DM Monthly Report – April 2021

A DECADE OF SMALL CAP INVESTING AT DIXON MITCHELL – Ten years ago, we launched a new equity mandate which might have seemed like a departure for a firm that had built an investment reputation grounded on risk management. Though “small cap” is sometimes taken to mean ’speculation’ or ’venture’, there are also many businesses in the space that generate earnings and cash flow and which can be assessed on a fundamental basis. Importantly, we saw this segment of the market as an area where analyst coverage was limited and stocks were often misunderstood or disregarded, attributes which spelled opportunity for our hands-on analytical approach.

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