Large-Cap Growth: Can It Regain the Market Leadership?

by Steve Norwitz

In the bull market of the late 1990s, large-company growth stocks, and technology stocks in particular, enjoyed one of their most extended and significant periods of superior performance.

Since that bubble burst in 2000, however, large-cap growth stocks have been perennial market laggards, trailing small-cap and value-oriented stocks in each of the past five years through 2004.

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During that five-year period, for example, the Russell 1000 Growth index of large growth companies had an annualized return of –9.3% despite the market rebound over the past two years. This compares with an annualized return of 6.6% for the Russell 2000 index of small-company stocks and about 5.3% for the Russell 1000 Value index of large-cap value stocks.

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