Small Caps FY25 Review

JULY 2025

Unlocking Potential: The Power of Small Caps

Despite market uncertainty, FY25 was a strong year for Australian micro-cap stocks, with the benchmark S&P/ASX Emerging Companies Index (ASX ECI) growing 7.6% over the year. In this report we examine the reasons for this strong performance including macroeconomic factors and a breakdown across all sectors.