Major U.S. indices <a href="https://www.cnbc.com/2026/03/08/stock-market-today-live-updates.html">collapsed</a> at the opening on March 9 by more than 1%. The war in the Middle East has pushed the oil market beyond previous stress models. Brent is trading around $100 per barrel, and at the opening of the Asian session the price rose to almost $120. The main driver is not only strikes on energy infrastructure, but also the actual stoppage of traffic through the Strait of Hormuz. For investors, this is no longer a local geopolitical episode, but a whole macroeconomic shock, which strengthened the demand for the dollar, <a href="https://www.ft.com/content/176a8568-5982-459a-a36a-d2cbf577568a?utm_source=chatgpt.com#:~:text=Iran%20war%20muddles%20expectations%20of%20likely%20Federal%20Reserve%20interest%20rate%20cuts">reduced</a> expectations of a soon easing of the Fed policy, and led to a large-scale sell-off in Europe and Asia.

A nightmare, prolonged stress or a quick pullback: what to expect on Wall Street

NextVision Stabilized Systems, Ltd.

Aryt Industries Ltd.

Gilat Satellite Networks Ltd.

Mobilicom Limited

ParaZero Technologies Ltd.

The escalating conflict between Israel and the U.S. and Iran is fueling demand for modern warfare defense and software systems faster than supply chains can keep up. In Israel’s equity market, this has significantly boosted defense and tech companies. On <a href="https://www.tradingview.com/news/te_news:529637:0-israel-stocks-hit-record-high/#:~:text=Israel%E2%80%99s%20main%20stock%20index%2C%20the%20TA%2D125%2C%20surged%20nearly%206%25%20on%20Monday">Monday</a>, the Tel Aviv Stock Exchange’s benchmark TA-125 index rose as much as 6% intraday. On <a href="https://market.tase.co.il/en/market_data/index/137/major_data#:~:text=Previous%20Trading%20Days">Tuesday</a>, the index closed up 4.75%.

Which small Israeli defense tech stocks can vie with large peers for defense budgets?

Bajaj Consumer Care Limited

MTAR Technologies Limited

MRV Engenharia e Participacoes S.A.

Last year showed that small caps in emerging markets can compete with large issuers, despite a <a href="https://en.oninvest.com/article/undervalued-small-caps-where-to-make-money-in-emerging-markets">lag</a>&nbsp;that persisted through the third quarter. For 2025, the return of the Equal Weight EM Small Cap Index, put together by analyst Aldiyar Anuarbekov for Oninvest, amounted to 18.25% in dollar terms*. For comparison: the broad-market S&amp;P 500 index grew 16.65%, while the smid-cap Russell 2000 rose 11.21% last year. The 8.06% increase in the Cap Weight EM Small Cap Index, meanwhile, indicates that the gains were more evenly distributed rather than concentrated in a small number of large stocks.

Where to find outstripping returns in EM small caps in 2026

Applied Digital Corporation

TeraWulf Inc.

Hut 8 Corp.

In 2025, the bitcoin mining sector rebounded strongly and outpaced the performance of the cryptocurrency itself. The Smid-cap Bitcoin Miner Equal Weight Index, put together by analyst Aldiyar Anuarbekov for Oninvest, gained 46%. The index includes 17 small- and mid-cap mining companies. Meanwhile, the&nbsp;Smid-cap Bitcoin Miner Cap Weight Index&nbsp;added 27%. By comparison, bitcoin fell 9.7% in 2025, while the S&amp;P 500 rose 16.3%. In 2026, investors are increasingly betting on companies at the intersection of mining and AI infrastructure.

Bitcoin miners outperformed the cryptocurrency in 2025. What about 2026?

