Money manager Jerome Hass expresses concern over Canadians' decreasing interest in mid-cap stocks and its potential impact on investors and the economy. He highlights the importance of this market segment and warns about the potential loss of jobs and infrastructure if it continues to decline.
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Money manager Jerome Hass says Canadians pay much less attention to mid-cap stocks now than when he co-founded his firm 17 years ago – and he believes that’s a problem for investors and the economy at large. “It’s disconcerting to us, and we think it should be disconcerting for Canadians,” says Mr. Hass, a partner and portfolio manager at Lightwater Partners Ltd. in Toronto, which oversees more than $100-million in assets. “If that market segment steadily disappears … so too do the jobs and infrastructure that go with it.”
He says there are more barriers for investors looking to invest in small- and mid-cap players, and, “as a consequence, most investors load up on the top 150 large-cap names in Canada.” Dwindling interest is also unfortunate given the opportunities he sees in the mid-cap space, which his firm categorizes as stocks with a market capitalization between $200-million and $2.5-billion., which includes Canadian equities that are “under-researched” and “misunderstood” by the mainstream market, is up 11.6 per cent over the past 12 months and has produced an annualized return of 5 per cent in the past five years, as of Feb. 29.
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