Bigger worries are swirling around small stocks

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Small stocks have brought big joy this year, but they’ve been so generous that some mutual fund managers question how much they have left to give.

Stocks of smaller companies have surged even more than the broader market, which itself is closing in on its best year in a decade. The average small-cap growth mutual fund is up 35 percent this year, compared with 29 percent for large-cap growth funds, according to Morningstar. The big jump in prices for small company stocks means investors are paying more per share for each $1 in earnings produced by the companies, an indication that the stocks are more expensive.

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