Small-cap value equity topped PIPER Managed Accounts median returns, returning 17.6% for the quarter ended June 30, but was still down 2.4% for the year. The median large-cap growth account brought in only 5% for the quarter, but led median equity accounts for the year with 22.6%. The median return for the 958 accounts in PIPER managed equity accounts was 10.7% for the quarter, but only 14.4% for the year. Large-cap growth equity was the only median account to underperform the S&P 500 index, which returned 7.1%, for the period. Year-to-date all median managers lagged the S&P 500 indexs 22.8% return.