Over the past five years, Swedish small caps have oscillated between a 10 percent premium and a 10 percent discount relative to large caps, according to a research note by a fund manager at SEB. In the preceding decade, however, they traded at an average premium of roughly 10 percent. Today, valuations point to a 5-10 percent discount, depending on the metric applied. “The gap between large and small has rarely been this wide,” confirms Marcus Wahlberg, manager of the small and micro-cap focused...
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