August 11, 2003

The first seven months of 2003 are now history, and a clear pattern has emerged regarding the stocks in the S&P 1500. The year-to-date numbers show that the large-caps are lagging the small and mid-caps by almost 600 basis points. The S&P 600 small-cap index and the S&P 400 mid-cap index rose 19% and 19.1% respectively while the S&P 500 large-cap index increased only 13.1%. Equal-weighting the stocks within each of the indices provides a clearer picture of the uniformity of the size effect. The stocks in the small-cap universe gained an average of 22.8%, the equal-weighted mid-cap universe gained 20.4%, while the large-caps gained only 18.4%.

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