23.08 Liontrust MA Quarter In Review Q2 Literature (Single) - Flipbook - Page 14
Large versus small cap equities
Small caps underperform their larger peers for second quarter
Large and small caps delivered mixed performances over the
quarter but the latter underperformed their domestic peers for the
second quarter running. The biggest differential was in Japan, but
both classes there outperformed on the global stage. The poorestperforming small caps were in the UK and Europe, where fears
increased of sterner monetary policies to come to tackle inflation.
Equity returns Q2 2023
20%
15.6%
16%
12%
9.9%
8.4%
8%
4.8%
4%
2.5%
0%
-0.6%
-0.6%
-1.5%
-4%
UK equities
UK smaller
companies
North America
North American
smaller companies
Source: Morningstar, 30.06.23
14 - Liontrust Multi-Asset Funds and Portfolios Quarterly Report: Q2 2023
European equities
European smaller
companies
Japan equities
Japanese smaller
companies
