If you have a higher than average risk tolerance, then having a few small cap ASX stocks in a diversified portfolio could help take it to the next level.

But which small cap ASX stocks could be among the best to buy now? Let's take a look at three that Bell Potter has named on its top picks list this month. They are as follows:

Clinuvel Pharmaceuticals Ltd (ASX: CUV)

Bell Potter is bullish on Clinuvel and believes it could be an ASX small cap stock to buy in May.

It is a pharmaceutical company behind the Scenesse (afamelanotide) drug, which is a treatment for rare disease Erythropoietic protoporphyria (EPP).

The broker believes its shares are good value given the positive outlook of its existing business and the potential expansion of Scenesse's indications. It explains:

Trading at approximately 7.4x EV/EBITDA valuations are not stretched, our analysts view the current valuation as well-supported by its existing, highly profitable EPP franchise alone without consideration for the substantial market opportunity presented by its vitiligo treatment program.

Develop Global Ltd (ASX: DVP)

Another small cap ASX stock that could be a buy is mining and underground mining contractor Develop Global.

The broker believes that the upcoming restart of the Woodlawn mine will transform its earnings and could support a re-rating of its shares. It said:

Our analysts are forecasting a transformation in DVP's EPS profile in the forward years, with FY26 PE currently undemanding at ~8.0x. Re-rate catalysts in the near-term include production updates showing Woodlawn is on a path to achieving processing plant nameplate capacity and additional Mining Services contract wins.

Universal Store Holdings Ltd (ASX: UNI)

A final small cap ASX stock that Bell Potter is bullish on is Universal Store. It is the youth fashion retailer behind the Universal Store, Perfect Stranger, and Thrills brands.

Bell Potter believes that its shares are great value. This is based on its strong earnings growth outlook, which is being underpinned by increasing store numbers. Commenting on its buy recommendation, the broker said:

Universal Store Holdings is a leading youth focused apparel, footwear and accessories retailer in Australia. UNI will continue to increase store numbers over the next few years, supporting earnings growth of 14% p.a. over (FY25-27). Valuation looks attractive, trading on a fwd P/E of ~14x. UNI is a quality small cap (ROE ~25%) that is executing on its rollout strategy.