Can UK mid- and small-cap funds continue to outperform?

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Writing for this column in the autumn of 2015, after David Cameron's election victory, it was easy to argue the case for UK mid and small caps given their relatively high exposure to the domestic economy - which at the time, had one of the best growth rates.

Two election results later and the argument has been turned on its head, with the post-Brexit devaluation of sterling undermining consumer spending, and confusion over our future relationship with the European Union - together with uncertainty caused by an inconclusive General Election outcome - undermining business confidence and applying a brake on investment.  With the UK now a slow growth economy, can UK mid- and small-cap funds continue to outperform? Where are the best opportunities for small-cap managers globally? From a relative performance perspective, it is possible that ...