European Small & Mid Cap Survey

Micro, Small & Mid Caps represent only 22% of the market capitalisation but almost 95% of the companies that are listed in Europe. Three out of four European companies have a market cap below EUR0.5bn!

Kepler Chevreux conducted a survey with 133 institutional investors between May and July 2014. The objective was to provide our corporate and investor clients with internal benchmarks on current investment practices in this area and to illustrate our unrivalled franchise and research coverage in European Small and Mid Caps.

They focused our questionnaire on three complementary topics: 1) the current state of play; 2) trends and investor appetite for the coming months; 3) investment criteria. In this report, a wide sampling of Kepler Cheuvreux experts takes a look at our survey data based on their areas of expertise (equity fundamental research, debt & credit research, quant research, derivatives research, ECM desk, SmartConnect …).

The survey brings to light quite a few positive aspects for European Small and Mid Caps, including institutional investors’ increasing interest and confidence levels. In fact, most investors are keen to participate in IPOs and rights issues. It also confirms that the gold-standard investment criterion is by far management quality. 

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