You are correct in your assessment. Last year, the bigger stocks were being ignored. Now those stocks are in full swing and many of them are nearing full value (sans any M&A activity).
Conversely, the smaller sector was running hot. Now ignored. But an increasing number of the companies in this sector have good businesses which lend themselves well to either: 1. succeeding on their own; 2. being acquired in any consolidation plays; or 3. having the opportunity of carving out a "pure" business, provided of course there is an underlying business to work with in the first place.
