The results, or should we say returns, are nearly all in and it appears that mid-cap funds finally unseated small-cap funds, which ruled the industry for more than five years.

U.S. investors also chased performance - both here in the U.S. and abroad - the results show, and funds in narrow sectors, like utilities, real estate and energy, did much better than those with diversified holdings, according to a report from The Wall Street Journal.

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