The case for SMID caps: Opportunities in small & mid-cap equities
INTERVIEWSERIES
Andrew Gowen, Portfolio Manager & Director of Research, Bell Asset Management
October 2025
In this exclusive interview, Andrew explores the case for including small and mid-cap (SMID) equities in diversified portfolios and the structural growth advantages that SMID caps offer.
Watch the full interview which covers:
00:23 - Why do you advocate for SMID caps inclusion in equity portfolios?
00:57 - What are the growth figures that underpin SMID cap equities that support your thesis for their inclusion in equity portfolios?
01:56 - Why have SMID caps recently endured a period of underperformance?
02:29 - What’s to come in SMID cap equities?
03:17 - What are the key risks for equities investors to consider that may or may not impact the SMID cap segment?
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Andrew Gowen, Portfolio Manager & Director of Research, Bell Asset Management
Andrew Gowen is the Portfolio Manager and Director of Research at Bell Asset Management. He has strong research acumen, honed over 25 years working in global equities across the UK and US, including more than 15 years as a portfolio manager.
His most recent role was Portfolio Manager at Lombard Odier, where he co-managed the long-term outperforming World Brands fund (c.$1bn USD) and the 1798 Global Consumer portfolio, with a focus on high quality, growth stocks in the Consumer and Technology sectors.
With a proven track record of providing high alpha, Andrew brings with him a global network of meaningful relationships with leading CEOs, and proven leadership in driving research excellence and building high-performing teams.
Andrew has strong research acumen, honed over 25 years working in global equities across the UK and US, including more than 15 years as a portfolio manager.
His most recent role was Portfolio Manager at Lombard Odier, where he co-managed the long-term outperforming World Brands fund (c.$1bn USD) and the 1798 Global Consumer portfolio, with a focus on high quality, growth stocks in the Consumer and Technology sectors.
Previous roles include: Portfolio Manager, Global Equities, at Balyasny Asset Management L.P; Head of Europe Consumer, Equities, at Och-Ziff Capital Management; Senior Vice President at Lazard Asset Management; and Executive Director at Lehman Brothers.
With a proven track record of providing high alpha, Andrew brings with him a global network of meaningful relationships with leading CEOs, and proven leadership in driving research excellence and building high-performing teams.
Andrew is a Chartered Financial Analyst, Associate of the Institute of Investment Management & Research, and has a Bachelor of Commerce (Finance and Accounting), and a Bachelor of Laws with First Class Honours.
Global Investment Institute is Australia’s leading provider of conferences for capital allocators.
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