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Microcap stocks have been on a wild ride this year, extending a sharp move that began in November. This is a small part of the U.S. stock market, and it can be volatile, but it may be attractive to investors looking to explore strategies beyond the large-cap indexes that have done so well over the years.

Two fund managers described completely different strategies for the microcap category during separate interviews: Ken Farsalas, director of U.S. equities at Oberweis Asset Management in Lisle, Ill, and Jim Roumell, the founder…