Fortune hunters seeking stocks that soar tenfold – the famed 10-baggers – are usually portrayed as speculators punting on “penny dreadful" mining stocks, not portfolio investors risking their retirement savings on the next big thing.

Generally these investors – many of them self-managed superannuation funds (SMSFs) – stick to the top 50 industrial stocks for higher dividends. But those seeking growth are increasingly scouring the market for micro-cap stocks that potentially offer sharply higher returns. Micro caps typically have a market value below $250 million.