The small cap index is essentially a proxy for the market’s appetite for growth, and a broad willingness to accept the risk associated with it. November saw the start of a rotation from small cap stocks into large caps triggered by a number of macro global events that created uncertainty and put a dent in investors’ willingness to take risk. These included the British High Courts intervention in Brexit, increased global terror activity, OPEC’s decision to cut production, the US elections, and the heightened sense of uncertainty and insecurity which all saw investors transition to ‘safer’ investments.