APN Outdoor is a leader in outdoor advertising. The company has over 50,000 high-impact sites in attention-grabbing locations across Australia and New Zealand. But recently, like many other high-quality mid and small caps, its share price was severely smashed. So, what’s going on, and is it time to snap up shares at these beaten-down prices? Over the last year or two, a lack of growth in the banks (credit growth is expected to slow given maturing residential development as well as record mortgage and credit card debt) and resource companies has meant large institutional fund managers – those that focus generally, and by necessity, on the big cap stocks – fuelled a boom in the prices of smaller high-quality growth companies, as they migrated down the market capitalisation spectrum, looking to boost their returns. High-quality, mid, and small cap shares – with bright prospects and economics – benefitted.