Interest rates and oil prices shaped 2004

The combined universe of funds investing globally into smaller companies and large caps gained an average of 11.2% over the year. Though, as with other regions, small-cap funds outperformed large caps, the differential was much narrower between these categories. Unlike the other regions covered in this analysis, the best performing funds were actually in the equity Global sector - the top smaller companies fund was ranked tenth. In the latest quarterly update for global equities (dated November 2004), Standard & Poor's fund analysts reported on the fears that higher energy prices could de...