After years of stagnating, small-cap stocks began to show more consistent signs of recovery in 2025. In Janela de Mercado, a NeoFeed program that interviews leading asset managers and equity analysts, Rodolfo Amstalden, CEO of Empiricus, states that this movement is not yet exhausted.
The portfolio of small and micro-cap stocks tracked by the firm accumulated a return of over 60% last year, reflecting a significant shift in market sentiment. Looking ahead to 2026, the outlook remains favorable, extending the cycle that began in 2025, although without the expectation of repeating the same level of return.
According to Amstalden, stock market recoveries usually happen in waves. First, foreign investors return to the most liquid stocks, helping to unlock the market. In a second phase, local investors begin to take on more risk, a movement that tends to benefit smaller companies.
Despite their potential, small-cap stocks are not suitable for all risk profiles. Higher volatility and lower liquidity demand experience and the ability to handle more intense fluctuations. For more moderate investors, Amstalden sees sense in a limited exposure, around 10% of the portfolio. For more aggressive investors, this share can reach 30%.
However, the selection of assets is not based on finding the "cheapest" stocks on the stock exchange. The focus is on solid businesses with good cash generation and controlled leverage.
In the video, Amstalden details how he sees the scenario for 2026 and what characteristics he considers essential in small-cap stocks that deserve a place in the portfolio this year.
