SMB Index: In a Bad Month for Public Equity Markets, Local Isn’t Spared

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This monthly feature from SurePath Capital Partners looks at the relative optimism about a range of public companies working with SMB clients. Follow the SurePath SMB Index in real time by clicking here.

Coming off one of the worst months in recent memory, March saw big declines in the public equity markets. The SCP SMB Index was the least impacted, retreating 4.1% compared to all other major indices, which declined more than 5% during the month.

The SCP SMB Index declined 4.1% in March. The S&P 500, Nasdaq, and Dow Jones all experienced losses during the month of 5.1%, 5.2%, and 6.1%, respectively.

Returns since inception (indexed at Jan 4, 2016)

Since the inception of the SCP SMB Index in January 4, 2016 (where 100% is no change), here are the returns through March 29, 2018:

  • SCP SMB Index : 144.47%
  • S&P 500: 129.43%
  • Nasdaq : 141.73%
  • Dow Jones : 139.07%

Drivers of movement

The SCP SMB Index is weighted based on the market capitalization of the 35 companies that are included in the index. The market cap of the top 5 companies (by market cap) accounts for ~57% of the total market cap of all 35 companies and therefore the movement of these 5 companies influences the SMB Index as a whole.

Square led the way, up 6.8% during the month of March, while Paychex fell 6.6%.

Here are the top 5 winners and losers for March.

Lending Club led the gainers, up 11.1% in the month of March, while Marchex took the bottom spot, down 14.7% during the month.

Here’s how all 35 companies stacked up in the month of March

20 out of the 35 companies in the SCP SMB Index experienced gains in the month of March.