October 02, 1998

For the quarter just ended we expected a gradual change in the probabilities, with mid-cap outperformance increasingly likely to prevail. We forecast mid-cap stocks would outperform both largeand small-caps. We also expected small-caps to underperform large-caps. Based on the forecast, we suggested a slight shift in portfolio holdings, increasing exposure to the mid-cap sector. The anticipated change did not materialize. As shown in Table 2, large-cap stocks continued to outperform in the third quarter. We did, however, call small-cap underperformance correctly.

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