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Jan 08 2026

One Factor To Rule Them All

  • Jan 8, 2026

We’ve had five consecutive years with momentum performing better among small caps than large caps. One reason for the sizable difference in 2025—and what may be concerning—is that the bulk of last year’s gains were driven by speculative, unprofitable companies (which are disproportionately small cap).

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About The Author

Greg Swenson / Sr. Research Analyst & Co-Portfolio Manager

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