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Bay of Fires

Smalls, Microcaps and Private Markets Quarterly Review – March 2022

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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.

The quarter began with a large sell-off in highly priced listed “growth” assets reflecting a move higher in interest rate expectations. Investors are reluctant to pay a high price now for cashflow growth that is long dated, hence these companies were sold and those with near term cashflow bid up – as a result “value” has begun to outperform “growth” as interest rate expectations move higher.

To read the full Quarterly Review click the the ‘Quarterly Review’ button below.