A. Based on a study from Dimensional Fund Advisors, of all the major stock investment styles, small value generated the highest annualized return from 1935 to 2014 - 16.2%. Naturally, as a long term investor, you want to own small cap value stocks.
However, that is for long term performance, in the short term, there is no guarantee. The Russell 2000 Value Index has lagged the Russell 2000 Growth Index by 4.4% a year over the past 5 years.
If you happen to own one of those small value funds, it must be painful right now, but dumping the fund or not, the decision needs be made based on a lot of other considerations, including your investment time horizon, your other portfolio components, your risk tolerance level, etc. If you do regular rebalance, it might be even time to trim some winners and load more losers.