Montgomeries Small Company by any chance?

It does seem odd on first view, but I just had a look at the ASX Small Ordinaries, which is the fund’s benchmark, and $HUB at $4.5bn is the largest constituent.

$TNE has “graduated” but was probably in the benchmark when the fund was established.

On closer inspection, the benchmarks definition is that it aims “to include companies in the ASX-300 that are not in the ASX-100.”

I normally think of anything >$2bn as mid-cap. But hey, what do I know? So maybe it is small if your reference is $BHP, $CBA and $CSL.

You're a more charitable soul than me @mikebrisy

I was surprised at some of the names in the Small Ordinaries but the vast majority are under $2 billion. Although there's no official definition, I borrowed a couple of members of your analytic team (they work weekends!) to give a guide and they suggested the accepted consensus is $100 million to $2 billion - $300 million to $2 billion in the U.S.

More to the point I think if you're going to call yourself a Small Cap Manager it would reasonable to think you're going to give a little more love to the tiddlers than old four-eyes does.

Hah! My team can work very hard and quite effectively when properly directed and supervised, and they are quite well trained! :-)

Any PF’s involved they should hand them back

My understanding is that the 'mid cap' term is really only starting to appear in Australia over the last few years.

Previously my understanding of with the Ausie fundie industry convention was:

• Large cap was ASX 100.
• Small cap was ex-ASX100 to <$300M market cap.
• Micro Cap <300M>

Think Mid cap is now what ex-50 though think some would even argue ex-20.

I think if a small cap fundie isn't outperforming the small ords by 4%pa they're underperforming - just a benchmark with mostly trash.