Whilst Aussie small caps have been on fire and are outperforming their large-cap peers year to date, it’s not the same story everywhere. In the US, for example, small and mid-caps (SMIDs) are still lagging – such is the dominance of the Magnificent 7. But when everything else is rallying, it can pay to fish where others aren’t. And here’s the kicker: unlike Australia, where there’s a tiny pool of SMIDs – roughly 250 names that meet the $300 million to $10 billion market-cap cut-off – there are around 8,000 globally. That’s a lot of fish. But with more choice comes the need to know where to look and how to separate the bluefin from the carp – because not every SMID is worth catching. With that in mind, Livewire’s Chris Conway is joined by Michael Poulsen from Canopy Investors and Nick Markiewicz from Ellerston Capital to unpack the factors they look for when hunting global SMIDs, run the ruler over a handful of names, and each share one stock they think has a bright future ahead. Please note that this episode was filmed 19 November 2025

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