After a good run for small caps, the start of November 2016 marked the start of a period of under-performance: the Small Ords index has put in +2.4% vs. +10.1% for the ASX200 since then. We asked four small cap managers how they were thinking about this, and how things could unfold from here. One key message was that it is still a stock pickers market, and that there are still great opportunities in the space if you know how to find them. Valuations remain high though for certain groups of stocks, and the risk appetite that has supported the market needs to return soon.