Emerging markets (EM) small caps have consistently demonstrated their ability to generate attractive long-term returns, quietly establishing themselves as one of the strongest-performing equity asset classes over the past two decades. While periods of market volatility have inevitably tested investor conviction, the structural characteristics underpinning this performance remain intact. In this paper, we examine five enduring structural advantages of the asset class: Strong absolute and relative performance A counter-intuitive volatility profile Market inefficiency and low research coverage Differentiated earnings growth drivers Portfolio diversification benefits amid rising index concentration