{"id":2329,"date":"2023-02-03T13:43:43","date_gmt":"2023-02-03T12:43:43","guid":{"rendered":"https:\/\/www.independance-am.com\/nos-eclairages\/"},"modified":"2024-01-04T11:01:20","modified_gmt":"2024-01-04T10:01:20","slug":"why-do-we-invest-in-small-cap","status":"publish","type":"page","link":"https:\/\/www.independance-am.com\/en\/why-do-we-invest-in-small-cap\/","title":{"rendered":"Why do we invest in small cap?"},"content":{"rendered":"

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|tablet” _builder_version=”4.19.0″ _module_preset=”default” background_color=”#953726″ custom_padding=”255px||0px||false|false” custom_padding_tablet=”180px||0px||false|false” custom_padding_phone=”120px||0px||false|false” custom_css_before=”content: ”;|| background-image: url(https:\/\/www.independance-am.com\/wp-content\/uploads\/2023\/01\/fond-arbre-blanc.svg);|| position: absolute;|| right: 0;|| bottom: 0;|| height: 100%;|| width: 100%;|| background-size: 1750px;|| background-position: center right;|| background-repeat: no-repeat;” custom_css_after=”content: ”;||position: absolute;||top: 0;||left: 0;||width: 100%;|| height: 200px;||background: transparent linear-gradient(180deg, #953726 0%, #953726 43%, #95372600 100%) 0% 0% no-repeat padding-box;” global_colors_info=”{}”][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#f7efef” custom_padding=”0px||0px||false|false” global_colors_info=”{}”][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ _builder_version=”4.19.0″ _module_preset=”default” max_width=”1400px” custom_padding=”75px|30px|72px|30px|false|false” custom_css_before=”content: ”;|| background-image: url(https:\/\/www.independance-am.com\/wp-content\/uploads\/2022\/11\/fond-fleuri-big.svg);|| position: absolute;|| left: 0;|| top: 0;|| height: 253px;|| width: 338px;|| background-size: contain;|| background-repeat: no-repeat;” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” custom_padding=”|||8%|false|false” custom_padding_tablet=”|||0%|false|false” custom_padding_phone=”|||0%|false|false” custom_padding_last_edited=”on|tablet” global_colors_info=”{}”][et_pb_post_title _builder_version=”4.19.0″ _module_preset=”default” title_text_color=”#953726″ width=”466px” max_width=”100%” custom_margin=”||10px||false|false” custom_margin_tablet=”||20px||false|false” custom_margin_phone=”||20px||false|false” custom_margin_last_edited=”on|tablet” title_font_size_tablet=”31px” title_font_size_phone=”26px” title_line_height_phone=”32px” global_colors_info=”{}”][\/et_pb_post_title][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Montserrat|600|||||||” width=”472px” max_width=”100%” custom_margin=”||||false|false” custom_padding_tablet=”||0px||false|false” custom_padding_phone=”||50px||false|false” custom_padding_last_edited=”on|tablet” global_colors_info=”{}”]<\/p>\n

Our motto Small is Powerful<\/em> was not born by chance:<\/p>\n

It is the result of a thorough study of the literature and thirty years of consistency.<\/p>\n

When William Higgons developed his investment strategy in the early 1990s, he chose to focus on listed small and medium-sized companies.<\/p>\n

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“The father of modern portfolio theory (Eugene F. Fama) questioned the usefulness of beta and emphasised the outperformance of small stocks.”<\/p>\n

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W. Higgons<\/p>\n

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Focusing on a well-performing asset class<\/h2>\n

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At the time, financial literature showed that this asset class (small cap) outperformed large companies (large cap).<\/p>\n

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Read<\/p>\n

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\u201cThe Cross-Section of Expected Stock Returns<\/span>\u201d<\/p>\n

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Journal of Finance, Fama and French (1992).<\/p>\n

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Several characteristics of listed SMEs explain this superior performance over a long period: <\/strong><\/p>\n

– Higher growth and investment levels than larger companies, as a proportion of their turnover<\/p>\n

– Greater agility and adaptability, resulting from quick decision-making in shorter structures<\/p>\n

– A better alignment of interests between the managers of these companies, often family-owned, and their shareholders<\/p>\n

– Strong specialisation, often in unsaturated niche markets<\/p>\n

– A less arbitrated market segment, with more inefficiencies to exploit.<\/p>\n

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Since 1992, turnover growth and stock market performance data have confirmed this analysis:<\/p>\n

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The origins of the Quality Value<\/em> methodology<\/h2>\n

