The Globe and Mail reports in its Saturday, Oct. 14, edition that AlphaNorth Asset Management president Steven Palmer says he has had a tough year as a small-cap investor. The Globe's Brenda Bouw writes that Mr. Palmer's AlphaNorth Partners Fund is down by about 14 per cent over the past 12 months as of Sept. 30. However, Mr. Palmer believes the drop creates an opportunity for long-term investors to buy higher-quality small caps at discount prices. He says: "[The market] will turn, and when it does, the returns are usually dramatic. Small caps are higher risk, but also higher reward. If you take a longer-term approach, you can do very well." He adds, "We've also been adding to our position in cleantech company Char Technologies Ltd., which converts wood materials and organic waste into renewable gases and biocarbon." It has received $13-million in government grants to help build its facility. In July, Char announced the closing of a $6.6-million strategic investment by steel and mining giant ArcelorMittal. Mr. Palmer says he has also been a buyer of Collective Mining, a gold explorer in Colombia. "We've owned a little bit of the stock but increased our position significantly on the pullback in September."