Contango MicroCap listed on the ASX in March 2004. The fund manager's share price more than doubled between 2005 and 2007, as investors with an appetite for risk were attracted by its micro-cap focus. However, smaller companies are typically the first to suffer in volatile times and Contango's portfolio sustained heavy losses during the recent market downturn. But sentiment towards the micro-cap sector has improved, as illustrated by an increase in the S&