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Byline: KEN HOOVER
Turner Small Cap Growth Fund is back on track after being pummeled in the bear market. And it was opened to new investors in the middle of last year for the first time since 1997.
The $244 million fund rose 59.4% in 2003, its first winning year since 1999, when it scored an 85% gain.
Last year's performance was 30.7 percentage points better than the S&P 500 and 10.8 points better than the Russell 2000 Growth Index, the benchmark by which manager William McVail, 43, is judged.
And so far this year he was up 5.09% going into Monday vs. 1.75% for the S&P 500 and 3.71% for its small-cap growth funds tracked by Morningstar Inc.
McVail uses an aggressive growth investing style that should put up big numbers in a good year, like 2003. But he can get hammered in a severe bear market.
Although he beat his benchmark in 2000, he lagged it in '01 and '02.