Small-cap equity funds outperformed large-cap in the PIPER commingled fund universe for the quarter ended June 30. The median small-cap value equity fund outperformed the median large-cap value equity fund by 7.9 percentage points with a 17.5% gain for the quarter. But the small-cap value median dropped 2.9% for the year ended June 30. The median small-cap growth fund returned 13.9% in the second quarter outperforming the median large-cap growth fund by 8.9 percentage points and 5.2% for the year. The S&P 500 index returned 7.1% for the quarter and 22.8% for the year. Only the median large-cap growth fund outperformed the index for the year, returning 22.9%.