Smaller companies broadly matched larger companies in the month. The strongest performing sectors were basic materials, financials and telecommunications, whilst the laggards were healthcare, consumer staples and utilities.

November was a more volatile month for equities. Smaller companies still managed to deliver a modest return and outperformed larger companies in the month. The strongest performing sectors were healthcare, basic materials and consumer staples. The laggards were telecommunications, technology and consumer discretionary. Economic data points in Japan and the emerging markets were ahead of expectations whilst those in North America, the UK and Europe were behind according to the Citi economic surprise index.

The Global Smaller Companies Trust, Fund Manager Nish Patel, CFA discusses managing a globally diversified portfolio of smaller companies and explores what factors could lead to smaller companies reasserting their long-term tend to outperform large caps.