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Small-Cap Growth Leapt 3.9% In Week; Chip Sector Fuels Rise; Diversified stock funds rallied 2.4% from prior period, up 9.5% for year.(MUTUAL FUNDS)(INVESTMENT TRENDS)
Byline: DAN MOREAU
Growth mutual funds trumped others last week amid a rally that saw the S&P 500 index rise more than 1.9% and the Nasdaq composite jump nearly 4.8%.
Small-cap growth funds delivered the biggest returns among diversified stock funds with a gain of 3.9% in May 22-29, Lipper Inc. said.
Mid-cap growth stocks also turned in big numbers, rising 2.98% on average. Big-cap growth stocks were up 2.05%. The gap between big cap and small cap funds was the largest in six months.
Uptrend Continues
Overall, the average diversified stock fund was up 2.4% in the five-day period. It was the seventh gain of more than 1% in the last eight weeks.
"We're in a phase now where the market realizes we bottomed in October, but the big uncertainty is the pace of the recovery," said Sam Lieber. He's president of Alpine Funds, and runs several of the real estate oriented fund family's offerings.
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