Equity markets have rallied considerably since the Covid-19 market crash in March, and small caps, in particular, have proven resilient. From March 19 to June 1, the S&P/TSX small cap index rallied by more than 40%, compared to 24% for the S&P/TSX 60 index. European small caps have also fared well, with the MSCI Europe small cap index gaining close to 30% over the same period.

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