For managers of small-cap stock funds, the big challenge this year had been what to do with all the investor cash coming their way. Unlike large-company stocks, small-cap prices held up pretty well―until June. Suddenly, the bear caught up with shares of small companies. "They're getting less and less expensive―and maybe even cheap," says Eric Ende, a veteran small-cap specialist with First Pacific Advisors, who runs FPA's high-performing yet risk-averse Perennial, Paramount, and Source Capital funds.
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