While value funds have been flying high for the past several years, large-cap growth funds have shown lackluster performance. However, earnings at large-cap companies have been high in recent months, while their valuations have been beaten down, suggesting that the market cycle might be staging a comeback for large-cap growth, said Larry Puglia, vice president at T. Rowe Price of Baltimore, during a webcast last week.

Growth funds have lagged small- and mid-cap, value, and international funds by a considerable margin, Puglia noted during the webcast, "Large-Cap Growth: An Important Role in a Diversified Portfolio."

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