Opportunities can still be found despite exceptional small-cap run

The Debate

This week's debate questions whether US small and mid caps will outperform

With the vast majority of US fund managers struggling to beat the S&P 500 on a consistent basis due to its efficiency, this week's Conjecture looks at whether small- and mid-cap managers stand a better chance of outperforming. Present at the debate were Rod Wright from Pioneer and John Harrington from Schroders. How are small and mid caps defined in the US market? John Harrington (JH): The definition of small cap in the US would be stocks in the below $2bn range, and mid caps are in the band from $2bn to $15bn, although in our particular portfolio, we cut off at $7bn. In terms of sect...