A changing equity market structure is emerging, driven by changing investor behaviour and advances in AI. As markets become broader, more inefficient, and increasingly complex, this environment requires a complete rethink of how markets function and how alpha is generated. Global small-cap equities sit at the centre of this shift. They represent one of the last frontiers of inefficiency in public markets, where dispersion, limited analyst coverage and wide breadth continue to create pricing inefficiencies. With valuations in many regions still below large-c...