Writing for this column in the autumn of 2015, after David Cameron's election victory, it was easy to argue the case for UK mid and small caps given their relatively high exposure to the domestic economy - which at the time, had one of the best growth rates.
Two election results later and the argument has been turned on its head, with the post-Brexit devaluation of sterling undermining consumer spending, and confusion over our future relationship with the European Union - together with uncertainty caused by an inconclusive General Election outcome - undermining business confidence and applying a brake on investment.
With the UK now a slow growth economy, can UK mid- and small-cap funds continue to outperform?
From a relative performance perspective, it is possible that the easy money has been made in the large-cap overseas earnings bond proxies - trading on high valuations and looking vulnerable to a turn in the interest rate cycle.
Conversely, UK consumer cyclicals - the preserve of the mid and small caps - trade on very low valuations and may remain unloved for some time given the prevailing low growth environment.
The great beauty of the mid- and small-cap universe is its sheer diversity, which throws up plenty of non-correlated opportunities. Albeit to a lesser extent than large cap, it contains plenty of overseas earners, where earnings should benefit from a stronger global economy.
By way of example, XP Power, a global power conditioning business with operations in Asia, is generating excellent returns for investors.
As ever, the small-cap sector contains a high proportion of younger companies, many of which address and facilitate changes in the way business is done in the economy - often through technology.
These structural growth stocks, such as dotDigital (which offers easy to use email marketing software) and Eckoh (with its secure payment software) can, in our view, still make progress in a lower growth domestic environment, while also gaining traction overseas.
The great diversity on offer in the mid and small-cap world means it should still be possible to perform relatively well, despite a slowing domestic economic backdrop.
James Baker is manager of the Chelverton UK Equity Growth fund
• Overseas earners
• Structural growth
• Weak consumer spending
• Lower business confidence