Stock Capitalizations in 2004

Chart of the Week for January 21-27, 2005

This chart, comparing small, mid and large cap stock performance in 2004, paints a picture of the activity experienced by the major equity markets throughout the year. It shows the ups and downs that investors felt through most of the year and how much of the positive growth came during the last quarter. In 2003, investors experienced an almost steady rise in performance throughout the year. Ending that year, riskier small company stocks, those with market capitalizations of $2 billion and under, exceeded the returns of their larger counterparts. This trend continued in 2004 with small company stocks seeing a cumulative return of over 22%. Only time will tell if 2005 will be another bumpy ride or if we can put the top down and cruise a little more.

This illustration was compiled by information from outside sources. These companies are not affiliated with ICMA-RC. This information is being provided for educational purposes and is not intended to be construed as or relied upon as investment advice. ICMA-RC does not offer specific tax or legal advice. Individuals are advised to consider any new investment strategies carefully prior to implementing.

Investment information can change rapidly and the changes can be significant particularly in volatile markets. For this reason “as of”’ dates are provided for specific data where applicable. The information should not be considered current after the dates provided.

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The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data illustrated. For performance data current to the most recent month end, contact ICMA-RC Services, LLC by calling 800-669-7400 or by writing to 777 North Capitol Street, NE, Washington, DC 20002-4240. Para asistencia en Español llame al 800-669-8216. Performance data current to the most recent quarter end is available by visiting www.icmarc.org.