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PARAGRAPH 1 --- What happened: In Q1 2026, Grow Funds' Small Cap Equity Long/Short Fund returned 4.18%, outperforming the Russell 2000 Growth Index, driven by a short position in Robinhood Markets (HOOD) and covering a long position in Harrow (HROW). Baron Capital's Small Cap Fund, down 7.90%, sold Oddity Tech Ltd. (ODD). Voya Investment Management's Dynamic Small Cap Fund, up 2.50%, increased overweight exposure to Tronox Holdings plc (TROX). FPA Queens Road Small Cap Value Fund, up 6.07%, increased holdings in RLI Corp. (RLI). The ASX Small Ordinaries Index was up 3.06% over five days, with several companies releasing updates.

PARAGRAPH 2 --- Market impact: The narrative reflects mixed sentiment towards small-cap stocks. Short positions in growth stocks like HOOD and sales of ODD indicate caution, while increased exposure to TROX and RLI suggests opportunities in specific companies. The ASX Small Ordinaries Index's performance indicates broader interest in small-cap stocks, driven by positive updates from listed companies.

PARAGRAPH 3 --- What to watch next: Upcoming catalysts include Grow Funds' next investor letter to see if they maintain or adjust their HOOD and HROW positions. Baron Capital's next move on ODD and Voya's exposure to TROX will also be closely watched. Additionally, the next quarter's performance of the ASX Small Ordinaries Index and earnings from its constituents will provide further insight into the small-cap market's trajectory.