Why investors should be excited about SMID cap stocks
INTERVIEWSERIES
Qiao Ma, Partner & Portfolio Manager, Munro Partners
July 2025
In this exclusive interview Qiao discusses why investors should be excited about the opportunity set in small-mid cap stocks. Faster growing than their large cap peers, yet trading at a discount; but the key to success in the asset class remains, how to pick the winners.
Watch the full interview which covers:
0:31 - Munro Partners manage Global Growth equity strategies across long/short, long only and climate. In 2023 Munro launched a Global Growth Small/Mid Cap strategy which you lead and manage. Why the decision to launch a Global Small/Mid Cap strategy?
1:35 - How do you go about finding great small/mid cap companies?
2:41 - The global small-mid cap (SMID) universe is large, so from a team coverage perspective, how do you manage this?
3:46 - Moving down the market cap spectrum and investing in the faster growing companies potentially delivers higher returns but with potentially more volatility or risk? How do you manage this for your investors?
5:02 - The size premium (small market cap relative to large) has proved to deliver excess returns over time relative to the market. Will the size premium continue to persist and why?
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Qiao Ma, Partner & Portfolio Manager, Munro Partners
Qiao is the Lead Portfolio Manager for the Munro Global Growth Small & Mid Cap Fund. She joined Munro Partners in February 2023 and is responsible for championing stock ideas and managing these positions within each of the Munro’s strategies – absolute return, long only and climate.
Prior to joining Munro, Qiao was a portfolio manager at the Melbourne-based Cooper Investors and has spent nearly a decade with well-known hedge funds in New York City, including Coatue Management and Jericho Capital.
Qiao holds a dual degree of Bachelor of Science, Commerce (B.Sc) and Economics from the University of Virginia and a Masters in Business Administration (MBA) from Harvard Business School.
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