Smalls, Microcaps and Private Markets Quarterly Review – June 2022

This quarterly commentary is intended to provide insights from both the listed and private markets we track and invest in and intended for institutional, sophisticated and wholesale investors only.

Markets shifted from concerns about the impact of rising interest rates on valuations, to concerns about the impact of these rises on the economy (and earnings). As a result, market leadership changed from the March quarter, with Resources becoming a significant drag given lower global growth but also lockdowns in China.

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