Small-cap companies outperformed their bigger cousins again in 2004, a trend that a joint ABN Amro and London Business School study released last month finds consistent with results over the past five years worldwide and over the past 50 years in the UK.
In 2004 the Hoare Govett Small Companies and HG 1000 indices, representing the bottom 10% and 2% of the UK equity market respectively, reached all-time highs and outperformed the FTSE All-Share Index by more than 7%.
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