Large-growth funds that don’t invest in Apple

Shares of Apple Inc. are having a huge impact this year on the performance of mutual funds, especially those investing primarily in large-cap growth stocks like Apple.
One reason is that the stock is up about 44 percent, four times the return of the broader market.
Apple has become the world’s most valuable company, and represents 7.3 percent of an index comprised of growth stocks within the Russell 1000. Hundreds of funds use the Russell 1000 Growth index as their performance benchmark, so most of those funds own Apple stock in an effort to beat or match its returns.
In fact, Morningstar found that more than 84 percent of large-growth mutual funds own Apple stock, based on the most recent reports. Yet about five-dozen of the 470 large-growth funds don’t own Apple. Because the stock has done so well this year, many of those funds are underperforming their Apple-owning peers.
Below is a look at the 10 biggest large-cap growth funds, ranked by fund assets, that didn’t own Apple according to their most recent disclosures. The data include each fund’s year-to-date return through May 1, and the fund’s percentile ranking among peers in the large-growth category:
Fund name Symbol Fund asset total Year-to-date return Percentile rank
1. Columbia Select Large Cap Growth UMLGX $5.9 billion 19.9% 5th
2. Legg Mason ClearBridge Aggressive Growth SHRAX $5.5 billion 14.6 63rd
3. Jensen Quality Growth JENSX $4.1 billion 9.7 96th
4. PRIMECAP Odyssey Growth POGRX $2.2 billion 11.3 92nd
5. Neuberger Berman Socially Responsible Investor NBSRX $1.9 billion 8.8 97th
6. CGM Focus CGMFX $1.8 billion 13.1 81st
7. John Hancock Large Cap Equity TAGRX $1.7 billion 13.6 75th
8. PRIMECAP Odyssey Stock POSKX $1.3 billion 8.5 97th
9. Neuberger Berman Guardian NGUAX $1.3 billion 9.8 95th
10. Sterling Capital Special Opportunities BOPAX $684 million 11.3 93rd
Source: Morningstar
Performance data through May 1

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