Cushing Asset Management – Why Small and Mid-cap Today?

WHY INVEST in SMALL and MID-CAP TODAY?

We believe there are numerous underlying trends in the market today that could drive U.S. small and mid-cap
equities to outperform over the next few years both on an absolute basis and relative to U.S. large cap equities.

NEW EXPANSION

With an accommodative Fed and a vaccine/therapeutic led path to a post pandemic economy, we see a new expansion
beginning. The last 5 expansions, as seen below, had an average duration of 8 years and an average return of over
250%.

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