Sizing Up Small Caps

By Lori Calvasina
Published June 15, 2020 | 6 min listen

In this edition, Lori discusses Small Caps, both her outlook for the Russell 2000 and performance trends in the top stocks of Small Cap portfolio managers. Tactically, she expects Small Caps to continue outperforming Large Caps as long as the broader US equity market remains in rebound mode, and to underperform Large Caps in any pullbacks. In terms of the performance of Small Cap managers’ favorite stocks, she’s seen several sharp reversals in performance recently, with the most popular stocks outperforming strongly YTD, lagging in the late March – early June rebound, and a return of outperformance in Thursday’s sharp sell-off.

RBC Capital Markets · Sizing Up Small Caps

Lori Calvasina
Managing Director & Head of U.S. Equity Strategy, RBC Capital Markets

Lori Calvasina joined RBC Capital Markets in 2017 as a Managing Director. Having spent nearly two decades as an equity strategist at major investment banks, Lori is an expert on the US stock market, and regularly represents RBC in the financial media on Bloomberg and CNBC. Prior to joining RBC, Lori was a senior equity strategist at Credit Suisse from 2010 to 2017, covering Small/Mid Cap Strategy from 2010-2014 and both Small/Mid Cap and US Equity Strategy from 2015-2017. She spent the first ten years of her career at Citi in a variety of roles including lead Small/Mid Cap Strategist from 2007-2010. In both 2008 and 2009 Lori was ranked #2 in the Small Companies category in the Institutional Investor All America Research team poll. Lori is a graduate of the University of Virginia and its selective Government & Foreign Affairs’ Honors Program. In 2019, she was named to Crains New York’s list of Notable Women in Finance.

Sizing Up Small Caps

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