October 06, 1998

Even a cursory analysis of the year-to-date performance data reveals significant size-related differential performance. Large-capitalization stocks, as measured by the S&P 500, yielded a 6 percent total return during the first three-quarters of the year. The mid-cap (i.e., S&P 400) declined 7.9 percent and small-capitalization stocks (i.e., S&P 600) fell even more, sliding a whopping 16.55 percentage points. Performance differentials between value and growth stocks were also quite pronounced. The BARRA value growth indices show large-cap growth stocks handily outperformed large-cap value stocks. The BARRA large-cap growth stocks appreciated 14.28 percent while the large-cap BARRA value index declined 2.29 percent. These considerable sectoral performance differentials underscore the importance of an asset-allocation strategy that accounts for these variables.

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