When we viewed consecutive 12-month performance or non-overlapping cumulative periods, consistent top performers all had experienced management teams with tenure higher than their peers. Experienced management teams can successfully maneuver their funds through a variety of market environments.

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Investors have been attracted to growth opportunities. The most attractive growth rates are in the small and mid-cap space, with the growth styles leading returns for the month. We believe mid- and small-caps will continue to lead returns over the short term, as recent earnings disappointments have been focused in the large-cap arena.

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They tend to be more stable than smaller companies, yet have stronger growth rates than larger firms. You get the best of both worlds.

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