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In 1992, William Higgons, financial analyst at the time, was searching for an efficient investment strategy. He stumbled upon a short popular article which confirmed what his readings of academic financial literature were already suggesting : so-called \u00ab Value \u00bb investment strategies are outperforming the market.<\/p>\n

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\u201cValue investing \u2013 buying shares that look cheap compared with their fundamentals-is the oldest stock picking strategy. And still one of the best.\u201d<\/p>\n

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“Value investing (buying shares that look cheap compared with their fundamentals) is the oldest stock picking strategy. And still one of the best.”<\/p>\n

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The Economist, \u201cCheap and cheerful\u201d<\/em><\/p>\n

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Read<\/p>\n

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\u201cCheap and cheerful\u201d<\/p>\n

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This article is based on a paper by Josef Lakonishok, Andrei Shleifer, Robert Vishny, “Contrarian Investment, extrapolation, and risk”, which challenges the theory of market efficiency.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9hdHRhY2htZW50Iiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjE3NjEifX0=@” url_new_window=”on” button_text=”Read the paper” _builder_version=”4.19.0″ _dynamic_attributes=”button_url” _module_preset=”060b5147-791f-4cf7-8292-bd23f1baa784″ global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ make_equal=”on” custom_padding_last_edited=”on|phone” _builder_version=”4.19.0″ _module_preset=”default” max_width=”1220px” custom_padding=”0px|30px|0px|30px|false|false” custom_padding_tablet=”0px|0px|0px|0px|false|false” custom_padding_phone=”0px|0px|0px|0px|false|false” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#FFFFFF” custom_padding=”50px|87px|50px|87px|true|true” custom_padding_tablet=”60px|60px|60px|60px|false|false” custom_padding_phone=”40px|30px|40px|30px|false|false” custom_padding_last_edited=”on|phone” background_color_phone=”#f7efef” background_last_edited=”on|phone” background_enable_color_phone=”on” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Montserrat|700||on|||||” custom_margin=”||10px||false|false” custom_padding=”||8px||false|false” border_width_bottom=”2px” border_color_bottom=”#0F2B48″ global_colors_info=”{}”]<\/p>\n

Read<\/p>\n

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\u201cContrarian Investment, Extrapolation and Risk\u201d<\/p>\n

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Josef Lakonishok, Andrei Shleifer et Robert W. Vishny, 1994.<\/p>\n

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In his landmark article, Josef Lakonishok has again validated the outperformance of Value strategies. More importantly, he provided tangible evidence that this outperformance is due to exploiting the behavioural inefficiency of the average investor and not to superior risk taking.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”https:\/\/scholar.harvard.edu\/files\/shleifer\/files\/contrarianinvestment.pdf” url_new_window=”on” button_text=”Read the paper” _builder_version=”4.19.0″ _module_preset=”060b5147-791f-4cf7-8292-bd23f1baa784″ global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_2″ disabled_on=”on|on|off” _builder_version=”4.19.0″ _module_preset=”default” background_color=”#953726″ background_image=”https:\/\/www.independance-am.com\/wp-content\/uploads\/2023\/02\/jlakoniskok.png” custom_padding=”124px|94px|124px|94px|true|true” custom_padding_tablet=”50px|50px|50px|50px|true|true” custom_padding_phone=”40px|30px|40px|30px|true|true” custom_padding_last_edited=”on|phone” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ make_equal=”on” custom_padding_last_edited=”on|phone” _builder_version=”4.19.0″ _module_preset=”default” max_width=”1220px” custom_padding=”0px|30px|0px|30px|false|false” custom_padding_tablet=”0px|0px|0px|0px|false|false” custom_padding_phone=”0px|0px|0px|0px|false|false” global_colors_info=”{}”][et_pb_column type=”1_2″ disabled_on=”off|off|off” _builder_version=”4.19.0″ _module_preset=”default” background_color=”#953726″ background_image=”https:\/\/www.independance-am.com\/wp-content\/uploads\/2023\/02\/graham-dodd.png” custom_padding=”124px|94px|124px|94px|true|true” custom_padding_tablet=”470px|50px|0px|50px|false|true” custom_padding_phone=”350px|30px|0px|30px|false|true” custom_padding_last_edited=”on|phone” custom_css_main_element=”display: block !important;” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#f7efef” custom_padding=”114px|106px|114px|106px|true|false” custom_padding_tablet=”60px|60px|60px|60px|false|false” custom_padding_phone=”40px|30px|40px|30px|false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Montserrat|700||on|||||” custom_margin=”||10px||false|false” custom_padding=”||8px||false|false” border_width_bottom=”2px” border_color_bottom=”#0F2B48″ global_colors_info=”{}”]<\/p>\n

