, both of which could contribute to an economic recovery in 2021. These factors are only adding to the optimism around smaller companies.
"While Value has generated alpha in small caps over the prior three months, there isn't a meaningful long-short spread in mid caps, suggesting even greater potential catch-up," she wrote in a note to clients. "We caution against Value Traps amid the recent insatiable appetite for risk assets and the best month on record for small caps," wrote Carey Hall. "The proportion of market cap in the Russell 2000 expected to be non-earners in the next 12 months is 24%, a 17-year high ."
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