Small-cap equity and value stocks were back in play during the second quarter, according to Callan Associates. While the Callan Broad Market index finished the quarter with a 7.75% gain (including dividends), the Callan Micro Cap index jumped 22.04%. The Callan Small Cap index gained 16.44%. The top 150 stocks of the broad market had a small gain of 5.35% in the Callan Large Cap index, while the firms medium-cap index posted a 9.79% advance for the quarter. The Callan Large/Medium Cap Value index, which gained 9.37%, outperformed its growth counterpart, which returned just 3.33% for the quarter. Value had underperformed growth by 22.63 percentage points over the past five quarters. The same was true in small-cap, with the value index returning 17.81%, while small-cap growth stocks in Callans index grew by 15.16%.