I recently spoke to Scott Evans of the London Business School to discuss The Changing Shape of the UK Smaller Companies Market.

Scott, along with Professor Paul Marsh, compiles the Numis Indices and has a unique data-driven insight into tracking the small-cap effect in the UK market. 

While the compilation of indices is a backwards-looking exercise, over time, variations in performance and relative value can offer real insights, particularly when overlaid with knowledge of macroeconomic events.

In this conversation, Scott explains the background to the indices, the importance of the Numis Smaller Companies Index, what we learnt from the performance of 2022 and how the market’s shape and value have changed as we move into 2023.