Saw this in Bloomberg, it states what we believe that small-caps do generally outperform large caps and indexes over time, interesting to note that their definition of a small cap is USD 2 bn (THB 60 bn), our own definition for the Thai market is USD 200 mn (THB 6bn).

According to financial research firm MSCI, emerging-market small-cap stocks delivered better long-term performance than their large-cap brethren, with less volatility. That amounted to a 14.1 percent annualized return during the past decade, among the best of any asset class. They’ve also provided better portfolio diversification in recent years. While price movements of emerging-market large-cap stocks were in line with those of the Standard & Poor’s 500-stock index 84 percent of the time in the past three years, that figure was only 69 percent for small caps.

Source: Bloomberg