Ann: Minbos Investor Presentation - Angola Rising, page-511

Yes but its only around $6mill cr according to what others have posted so I can't imagine them being the majority.

A4n was a great investment for me too. I bought when the mc was under $100mill and the risks were much higher. That's when some of the best gains can be made.
I sold that to buy Mnb. On the face of it, that looks like a bad move but my average on Mnb was 5c when I took profit on a third from around 16-18c through to 20c in 2021. A good part of that profit went into an unlisted stock that is up more than 20 fold in 3 years based on a part sale I did off market recently. Both the off market buyer and myself, as well as the company expect much more upside from the current M&A talks.
A4N, my unlisted stock and many others show that small stocks can produce fantastic returns in short periods by just holding that you can't get with large caps. Trading can also give fantastic results with the power of compounding.
One poster here thinks small caps fit in the one basket and are are doomed to fail. Many are, so it's all about stock picking and deciding what suits your psychology, experience and time availability best. Holding, trading or a bit of both.