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Analysis-Investors bet on Europe's smaller companies to dodge tariff fallout, strong euro
By Samuel Indyk LONDON (Reuters) -Europe's smaller companies are emerging as a popular vehicle for investors to help insulate portfolios against both tariffs and a stronger euro, as cheaper credit and the prospect of more government spending bolster confidence in the economic outlook. The domestic-leaning bias of smaller companies makes them less vulnerable to levies on cross-border goods and they are also less exposed to currency swings when the euro strengthens, making euro-zone exports more expensive abroad. The STOXX Europe small- and mid-cap indexes have risen 9% and 11% this year, respectively, beating the STOXX Europe large-cap index, which has risen just 7%. U.S. President Donald Trump has bagged a handful of trade agreements with global partners since unveiling sweeping global levies in April, the most significant of which was a deal with Japan this week. But there is still no deal with the European Union and an August 1 deadline is just days away. Speculation swirled on Wednesday of a 15% rate for the EU, but was quickly dismissed by the White House. "One of the benefits of small-caps is that they are a bit more insulated from a geographical standpoint," said Ingmar Schaefer, a portfolio manager at Van Lanschot Kempen. "Whatever happens with U.S. tariffs, a local company will not be impacted by as much as a global player in the same field." An analysis by Goldman Sachs found that companies in the STOXX large-cap index generate about 35% of their revenue in Europe, compared to 60% of revenue generated by companies in the small- and mid-cap indexes. That has helped to offset a stronger currency. The euro has risen over 12% in 2025 to around $1.17, defying predictions prior to the April 2 "Liberation Day" tariff announcements that it could even reach parity with the dollar. But that was upended by investors turning their back on U.S. assets. Some analysts now expect the euro to hit $1.20, a possible headwind for larger companies due to greater international exposure, but a relative tailwind for smaller companies. "The way people have played Europe in the past is to be apologists for Europe, targeting businesses that have high revenue exposure to the U.S. or the Asian consumer through the luxury sector," said Harry Eastwood, investment director at Artemis Investment Management. "Liberation Day slightly disrupted the global order of trade and small- and mid-caps have become much more interesting, purely from the fact that they're somewhat insulated from that," Eastwood said, adding that his fund was at the upper limit of its small- and mid-caps weighting. DISCOUNT SHRINKS Historically, smaller companies have tended to trade at a premium to large ones, as they generally exhibit higher growth rates. But the situation reversed in 2023 and 2024, as inflation in Europe soared and the European Central Bank raised borrowing costs, leading smaller companies to now trade at a discount to bigger ones. Small-caps traded at a record discount of 11% to larger companies in March this year but that has since shrunk. The STOXX Europe small-cap index currently trades at 13.4 times forward earnings, below the large-cap index's 14.3 times, a discount of 6.5%. "We've been in a situation where most investors have had less confidence in the earnings of small companies compared to large companies which is why they traded at a discount," said David Walton, fund manager at Marlborough. "But in the last month, we've seen a slight increase in confidence in the earnings outlook for small companies which is supporting the rally." European small- and mid-sized companies have registered net inflows for the last 10 weeks straight, the longest such stretch since 2021, according to Lipper fund flows data. Germany, the euro area's biggest economy, has unveiled a massive spending push, while the ECB has begun to lower interest rates. Both could spur the euro zone economy, giving it a much-needed boost after years of subdued growth. Germany's SDAX small-cap index, has jumped almost 20% since the federal election in February, while the blue-chip DAX has risen 8.4% in the same period. The ECB paused its rate-cutting cycle this week, but the deposit rate is 200 basis points lower than it was in the middle of last year. "When we look at the next 12 months we think there can definitely be a re-rating of small caps vis-à-vis large caps," said Van Lanschot Kempen's Schaefer. Sign in to access your portfolio
