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Small-Cap Funds Quietly Staging A Comeback Big-cap techs are out, so investors are looking for a value in new names.(B)(INVESTMENT TRENDS)
Byline: Ken Hoover
Small-cap stocks are mounting a comeback after seven years of neglect.
They went along for the ride with tech stocks in the wild run-up from 1999 to March 2000. They shared in the carnage that followed. But without most investors noticing, they have outperformed the general market going back to early 1999.
Small-cap fund managers are shouting: "It's about time."
One indicator some investors watch is the ratio of the price-earnings ratio of the T. Rowe Price New Horizons Fund and the P-E of the S&P 500.
New Horizons is a small-cap growth fund that goes back to 1960. Its stocks usually trade at a higher P-E than the general market.
"Whenever the relative P-E has gotten around 2.0, it has always resulted in sharp sell-offs or underperformance in small-cap stocks," said T. Rowe Price spokesman Steve Norwitz. "Whenever it's approached 1.0, it's usually been followed by periods of outperformance. But not necessarily right away."
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