Recorded 3 February 2026

For Joel Fleming (Portfolio Manager, Microcap Equities), a broadening rally in microcaps will bring plenty of opportunities for investors focused on what remains the most inefficient part of the Australian equities landscape.

In this interview with Tom Stelzer from Livewire Markets, Joel explains why the microcap rally is picking up steam, what happens when his portfolio companies graduate from microcap to megacap, and why a market selloff can be a great thing for microcap investors.

Against a decent economic backdrop, Joel expects what has been a fairly narrow rally – one that has been driven mostly by miners – to broaden out, presenting investors with the opportunity to find great companies that could grow to become much biggers ones in the future.

For more information on Joel’s fund, visit: https://www.yarracm.com/capabilities/microcap-equities-fund/.