2025 was a tough year for U.S. small-cap managers, driven by exposure to unprofitable Russell 2000 firms. Non-earners aren’t one group: some are fading, while others in biotech, semis, and software may be nearing major catalysts. The opportunity is in identifying the right non-earners at scale, using industry context and alternative and text-based signals to build portfolios of companies early in the “small to large-cap” growth arc.
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