Americas Gold and Silver Corporation

Kingsgate Consolidated Limited

Gold Resource Corporation

One of the main beneficiaries of the 2025 gold rally was small-cap mining companies. The Small Cap Gold Miner Equal Weight Index, <a href="https://en.oninvest.com/article/gold-fever-small-cap-miners-surging-as-bullion-hits-record-highs">assembled</a>&nbsp;by analyst Aldiyar Anuarbekov specially for&nbsp;Oninvest&nbsp;and including 45 gold producers with market capitalizations of up to $2 billion (see the note on index composition below), soared&nbsp;202.5% in 2025. Meanwhile, the&nbsp;Small Cap Gold Miner Cap Weight Index&nbsp;skyrocketed 208.8% last year.&nbsp;Both indexes significantly outperformed both gold itself and even equities: the precious metal gained 64.5% – its best performance in 46 years – while the S&amp;P 500 added 16.4%.

Biggest small-cap winners from the 2025 gold rally and what to expect in 2026

Liberty Latin America Ltd.

Atlanta Braves Holdings, Inc.

Schrodinger, Inc.

Ramaco Resources, Inc.

Via Transportation

Alongside well known public companies, large investors also hold small positions in businesses with market capitalization of up to $2 billion. As a rule, these are targeted investments in infrastructure, real assets, or undervalued companies that have yet to attract broad market attention. Analyst Aldiyar Anuarbekov reviewed, for Oninvest,&nbsp;which small caps leading investment figures are backing.

Which small caps Buffett, Gates, and Ackman are betting on

Amaroq Ltd.

GreenRoc Strategic Materials Plc

AnorTech Inc.

Critical Metals Corp.

At the World Economic Forum in Davos on January 21, Donald Trump said the U.S. sought to obtain “right, title and ownership” of Greenland, <a href="https://apnews.com/article/trump-davos-housing-greenland-gaza-a2f3f4c18ba321c8025a3e208fc0ddf6#:~:text=Trump%2520had%2520insisted%2520that%2520he%2520wants%2520to%2520%25E2%2580%259Cget%2520Greenland%252C%2520including%2520right%252C%2520title%2520and%2520ownership%252C%25E2%2580%259D%2520but%2520said%2520he%2520would%2520not%2520use%2520force%2520to%2520do%2520so%2520while%2520deriding%2520European%2520allies%2520and%2520vowing%2520that%2520NATO%2520should%2520not%2520try%2520to%2520block%2520U.S.%2520expansionism.">stressing</a>, however,&nbsp;that he did not intend to act with force. The U.S. president has also canceled a threatened imposition of a 10% tariff on eight European countries that supported Denmark&nbsp;and opposed any expansion of U.S. control over the island (note that Greenland is an autonomous territory within the Kingdom of Denmark). Trump has repeatedly explained his interest in Greenland on grounds of national and international security.

Small-cap miners that may benefit from the White House's interest in Greenland

Resideo Technologies, Inc.

Amentum Holdings, Inc.

Mayville Engineering Company, Inc.

Royce Investment Partners, founded by Wall Street <a href="https://oninvest.com/article/kak-investirovat-v-small-cap-pat-covetov-ot-caka-rojsa-legendy-uoll-strit">legend</a>&nbsp;Chuck Royce, has specialized in small-cap investing since 1972. Over that period, Royce <a href="https://www.royceinvest.com/funds/">built</a>&nbsp;a broad lineup of funds focused on micro-cap, small-cap, and mid-cap stocks. Chuck Royce’s investment philosophy has historically centered on undervalued small-cap businesses with sustainable operations, strong balance sheets, and visible cash flows – an approach that remains evident in the firm’s portfolios.

Industry, Energy, IT: Royce's small-cap investment ideas for 2026

Contango Ore, Inc.

Dolly Varden Silver Corporation

Gold exploration and production company Contango ORE and silver miner Dolly Varden Silver <a href="https://www.contangoore.com/press-release/contango-ore-and-dolly-varden-silver-announce-merger-to-create-a-new-north-american-high-grade-mid-tier-silver-gold-producer-and-developer">announced</a>&nbsp;a merger in late December. The transaction will combine their assets in Alaska and British Columbia. Below is a summary of what investors need to know about the deal, the outlook for the combined company, and its key projects.

Gold and silver combine: Breaking down the Contango ORE/Dolly Varden merger

Aldiyar Anuarbekov

Writes about:

Articles: 41