Any personal opinions expressed are the views of the Fund Manager at the time of publication and are subject to change and should not be interpreted as advice or a recommendation.

In the smaller company universe, illiquidity and a lack of natural buyers can lead to heavily depressed prices over a protracted period. This is particularly true in the current environment where markets are being predominantly driven by growth and momentum. In many cases, share prices are motivated by market sentiment rather than the underlying fundamentals or operating performance of individual companies. The resulting pricing inefficiencies can provide long-term investors with attractive entry points and occasional opportunities to average down book cost throughout the holding period.

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