Geopolitical shock. Market volatility. And an opportunity set in Australian small caps that we believe is as compelling as we have seen in some time.
In this quarterly update, we examine why the 2026 oil shock is fundamentally different from previous cycles – and why the resulting volatility has created a genuine buying opportunity. With the Small Ordinaries trading at a 17% discount to the ASX 100 and consensus earnings growth forecast at 26% for FY26, the case for small caps is strengthening.