Growth stocks outperformed value stocks in May at every capitalization tier, according to the Russell Investment Group's family of U.S. equity indexes. At the end of May, the large-cap Russell 1000 Growth Index, with returns of 4.84%, beat the Russell 1000 Value Index, which returned 2.41%.

"Growth stocks rallied somewhat in May but still lag behind value for the year," said Paola Nealon, manager research analyst at Tacoma, Wash.-based Russell Investment. "We'll see if a new trend develops, but growth investors did receive a little encouragement in May."

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