Articles

Recent Market Movement The markets have been in decline as of late, reflecting a period of increased volatility across small-cap equities. At one point, the Russel 2000 index approached a 10% drawdown from its recent peak, a level commonly associated with a market correction.¹ This recent pullback has coincided with heightened geopolitical uncertainty and rising […]

Market Backdrop Recent discussion around small-cap equities has focused on whether the recent improvement in performance relative to large cap equities represents the beginning of a broader leadership shift or whether much of the opportunity has already passed. However, examining the underlying composition of the small-cap universe suggests a more nuanced picture. Index-level performance can

Market Cycles and Leadership Shifts Equity markets move through cycles in which leadership shifts across segments. Periods of large-cap dominance have historically been followed by phases in which small-cap equities lead. The relative performance relationship between U.S. large-cap growth and U.S. small-cap value has exhibited pronounced cyclical patterns over multiple decades. Industry research has highlighted

Recognition Within a Competitive Universe Ironwood Investment Management, LLC is pleased to share that the Ironwood Small Cap Core strategy has been ranked #1 PSN Top Gun for the three-year period ending December 31, 2025. Within the PSN Small Cap Core Universe, consisting of 127 firms and 156 products, Ironwood Small Cap Core was recognized

Market Backdrop U.S. equity markets delivered strong returns in 2025, supported by resilient economic growth, moderating inflation, steady consumer demand, and improving corporate earnings expectations. Investor sentiment strengthened as fears of a sharp slowdown receded and expectations for policy normalization became more balanced. Recent years have been defined by pronounced large-cap leadership. A small group

Introduction The past year reinforced why disciplined research remains central to small cap investing. As market narratives shifted and volatility created dispersion across sectors, the importance of first hand diligence, structured analysis, and ongoing engagement with company leadership became increasingly clear. For investors focused on small cap equities, understanding businesses beyond financial statements can support

Visiting companies directly remains one of the most important components of a disciplined investment diligence process. At Ironwood Investment Management, LLC, meeting leadership teams, understanding day-to-day operations and observing technology or products firsthand helps us evaluate the potential opportunities and risks that may shape a company’s long-term trajectory. This approach is especially valuable in the

Introduction At Ironwood Investment Management, LLC, we believe that diligence is one of the defining factors that sets thoughtful investors apart in small-cap investing. While data analysis and financial modeling are vital, we find that the most valuable insights often come from seeing the businesses we invest in up close: meeting leadership teams, touring facilities,

Introduction The U.S. government entered a shutdown on October 1, 2025, marking another period of fiscal uncertainty that ripples through financial markets. For investors, these events raise questions about how different asset classes may react. While large-cap companies often capture headlines during periods of political turbulence, small-cap equities can provide unique insights into the underlying

Introduction For the first time in nearly four years, the Russell 2000 index closed at a record high, capturing attention across Wall Street. The recent small-cap rally has sparked discussion about how these companies may benefit from changing economic conditions, particularly following the Federal Reserve’s recent interest rate cuts. While large-cap benchmarks also moved higher,