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Taking advantage of the small-cap sentiment shift

Small-cap investor Joel Webb of Altura Lane is the most bullish he's been in two years. The signals he's seeing that sentiment is turning, and five things small-caps should do pre-emptively to take advantage of a possible market turnaround.

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Ben Williamson

6 March 2025 · 4 min read

For the last couple of years, no-one wanted to touch small-caps.

Liquidity had dried up, placements were struggling to be filled, and good news was often seen as a liquidity event rather than a reason to rerate or build a position. But something could be shifting.

ASX 200 stocks have lowered dividends, slowed down buy-backs, and the RBA has jumped in to start pulling the cash rate down. Could this be the move to risk-on? Is the market preparing for a rise of the ex-200?

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