Read<\/p>\n

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\u201cSecurity Analysis\u201d<\/p>\n

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Benjamin Graham et David Dodd, 1934<\/p>\n

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Graham et Dodd, the founding fathers of value investing, show that buying stocks at low prices, relative to their earnings, dividends or net assets, produces better returns than other approaches.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”https:\/\/www.valor-editions.fr\/produit\/70\/9782361170059\/security-analysis” url_new_window=”on” button_text=”Read the paper” _builder_version=”4.19.0″ _module_preset=”060b5147-791f-4cf7-8292-bd23f1baa784″ global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ make_equal=”on” custom_padding_last_edited=”on|tablet” _builder_version=”4.22.2″ _module_preset=”default” max_width=”1220px” custom_padding=”0px|30px|0px|30px|false|false” custom_padding_tablet=”25px|0px|0px|0px|false|false” custom_padding_phone=”25px|0px|0px|0px|false|false” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#FFFFFF” custom_padding=”104px|106px|104px|106px|true|false” custom_padding_tablet=”60px|60px|60px|60px|false|false” custom_padding_phone=”40px|30px|40px|30px|false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Montserrat|700||on|||||” custom_margin=”||10px||false|false” custom_padding=”||8px||false|false” border_width_bottom=”2px” border_color_bottom=”#0F2B48″ global_colors_info=”{}”]<\/p>\n

Read<\/p>\n

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\u201cWhat works
on Wall Street\u201d<\/p>\n

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James O\u2019Shaughnessy, 1997<\/p>\n

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A statistical work by James O’Shaughnessy confirms the relevance of their approach. It allows William Higgons to refine his management method by choosing the best performing financial criteria according to statistics.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”http:\/\/www.whatworksonwallstreet.com\/” url_new_window=”on” button_text=”Read the paper” _builder_version=”4.19.0″ _module_preset=”060b5147-791f-4cf7-8292-bd23f1baa784″ global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_2″ disabled_on=”on|on|off” _builder_version=”4.22.2″ _module_preset=”default” background_color=”#FFFFFF” background_image=”https:\/\/www.independance-am.com\/wp-content\/uploads\/2024\/01\/beursgoeroe-james-o-shaughnessy-investor-lynx.jpg” custom_padding=”124px|94px|124px|94px|true|true” custom_padding_tablet=”250px|50px|250px|50px|true|true” custom_padding_phone=”180px|30px|180px|30px|true|true” custom_padding_last_edited=”on|phone” hover_enabled=”0″ custom_css_main_element=”display: block !important;” global_colors_info=”{}” alt=”Photo James O’Shaughnessy” title_text=”beursgoeroe-james-o-shaughnessy-investor-lynx” background_size=”contain” sticky_enabled=”0″][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ make_equal=”on” custom_padding_last_edited=”on|phone” _builder_version=”4.19.0″ _module_preset=”default” max_width=”1220px” min_height_tablet=”” min_height_phone=”” min_height_last_edited=”on|desktop” custom_padding=”0px|30px|0px|30px|false|false” custom_padding_tablet=”0px|0px|0px|0px|false|false” custom_padding_phone=”0px|0px|0px|0px|false|false” global_colors_info=”{}” custom_css_main_element_last_edited=”on|phone”][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#f7efef” background_image=”https:\/\/www.independance-am.com\/wp-content\/uploads\/2023\/02\/robert-novy-marx.jpg” custom_padding=”470px||||false|false” custom_padding_tablet=”470px||||false|false” custom_padding_phone=”350px||||false|false” custom_padding_last_edited=”on|phone” custom_css_main_element=”display: block !important;” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#f7efef” custom_padding=”160px|94px|160px|94px|true|true” custom_padding_tablet=”60px|50px|60px|50px|true|true” custom_padding_phone=”40px|30px|40px|30px|true|true” custom_padding_last_edited=”on|phone” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Merriweather|700|||||||” text_text_color=”#953726″ text_font_size=”20px” text_line_height=”25px” width=”339px” width_tablet=”100%” width_phone=”100%” width_last_edited=”on|tablet” max_width=”100%” module_alignment=”center” custom_margin=”||20px||false|false” text_font_size_tablet=”17px” text_font_size_phone=”17px” text_font_size_last_edited=”on|tablet” text_line_height_tablet=”21px” text_line_height_phone=”21px” text_line_height_last_edited=”on|tablet” global_colors_info=”{}”]<\/p>\n

