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Nov 06 2026
Stock Market

It’s Not The Rate, It’s The Reason

  • Nov 6, 2026

In past decades, when rates rose, small caps outpaced large. That changed in 2022, and a dramatic shift unfolded against a backdrop of exceptional mega-cap gains driven by the AI boom. Now, rising yields should be viewed as a small-cap headwind—not proof of positive economic strength they once represented.

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About The Author

Scott Opsal / Director of Investment Strategies

Scott Opsal Director of Investment Strategies

Scott oversees asset allocation, investment policies, and team coordination. He also conducts in-depth research using fundamental and quantitative analyses to support the firm’s portfolio and strategy recommendations.

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