HOW SMALL-CAP FUNDS FARED AGAINST THE RUSSELL INDEXES

1-Year returns

Value

Assets Exp

TOP 10 % Chg Vol ($m) ratio

Weitz Series Hickory 33.01 5.28 538.8 1.46

Centura Mid Cap Equity/C 21.58 4.86 165.9 0.85

Longleaf Partners Small Cap Fund 12.71 3.34 1,351.0 1.09

Putnam Capital Appreciation /B 7.92 4.78 1,714.4 1.95

Merrill ABP Fund Value/D 7.66 4.50 6.2 1.89

Fasciano Fund 7.19 4.69 233.2 1.30

Sentinel Small Company/A 7.17 4.07 114.1 1.34

Royce Premier Fund 6.74 3.73 571.8 1.20

Fenimore FAM Value 6.19 4.58 376.2 1.24

Enterprise Small Company Value/Y 6.13 4.19 0.30 1.30

BOTTOM 5

Crabbe Huson Special -42.85 6.53 88.2 1.50

Lighthouse Contrarian -32.65 5.04 17.0 2.15

Robertson Stephens Partners/A -27.30 5.16 48.2 1.78

SG Cowen Opportunity/A -25.38 7.25 23.0 1.38

FPA Paramount -24.41 5.48 279.1 0.92

Small Cap Value Average 1.01 4.66 357.0 1.40

Russell 2000 Value -0.38 3.70

The sector beat the Russell 2000 Value after trailing over three and five years, but the index was in negative territory,

Growth

Assets Exp

TOP 10 % Chg Vol ($m) ratio

Oppenheimer Enterprise/A 34.81 8.23 123.6 1.48

Wall Street 30.98 7.53 18.2 1.82

Pimco Mid Cap Equity/Ist 29.92 6.08 9.2 1.15

Phoenix Srs Aggressive Growth/A 29.59 7.78 289.0 1.20

Robrtson Stephens Emerging Growth/A 28.02 8.71 394.4 1.50

Calamos Growth Fund/A 27.31 7.16 12.5 2.00

Dominion Insight Growth 27.23 9.98 17.9 2.25

Reserve Private Informed Inv/R 26.98 7.69 3.3 1.75

Alger Retirement Small Cap 25.01 7.50 38.7 1.06

Wasatch Mid-Cap Fund 24.81 8.15 62.5 1.75

BOTTOM 5

American Heritage Fund -61.22 11.99 6.2 5.85

Dreyfus Gr & Val Aggressive Growth -36.67 9.21 36.1 1.27

Dreyfus Premier Aggressive Growth/A -30.84 7.94 137.6 1.24

Frontier Equity Fund Portfolio -28.53 10.79 0.4 19.72

WPG Tudor -22.03 7.11 86.8 1.24

Small Cap Growth Average 17.17 7.10 369.3 1.61

Russell 2000 Growth 11.15 6.16

The category average easily outpaced the Russell index, despite anchors like American Heritage and the Dreyfus duo.

Blend

Assets Exp

TOP 10 % Chg Vol ($m) ratio

Meridian Value Fund 18.94 5.44 17.8 2.16

Osterweis Fund 18.62 4.63 21.5 1.67

T Rowe Price Capital Opportunity 14.70 5.39 124.8 1.35

Morgan Keegan Southern Cap 12.23 5.28 93.3 1.80

Gabelli Invest ABC 11.14 1.68 39.4 2.26

Dreyfus Gr & Val Emerging Leaders 8.56 6.07 155.8 1.39

Sentry Fund 6.46 4.58 121.0 0.83

Acorn Inv Acorn Fund 6.02 5.00 3,585.0 0.56

Ehrenkrantz Growth 5.43 2.63 5.2 2.50

Merger Fund 5.35 1.35 346.0 1.33

BOTTOM 5

SteinRoe Inv Special Venture -21.55 5.77 95.3 1.28

Saratoga Advantage Small Cap -18.61 7.82 31.8 1.28

Goldman Sachs Small Cap Value/A -16.87 6.21 280.6 1.54

State St Research Aurora/B -15.78 5.92 226.9 2.08

Hotchkis & Wiley Small Cap Cap -15.56 6.17 54.8 0.94

Sm Cap Blend Average 1.97 5.62 217.9 1.44

Russell 2000 5.42 4.76

State Street Research Aurora, though finishing third over three years, showed up in the bottom five here.

