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Are Small Caps Truly Domestic?

With increasing globalization many companies, both large and small, are expanding their global footprint in the quest for growth. The global profile of large multinational companies is well documented in investment research1. While small cap firms have traditionally been viewed as being domestically oriented, we are also witnessing the emergence of many small cap companies that are venturing outside their domestic markets. At the same time, the global universe of small cap companies has grown significantly over the last decade, driving the rise of dedicated institutional small cap mandates in number and assets under management. We believe this makes an analysis of the revenue profile of global small caps truly apposite.