Article: ADVISER FUND INDEX: Misery loves small caps.

There is a good reason why this has become known as the miserable rally - no-one seems to be in it. And for those who are, they are holding nice, sensible, defensive things like large companies, so they have missed out on the phenomenal performance of smaller companies.

As City Asset Management chief investment officer Hilary Coghill says: "In the AFI adviser fund index, I do not have a dedicated smaller companies holding. In the last six months, I have wished that I had."

The question is whether investors are too late to get into the small- cap recovery story.

The share price performance of smaller companies in Britain has been off the ...

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