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Maltos' late go-ahead field goal lifts Alouettes to 23-21 win over Stampeders
CALGARY — Jose Maltos kicked the go-ahead 58-yard field goal with 1:10 remaining as the Montreal Alouettes earned a 23-21 win over the Calgary Stampeders at McMahon Stadium on Thursday. Maltos had five field goals in the win, and Chris Spieker caught a touchdown pass from quarterback McLeod Bethel-Thompson for the Alouettes (5-2). Dedrick Mills had a pair of rushing touchdowns for the Stampeders (5-2), who had won their previous three games. Calgary quarterback Vernon Adams Jr. threw a touchdown pass to Dominique Rhymes and also completed a short pass to Erik Brooks in the end zone for a two-point convert after Mills' second rushing score. Near the end of the third quarter, Adams scrambled out of the pocket and ran for a seven-yard gain before he was hit hard by Montreal linebacker Tyrice Beverette. Although he got to his feet and walked to the sidelines, he was assessed for a head injury and didn't return to the game. Defensive back Adrian Green picked off an errant pass by Bethel-Thompson for his league-leading fourth interception of the season and ran it back to Montreal's 44-yard line to help set up Calgary's first touchdown. Four plays later, Mills ran for a seven-yard touchdown with 1:53 remaining in the first quarter, which gave Calgary a 6-0 lead after a missed convert by Rene Paredes. The Alouettes looked destined to answer back with a touchdown of their own early in the second quarter after Tyler Snead's 42-yard diving catch put them at Calgary's nine-yard line. However, Calgary's defence stood tall and only allowed a 10-yard field goal by Maltos. Adams then engineered a five-play, 77-yard drive that he finished off by tossing a 33-yard TD pass to Rhymes at 5:10 of the second quarter to put the Stamps up 13-3. The Als responded at 9:18 when Spieker caught a seven-yard TD pass from Bethel-Thompson to cap off a quick eight-play, 77-yard drive. On the ensuing kickoff, Maltos booted an 88-yard single to pull the Als within two points of the Stamps. Both teams then struggled offensively before Maltos finished off the first half by making a 36-yard field goal with no time left on the clock to put Montreal ahead 14-13. It didn't take the Stamps long to retake the lead as they drove the ball 65 yards down the field before Mills ran in for a nine-yard score on the sixth play of the drive at 3:43 of the third quarter. After a successful two-point convert, the Stamps took a 21-14 edge. Thanks to a pair of field goals by Maltos in the fourth quarter – a 27-yard kick at 6:22 and another from 20 yards out at 12:17 – Montreal cut Calgary's lead to just 21-20. This report by The Canadian Press was first published July 24, 2025. Laurence Heinen, The Canadian Press
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Undiscovered Gems in Asia for July 2025
Amidst a backdrop of mixed performances in global indices, with the small-cap Russell 2000 showing positive movement while other midcap indices falter, the Asian markets are offering intriguing opportunities for discerning investors. In this dynamic environment, identifying stocks that demonstrate resilience and potential for growth becomes essential, particularly those that can navigate economic shifts and capitalize on regional strengths. Top 10 Undiscovered Gems With Strong Fundamentals In Asia Name Debt To Equity Revenue Growth Earnings Growth Health Rating Ampire NA -2.21% 8.00% ★★★★★★ Orient Pharma 17.16% 26.65% 68.11% ★★★★★★ Oriental Precision & EngineeringLtd 39.11% 5.91% 0.76% ★★★★★☆ E J Holdings 21.62% 4.30% 3.77% ★★★★★☆ Tokyo Tekko 8.47% 8.06% 24.39% ★★★★★☆ Zhejiang Jinghua Laser TechnologyLtd 2.85% 4.02% -2.43% ★★★★★☆ Uju Holding 33.18% 8.01% -15.93% ★★★★★☆ Iljin DiamondLtd 2.55% -3.23% 0.91% ★★★★☆☆ Shenzhen Leaguer 63.12% 1.96% -16.52% ★★★★☆☆ ASRock Rack Incorporation 77.35% 311.61% 693.05% ★★★★☆☆ Click here to see the full list of 2605 stocks from our Asian Undiscovered Gems With Strong Fundamentals screener. We're going to check out a few of the best picks from our screener tool. Alphamab Oncology Simply Wall St Value Rating: ★★★★★☆ Overview: Alphamab Oncology is a clinical stage biopharmaceutical company focused on the research, development, manufacture, and commercialization