16 June 2025
Undervalued, Under Researched Small Caps
The inaugural thematic report
Welcome to the first in a new series of thematic reports
We will be focusing on undervalued and under researched small caps across a range of sectors, reflecting the challenges and general market apathy.
We start with a general small cap growth theme. Further editions may focus on other sectors, in the pipeline, potentially, recruitment, and engineering. Last year we tackled AI, which is becoming ubiquitous, as well as cyber security. Both sectors could feature in future editions.
The thesis that a portfolio of small caps will out-perform over the medium term is being challenged. It seems that elephants can gallop, unicorns can grow old without learning to walk and the medium-term is progressively ageing. Hard evidence of the under-performance is the acceleration of the number of companies delisting since 2024. In Hybridan’s Monthly Report, ‘The view from the brokers desk,’ is closely watching and commenting on various aspects of this depressing trend.