3-Year returns

Value

Assets Exp

TOP 10 % Chg Vol ($m) ratio

Weitz Series Hickory 36.31 5.28 538.8 1.46

Longleaf Partners Small Cap Fund 24.33 3.34 1351.0 1.09

Centura Mid Cap Equity/C 23.53 4.86 165.9 0.85

Putnam Capital Appreciation/B 22.53 4.78 1643.7 1.95

Eclipse Funds Equity Fund 21.50 4.97 199.7 1.14

Keeley Small Cap Value 21.50 4.99 50.0 2.02

Wachovia Special Value/A 21.08 4.14 59.6 1.35

Munder Value/Y 20.74 5.04 146.2 0.99

Evergreen Growth & Income/Y 20.17 4.06 780.1 1.20

UAM: FMA Small Company/Ist 19.80 4.26 217.7 1.03

BOTTOM 5

Crabbe Huson Special -10.39 6.53 88.2 1.50

Lighthouse Contrarian -2.18 5.04 17.0 2.15

FPA Paramount 1.44 5.48 279.1 0.92

Academy Value Fund 2.14 4.12 5.3 2.00

Lindner Growth/Inv 4.52 4.78 617.4 0.44

Small Cap Value Average 14.14 4.66 357.0 1.40

Russell 2000 Value 14.73 3.70

Four of the top 10 in this category are bank-owned funds, and three of those are from North Carolina.

Growth

Assets Exp

TOP 10 % Chg Vol ($m) ratio

Calamos Growth Fund/A 30.49 7.16 12.5 2.00

Oppenheimer Enterprise/A 28.22 8.23 101.9 1.48

Phoenix-Engemann Small & Mid/A 27.89 8.59 46.8 1.80

Robertson Stephens Emerging Growth/A 26.89 8.71 394.4 1.50

Bridgeway Aggressive Growth 23.42 7.88 11.3 2.00

Firstar Micro Cap/Instl 21.38 8.51 97.5 1.70

Value Line Special Situation 22.76 5.99 190.6 1.08

Wasatch Micro-Cap Fund 22.09 6.80 154.4 2.50

US Global Accolade Bonnel Growth 22.07 6.91 96.2 1.72

Nicholas-Applegage Mini-Cap/I 21.93 8.83 97.4 1.57

BOTTOM 5

Frontier Equity Fund Portfolio -26.78 10.79 0.4 19.72

Dreyfus Premier Aggressive Growth/A -16.02 7.94 137.6 1.24

Dreyfus Grth & Value Aggressive Growth -13.52 9.21 36.1 1.27

Perkins Opportunity -12.60 24.27 30.7 2.27

Govett Small Companies/A -10.32 9.19 61.1 1.95

Small Cap Growth Average 13.06 7.10 369.3 1.61

Russell 2000 Growth 9.37 6.16

Frontier Equity had the highest expense ratio on the page – and the worst peformance over three years.

Blend

Assets Exp

TOP 10 % Chg Vol ($m) ratio

Dreyfus Grth & Value Emerging Leaders 26.86 6.07 155.8 1.39

Safeco Growth 24.88 6.78 1394.2 0.85

State Street Research Aurora/B 24.41 5.92 226.9 2.08

Meridian Value Fund 24.01 5.44 16.4 2.16

Morgan Keegan Southern Cap 22.36 5.28 85.1 1.80

Osterweis Fund 21.18 4.63 21.5 1.67

MAS Small Cap Value/Inst 20.97 5.39 788.2 0.86

Dreyfus Grth & Value Midcap Value 20.67 6.48 94.5 1.29

Baron Growth & Income 19.23 6.09 328.4 1.40

Sentry Fund 19.08 4.58 121.0 0.83

BOTTOM 5

Centurion T.A.A. Fund/C -2.94 2.97 4.9 2.91

SteinRoe Inv Special Venture 3.19 5.77 103.3 1.28

Artisan Small Cap Fund 5.14 5.86 203.4 1.33

Arch Small Cap Equity/Tr 6.10 6.41 138.0 0.95

Saratoga Advantage Small Cap 6.64 7.82 29.9 1.28

Sm Cap Blend Average 13.05 5.62 217.9 1.44

Russell 2000 12.29 4.76

S&P 500 (Composite) 29.48 4.25

Surprisingly, blend funds lagged both value and growth.

