If you've been following the story of small caps for a while, you would know that as early as 2024, some investors were talking about a recovery in small caps given the performance gap relative to their larger peers.

For a good period of time, that promise went unfulfilled. But good things come to those who wait, and in 2025, small caps have staged a genuine comeback - so much so that they’re now outpacing their large-cap peers year to date.

The question now is: can it last? And just as importantly, what could derail the momentum?

Livewire's Chris Conway put those questions and more to James Nguyen from Tyndall Asset Management and Shaun Weick from Wilson Asset Management.

In this episode, James and Shaun also share which sectors and themes still look compelling in small-cap land, a couple of stocks they're most excited about, and a couple more that are keeping them up at night.

Please note that this episode was filmed 5 November 2025