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Uncover potential of US micros

The US micro-cap sector is under-researched and offers good opportunities for spe- cial situations managers with research capacity, says JPM discovery trust manager Chris Jones.

The micro-cap sector in the US holds stocks with 50m-500m market capitalisation. There are 2,700 stocks in the universe and Jones says many have no analysts covering them. His team of four analysts is shortly to add another full-time position to give wider coverage of the sector.

Jones says US small companies are in good shape financially and are looking to return money to shareholders. He holds stocks including American Dental Partners, a dental practice management com- pany which rose in value by 200 per cent in the last year and YouBet.Com, which has built its market share by offering investors access to racing tips. The fund also holds NuCo2, a service company which puts the fizz into drinks in bars.

Jones says: “Micro-cap stocks are consistently under-researched in the market. With 2,700, stocks the biggest challenge for our research team is how to use our time efficiently.”

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