Even with Brazil's GDP in dollars tripling over the last 20 years, the number of companies listed on the B3 has remained practically stagnant.

Furthermore, the stock market has become more concentrated in high-capitalization companies. Average capitalization per company has grown by 2,521 TP3T since 2005, well above the accumulated inflation rate over the period (1,801 TP3T of the IPCA).

When we analyze the current universe of listed companies, less than half of publicly traded firms are actually investable for most institutional managers.

This limited universe—restricted to large market capitalizations—opens space for platforms geared toward small and medium-sized businesses. In today's bullet, we explore this topic and list initiatives, in Brazil and abroad, that seek to capture this window of opportunity.