Study of mutual fund performance Mutual funds are classified as largecap funds, mediumcap funds, or smallcap funds, depending on the capitalization of the companies in the fund Hawaii Pacific University researchers investigated whether the average performance of a mutual fund is related to capitalization size (American Business Review, January 2002) Independent random samples of 30 mutual funds were selected from each of the three fund groups, and the 90day rate of return was determined for each