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Glossary > Asset Class

SMID Caps

The term “SMID caps” is a contraction of “small and mid caps”, i.e. listed companies with small and medium-sized capitalisations. Capitalisation is calculated by multiplying the number of tradable shares of a company by the stock-market value of each of them.

There is no universal scale for classifying small and medium-sized capitalisations. For example, in the United States, companies with capitalisations between USD 300 million and USD 2 billion are generally considered small caps. For pan-European stock market operator Euronext, on the other hand, small caps are those below EUR 150 million, while those between EUR 150 million and EUR 1 billion are medium-sized.

SMID caps are generally less covered by analysts, less liquid, and potentially more volatile in the short and medium term than large caps. However, as they are less mature, SMID caps tend to offer more attractive earnings growth potential. Also, as their stock price depends mainly on their own growth potential or on the likelihood that they will be targeted for a takeover, SMID caps can be better shielded from macroeconomic risks provided they are not too exposed to the global market, that is, that their revenue is not generated abroad. For all these reasons SMID caps offer attractive advantages in terms of diversification for equity portfolios.