In this Topic of Interest white paper, we first briefly walk through the original small cap premium thesis and research that led to its industry-wide recognition. Forty years have passed since much of this analysis was conducted, so in this section we take a look at whether the small cap effect has remained statistically significant. Next, we discuss active management opportunities in small caps, as these businesses are smaller and less covered by analysts. Last, many U.S. companies are staying private for longer. We cover this trend and its implications for the small cap market, which is directly impacted by the private/public decisions of younger businesses.