Removing ASOS still leaves AIM underperforming the mid-tier FTSE 250 by 4%, driven by two of AIM's biggest sectors - retail and TMT (technology, media & telecoms), says analyst Sebastian Jory.
The winners have come from pharma stocks, up 40%, and real estate, up 31%, he notes.
Oil play Circle is one of the firm's eight key 'buys', on which it has a target price of 45p, and which, it says, continues to make progress.
With the Egyptian development close to completion, operating cash flow should remain strong while capex falls, it notes.
Meanwhile, in Morocco, it expects 12 wells to be drilled targeting small but high value gas prospects, while the El Mediouni exploration well, potentially worth more than 40p if successful, is drilling in Tunisia.