With the first quarter of 2005 in the books, nearly everyone in the mutual fund industry is curious whether this could be the year that large-cap funds finally overtake their small-cap counterparts.

Year-to-date through March 24, small-cap equity funds have returned a negative 3.88%, while large-caps are down 3.48%, according to Lipper of New York. Small-cap growth funds posted negative returns of 5.27%, and large-cap growth negative 5.18%.

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