Which is probably fascinating information for investors who own small-cap funds.

High technology is another source of strength for many small-cap funds.

Few small-cap funds have been able to escape the carnage, which has often reduced their asset size.

The recent jump in the flow of money into small-cap mutual funds could improve this performance.

According to my calculations, February may have been a record redemption month for small-cap funds.

The median for small-cap funds was more than double that amount, at 31 percent.

So Goldman's fund finished in the bottom 5 percent of all small-cap funds for the period.

The data show that $5.4 billion, or 13.1 percent, went into small-cap funds, which invest in smaller companies.

But in the first quarter of this year, small-cap funds regained their momentum and went on a tear.

Ms. Hall noted that many small-cap funds closed when their assets approached $1 billion.