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Joel Fleming: Where will smalls and microcaps go next?

Market breadth widens, powering smaller company gains.

19 Jan 2026

Small and microca companies have kicked off 2026 with real momentum. In this interview with ausbiz, portfolio manager Joel Fleming breaks down what’s powering the rally and details his confidence in the outlook for 2026

Recorded 16 January 2026

Joel Fleming, Portfolio Manager (Microcap equities), sits down with Nadine Blayney (ausbiz) to share why he believes the rotation into smaller companies still has much further room to run.

From strong early‑2026 sector performance and commodity tailwinds to a pick‑up in M&A activity, Joel breaks down the key signals he’s watching (and spotlights one emerging name in the water infrastructure space) and provides an early preview of what the February reporting season might reveal.