment cycle beyond the hyperscalers
How the small-cap universe has evolved
The capital expenditure opportunity
Valuations and earnings trends
Market concentration and diversification benefits

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Meet our team

Jan Willem Berghuis

j.berghuis@vanlanschotkempen.com

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There’s a saying in Dutch, Kom verder, it means many things and it’s our business philosophy. It captures the way we work with clients but also the way we steer our investee companies to deliver shareholder value through active engagement.

Capital at risk. The value of investments and the income from them can fall as well as rise, and investors may not get back the amount originally invested. Past performance provides no guarantee for the future.

Van Lanschot Kempen Investment Management (UK) Limited is registered in England & Wales with registration number 02833264. Registered office at 20 Gracechurch Street, London, EC3V 0BG Tel: +44 (0)20 3636 9400. Van Lanschot Kempen Investment Management (UK) Ltd, is authorised and regulated by the Financial Conduct Authority (FCA) with reference number 166063.