of oncology biologics with a market cap of HK$9.03 billion. Operations: The company generates revenue primarily from its pharmaceuticals segment, amounting to CN¥640.08 million. Alphamab Oncology, a small player in the biotech space, has turned profitable this year and is trading at 77.8% below its estimated fair value. Despite a volatile share price recently, the company shows promise with its innovative treatments like JSKN003 for advanced tumors and KN026 for HER2-positive cancers. The debt to equity ratio slightly rose from 9.5 to 9.9 over five years, but it still holds more cash than total debt, indicating financial stability. Recent executive changes bring experienced leadership on board as Alphamab positions itself for future growth in the competitive biotech industry. Click here to discover the nuances of Alphamab Oncology with our detailed analytical health report. Review our historical performance report to gain insights into Alphamab Oncology's's past performance. Guangdong Orient Zirconic Ind Sci & TechLtd Simply Wall St Value Rating: ★★★★★☆ Overview: Guangdong Orient Zirconic Ind Sci & Tech Co., Ltd focuses on the research, development, production, and sale of zirconium products with a market capitalization of CN¥10.61 billion. Operations: The company generates revenue primarily from producing and selling titanium ore, zirconium series products, and structural ceramics, with total sales reaching CN¥1.40 billion. Guangdong Orient Zirconic, a nimble player in the chemical sector, has seen its debt to equity ratio improve significantly from 129% to 39% over five years. Trading at nearly 90% below estimated fair value, it seems undervalued by market standards. Despite recent volatility in its share price, the company turned profitable this year and boasts high-quality earnings. The net debt to equity ratio stands at a satisfactory 10%, indicating prudent financial management. Recent amendments to its articles of association suggest strategic shifts that may influence future operations positively or negatively depending on execution and market conditions. Take a closer look at Guangdong Orient Zirconic Ind Sci & TechLtd's potential here in our health report. Evaluate Guangdong Orient Zirconic Ind Sci & TechLtd's historical performance by accessing our past performance report. Yangzhou Seashine New MaterialsLtd Simply Wall St Value Rating: ★★★★★★ Overview: Yangzhou Seashine New Materials Co., Ltd. specializes in the design, production, and marketing of powder metallurgy structural parts in China with a market cap of CN¥4.62 billion. Operations: Yangzhou Seashine generates revenue primarily from the sale of powder metallurgy structural parts. The company's financial performance is impacted by its cost structure, which includes expenses related to production and marketing. Yangzhou Seashine New Materials, a small player in the Asian market, has shown impressive performance with earnings growth of 33.6% over the past year, outpacing its industry peers. Despite a volatile share price recently, this company remains debt-free for five years and boasts high-quality earnings. Its free cash flow turned positive at CNY 70.54 million by the end of 2024, reflecting efficient capital management with capital expenditure dropping to CNY 9.01 million. Revenue is projected to grow annually by 21.43%, indicating promising future prospects amidst recent dividend increases for shareholders in June 2025. Click to explore a detailed breakdown of our findings in Yangzhou Seashine New MaterialsLtd's health report. Gain insights into Yangzhou Seashine New MaterialsLtd's historical performance by reviewing our past performance report. Where To Now? Dive into all 2605 of the Asian Undiscovered Gems With Strong Fundamentals we have identified here. Are you invested in these stocks already? Keep abreast of every twist and turn by setting up a portfolio with Simply Wall St, where we make it simple for investors like you to stay informed and proactive. Invest smarter with the free Simply Wall St app providing detailed insights into every stock market around the globe. Interested In Other Possibilities? Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management. Find companies with promising cash flow potential yet trading below their fair value. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include SEHK:9966 SZSE:002167 and SZSE:300885. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@
