Small caps beautiful for 投資家s

By Patrick Hosking
Updated: 00:00 BST, 20 January 2004

?

STOCK market small-fry 劇的な より勝るd the 全体にわたる 公正，普通株主権s market last year, and the tiniest of these companies did best of all.

Small-capitalisation 在庫／株s, as 手段d by the Hoare Govett Smaller Companies 索引, produced a total return of 40.4% last year, almost 二塁打 the 20.9% returned by the FTSE All 株 索引.

A sub-索引 of the smallest minnows, the Hoare Govett 1000, 配達するd a みごたえのある 59.9% return as 耐える-market jitters, which had crucified many 選挙権を持つ／選挙人 companies, receded.

Smaller 会社／堅いs outperformed across all 11 産業 部門s analysed, によれば the 熟考する／考慮する by Hoare Govett parent ABN Amro and the London 商売／仕事 School.

The findings 増強する the 見解（をとる） that small companies produce better returns over the long 称する，呼ぶ／期間／用語: £1,000 投資するd in the HGSC 索引 in 1955, with all （株主への）配当s reinvested, would now be 価値（がある） £1.5m; the same 量 put into the All 株 would have grown to £400,000.

ABN 長，率いる of small company 研究 Richard Rae said the vintage year was ありそうもない to be repeated, 追加するing: 'But 2004 has started very 井戸／弁護士席 and small-caps are still cheaper than large caps. Looking 今後, we see small-caps 概して matching the market over 2004.'

The HGSC 索引 accounts for 10% of the 全体にわたる market by value and 含む／封じ込めるs the smallest 1,133 名簿（に載せる）／表（にあげる）d companies, the largest of which has a market value of £724m.

The HG1000 covers 2% of the market by value and relates to the 852 smallest companies, the largest of which is valued at £160m.