While it is well known that ESG scores tend to have a size bias which favors the larger companies among the universe of large capitalization stocks – does this bias exist in the small cap space? Published in The Journal of Impact and ESG Investing, our small cap value ESG equity team examines this topic and how investors can create better performing, size-neutral small cap portfolios in “How Company Size Bias in ESG Scores Impacts the Small Cap Investor.”
Recent Insights
Quarterly Technology Equity Strategy Q2 2025
The Bailard Technology Strategy posted a 2Q25 total return of 22.98% net of fee—slightly below the category benchmark, the S&P North American Technology Index, which returned 23.38%—but ahead of competitor benchmarks, i.e. the Morningstar U.S. Open End Technology Category, which returned 22.66% and the Lipper Science and Technology Fund Index, which returned 22.48%. Year to date, the Strategy led the NA Tech Index, Morningstar US OE Tech Category, and the Lipper Sci & Tech Index by 2.21%, 1.07%, and 2.33%, respectively. As of June 30, 2025, the Strategy’s net returns over the 3-, 5-, and 10-year periods exceeded the returns of the competitor peer benchmarks.
July 18, 2025
Quarterly Small Value Strategy Q2 2025
Investors shrugged off initial trade war panic, and risk-on sentiment dominated thereafter. Both growth stocks and low-quality “junk” stocks benefited. Barring a recession, small cap stocks are positioned to relatively benefit from tariff policy, deregulation, and interest rate cuts. Valuation differences between small caps and large caps make the relative benefits even more compelling.
July 18, 2025
What Matters Most Hasn’t Changed
In his first 9:05 piece as CIO, Dave Harrison Smith, CFA, reflects on Bailard’s enduring philosophy and what lies ahead.
July 14, 2025
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