History shows that smaller-capitalization stocks have tended to outperform larger-cap stocks over time. Just not always. And just not for the recent past—this year in particular. It still seems far more reasonable to us to believe that it should be easier for small stocks to get big than it should be for larger stocks to get vastly bigger. Though 2020 so far counters that belief, it by no means dismantles it. We’ve seen small caps underperform before, and have witnessed their subsequent outperformance. That precedent continues to offer further support for our belief in our approach.