5-Year returns

Value

Assets Exp

TOP 10 % Chg Vol ($m) ratio

Weitz Series Hickory 23.85 5.28 538.8 1.46

Putnam Capital Appreciation/A 21.21 4.80 1,541.2 1.20

FPA Capital 19.79 4.99 683.6 0.83

Longleaf Partners Small Cap Fund 18.50 3.34 1,351.0 1.09

Barr Rosenberg US Small C/Inst 18.25 4.96 526.7 1.15

Evergreen Growth & Income/Y 18.25 4.06 780.1 1.20

Fasciano Fund 17.51 4.69 233.2 1.30

Wachovia Special Value/A 17.01 4.14 61.6 1.35

Wasatch Growth Fund 16.83 5.47 179.9 1.44

Royce Total Return 16.78 2.92 244.2 1.25

BOTTOM 5

Crabbe Huson Special -3.57 6.53 88.2 1.50

FPA Paramount 3.44 5.48 279.1 0.92

SG Cowen Opportunity/A 4.54 7.25 23.0 1.38

Evergreen Micro Cap/Y 5.01 5.42 38.6 1.39

Lindner Growth/Inv 5.69 4.78 617.4 0.44

Small Cap Value Average 12.99 4.66 357.0 1.40

Russell 2000 Value 13.36 3.70

Over all three periods, Weitz Hickory carried the biggest stick and Crabbe Huson’s performance was the least Special.

Growth

Assets Exp

TOP 10 % Chg Vol ($m) ratio

MFS Emerging Equities 22.36 6.52 540.3 0.75

Alger Retirement Small Cap 22.24 7.50 38.7 1.06

Lord Abbett Developing Growth/A 21.76 7.47 825.7 1.06

Calamos Growth Fund/A 21.27 7.16 12.5 2.00

Baron Asset Fund 19.87 6.34 5,672.3 1.32

BT Inv Small Cap Fund 19.42 9.24 221.9 1.25

BlackRock Small Cap Growth/Inst 19.24 8.18 1,251.4 0.87

Robertson Stephens Emerging Growth/A 19.10 8.71 394.4 1.50

Henlopen Fund 18.46 7.12 43.9 1.50

TCW/DW Small Cap Growth/B 18.08 9.22 340.9 2.25

BOTTOM 5

American Heritage Fund -21.98 11.99 6.2 5.85

Frontier Equity Fund Port -21.25 10.79 0.4 19.72

Dreyfus Premier Aggressive Growth/A -9.52 7.94 137.6 1.24

Amer Perf Equity Aggressive Growth 2.90 6.63 14.0 1.08

Bull&Bear Special Equities 3.40 7.69 3.7 2.53

Small Cap Growth Average 13.22 7.10 369.3 1.61

Russell 2000 Growth 10.84 6.16

Of the top three here only Alger – ninth last year – made the top 10 over either of the shorter time spans.

Blend

Assets Exp

TOP 10 % Chg Vol ($m) ratio

Safeco Growth 18.99 6.78 1,394.2 0.85

Morgan Keegan Southern Cap 17.61 5.28 93.3 1.80

Pimco Micro Cap Growth/Inst 17.50 6.08 258.9 1.52

Schroder Cap US Small Company/Inv 17.00 5.55 52.2 1.37

MAS Small Cap Value/Inst 16.57 5.39 826.3 0.86

Sentry Fund 16.50 4.58 121.0 0.83

Dreyfus Gr & Val Small Value 16.26 5.92 327.4 1.23

Nicholas Limited Edition 15.77 5.49 367.2 0.86

SSgA Small Cap Fund 15.64 6.13 453.3 1.04

Heritage Series Small Cap Stock/A 14.76 5.97 188.1 1.25

BOTTOM 5

Centurion T.A.A. Fund/C -8.16 2.97 4.2 2.91

Goldman Sachs Small Cap Value/A 4.06 6.21 280.6 1.54

Arch Small Cap Equity/Tr 6.62 6.41 138.0 0.95

Gateway Tr Small Cap Index 7.60 5.53 14.0 1.50

Ehrenkrantz Growth 7.81 2.63 5.2 2.50

Sm Cap Blend Average 11.83 5.62 217.9 1.44

Russell 2000 12.31 4.76

Ehrenkrantz, in the bottom 5 here, made the top 10 over one year, despite a return over two percentage points lower.