The Globe and Mail reports in its Thursday edition the third quarter was tough on investors, but particularly tough on small-cap investors. The Globe's Jennifer Dowty writes the S&P/TSX small-cap index fell 16 per cent, compared with a 7-per-cent decline in the big-cap S&P/TSX 60 index. The price of oil fell more than 20 per cent, while natural gas prices lost more than 10 per cent and the price of copper declined to levels not seen since 2009. Even gold about 5 per cent during the quarter. Among the leaders were defensive sectors such as consumer staples, telcos and utilities, as investors tried to find shelter from the market meltdown. Sectors leading the declines were materials, energy and health care. Only 24 per cent of stocks in the Toronto Stock Exchange's benchmark index closed in positive territory. Some 55 per cent of stocks closed out the quarter with price declines in excess of 10 per cent. Still, valuations may not be all that compelling. The S&P/ TSX composite index is trading at a forward price-to-earnings multiple of 14.4 times, above the three-year and 10-year multiples of 13.9 times and 13.3 times, respectively.