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Five months ago, we stressed the overall advantages of Small caps in a weekly editorial. We do not repeat them here. We suggested at the time ‘gradually and cautiously’ returning to European Small caps, after they saw a challenging year in 2022 (fears of recession, mounting risk aversion, outperformance of Value stocks, rising interest rates, while small caps’ balance sheets tend to be less robust than those of Large Caps, and falling euro)...