To measure the quality of a company, William Higgons will use the concept of return on capital employed (ROCE), selecting the companies with the highest ROCEs in the market.<\/p>\n

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Read<\/p>\n

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\u201cThe Quality Dimension of Value Investing\u201d<\/p>\n

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Robert Novy-Marx<\/p>\n

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“This study by Novy-Marx demonstrated the importance of ROCE in value management. ROCE was already part of the investment criteria of Independence and Expansion. This paper has confirmed its relevance.” – W. Higgons<\/p>\n

[\/et_pb_text][et_pb_button button_url=”https:\/\/www.ivey.uwo.ca\/media\/3775548\/novy-marx.pdf” url_new_window=”on” button_text=”Read the paper” _builder_version=”4.19.0″ _module_preset=”060b5147-791f-4cf7-8292-bd23f1baa784″ global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#953726″ custom_padding=”160px|94px|160px|94px|true|true” custom_padding_tablet=”50px|50px|50px|50px|true|true” custom_padding_phone=”40px|30px|40px|30px|true|true” custom_padding_last_edited=”on|phone” custom_css_before=”content: ”;|| background-image: url(https:\/\/www.independance-am.com\/wp-content\/uploads\/2023\/02\/rectangle-fleuri-blanc.svg);|| position: absolute;|| left: 0;|| top: 0;|| height: 124px;|| width: 240px;|| background-size: contain;|| background-repeat: no-repeat;||opacity: 0.15;” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Merriweather|700|||||||” text_text_color=”#FFFFFF” text_font_size=”20px” text_line_height=”25px” width=”100%” max_width=”356px” max_width_tablet=”100%” max_width_phone=”100%” max_width_last_edited=”on|tablet” module_alignment=”center” custom_margin=”||0px||false|false” text_font_size_tablet=”20px” text_font_size_phone=”18px” text_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

William cross-references the ROCE criterion with the valuation criterion that James O’Shaughnessy found to be the best performer, the price\/financing ratio. These theoretical foundations are applied to Ind\u00e9pendance AM funds, adding a series of tangible and measurable criteria.<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.19.0″ _module_preset=”default” background_color=”#f4ebe9″ custom_padding=”90px||69px|||” custom_padding_tablet=”40px||40px||false|false” custom_padding_phone=”20px||30px||false|false” global_colors_info=”{}”][et_pb_row _builder_version=”4.19.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.19.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text module_class=”fond-fleuri bottom rouge” _builder_version=”4.19.0″ _module_preset=”9fd6a3a5-022f-4ec8-9e11-9dd1b3a9384c” header_2_font=”Merriweather|700|||||||” header_2_text_color=”#953726″ header_2_font_size=”40px” header_2_line_height=”50px” width=”684px” max_width=”100%” module_alignment=”center” custom_margin=”||9px||false|false” custom_margin_last_edited=”off|desktop” global_colors_info=”{}” custom_margin__hover_enabled=”off|desktop”]<\/p>\n

For 30 years<\/h2>\n

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Ind\u00e9pendance AM’s managers have been applying and refining the Quality Value strategy.
Their results year after year confirm the relevance of this approach.<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.19.0″ _module_preset=”default” background_color=”#0F2B48″ custom_padding_tablet=”” custom_padding_phone=”||0px||false|false” saved_tabs=”all” global_colors_info=”{}”][et_pb_row _builder_version=”4.19.0″ _module_preset=”default” custom_padding=”0px|30px|0px|30px|false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.19.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” header_2_text_align=”center” header_2_text_color=”#FFFFFF” header_2_font_size=”22px” header_2_line_height=”27px” custom_margin=”||14px||false|false” header_2_font_size_phone=”22px” header_2_line_height_phone=”28px” global_colors_info=”{}”]<\/p>\n

You are considering investing, you have a question.
Our team is available<\/h2>\n

[\/et_pb_text][et_pb_button button_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjI2In19@” button_text=”Contact Ind\u00e9pendance AM” button_alignment=”center” _builder_version=”4.19.0″ _dynamic_attributes=”button_url” _module_preset=”a3d5c598-2969-4242-8611-85cbfec65031″ global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"

Our motto Small is Powerful was not born by chance: It is the result of a thorough study of the literature and thirty years of consistency. When William Higgons developed his investment strategy in the early 1990s, he chose to focus on listed small and medium-sized companies.”The father of modern portfolio theory (Eugene F. 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