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Tuesday, October 12, 1999 Small and Mid-Cap Blends Chosen as Select Standard & Poor's named four small-cap blend funds and the three mid-cap blend funds to be classed as Select funds today. Select status are given to funds that show "superior, consistent returns in the past three years relative to their peers while exhibiting a greater degree of management excellence," according to S&P.
In identifying Select fund S&P uses interviews and portfolio analyses. While going through this segment of the mutual fund market Standard & Poor's analysts noted that although the Select funds named today may have 'blend' characteristics, most managers tend to have a bias towards either value or growth. Large-cap funds have been more popular and performed better than their smaller-capped counterparts, however both small and mid-caps have benefited from the broadening of market performance which started earlier this year. "For mid-cap blend funds, the best performing sectors have been energy, which is value-oriented, and communications services and technology, both of which are growth-biased,"said Mr. Edwards. On a year-to-date basis, to September month-end, the three mid-cap funds have returned 1.44%, versus 0.92% for the peer group and -2.1% for the S&P Midcap index. During the past year, the Select Funds have notched an overall gain of 22.96%, compared with 21.64% for the peer group and 25.48% for the style benchmark. The S&P 500 gained 27.79% in this period.
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