December 23, 2002

Our model suggests that the environment is turning favorable to growth stocks. Evidence of this can be found in the relative performance of the value and growth components of the large-, mid- and small-cap indices. For example during this quarter the small-cap growth stocks have gained 6.81%, outperforming the small-cap value stocks by 50 basis points. The story at the mid-cap level is a similar one. The growth stocks have gained 5.67% beating the value stocks by 87 basis points. Value is only beating growth at the large-cap level. Obviously since the large-caps dominate the index, the overall result is that the value stocks outperformed.

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