Drawing on Van Lanschot Kempen’s latest analysis, the report outlines why a deeply out-of-favour segment may be nearing a turn.
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Prolonged industrial, consumer and manufacturing downcycles have weighed on small caps, yet easing-rate expectations historically mark the early stages of their outperformance.
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Europe’s fiscal push—particularly Germany’s sizeable infrastructure and defence stimulus—could reignite demand and amplify operating leverage across smaller firms.
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Valuations sit well below long-term averages, creating a favourable asymmetry in risk-reward should economic conditions stabilise.
If you’re assessing where cyclical exposure may begin to pay off again, the full report provides the detailed signals behind this potential shift.
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