Looking at the 3Q results and 4Q picks, there is a noticably shift favouring the small-mid cap names. Indeed big cappers were massive performers in 3Q and makes perfect sense to start looking value lower down as valution of the bulge bracket names does not look cheap anymore. A few highlights will be (comment from respective stock picker); HEXA IJ: Hitachi heavy equip distributor is gaining market share from UT big time. Coal mining companies are upgrading to Hitachi's super sized excavators and dump trucks for higher efficiency. Kohmatsu simply has no product offering in that super sized segment. Hexa is a purer heavy equipment play with no debt, higher growth than UT trading on 6.5x 09, 50% discount to UT.
