As a result, Kaufmann was up just 0.72percentt in 1998, 17 percentage points below the Russell Midcap Growth index.
Among the largest stocks in the Russell 3000 Growth Index are General Electric, Microsoft, Pfizer, Intel and AOL.
The Russell 1000 Growth Index beat the Russell 1000 Value Index by 2.8 percentage points a year through February.
Periodical growth index, water use, and final dry weight were recorded.
The average small-cap growth fund returned 12.72 percent, annualized, versus 8.88percentt for the S.& P. SmallCap 600 Barra Growth index.
But Mr. Carl said the fund has continued to beat its chosen benchmark, the Russell 1000 Growth index, throughout that period.
The return on equity of the portfolio averages about 14percentt, versus roughly 9percentt for the Russell 2000 Growth index.
Technology companies account for 9percentt of the fund's assets, just over half their weight in the Russell 2000 Growth index, a benchmark for small-company stocks.
The fund's average price-to-earnings multiple is 21.9, using 12-month projected earnings, compared with 25.9 for its bogey, the Russell 2000 Growth Index.
It says it has produced a 21percentt annualized return for the growth style of investing, about double the gain of its benchmark, the Russell 2500 Growth index.
