. After his bull case didn't materialize, the long-time investor told Insider that he was puzzled but not shaken in his convictions.
Small caps typically do best in economic expansions, Rendino noted, so it's not shocking that they've struggled in the last 18 months as slowing economic growth led to recession fears. But what does surprise Rendino is how smaller stocks have continued to underperform in 2023. "This is not a worse environment than '08," Rendino said."I don't care what anybody says — I know what that was. That was really 'hide under the desk.' This is not 'hide under the desk.' Most of the companies that we own are performing pretty well, to be honest."
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