Recorded 19 December 2025

In this recent catch up with ausbiz’s Andrew Geoghan, Joel Fleming (Microcaps Portfolio Manager) breaks down what has been a standout year for microcaps, talking through the key factors driving the sector’s strong performance and improving liquidity.

So what’s next? From resources and electrification to early‑stage healthcare innovators, Joel outlines where he sees the most compelling opportunities set to shape 2026, detailing how investors can navigate — and benefit from — a shifting market landscape.