Empower Large Cap Growth Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Empower Large Cap Growth Fund held 105 positions with $2.31B in net assets. Its ten largest holdings made up 38.2% of the fund. The MXLGX share class costs 0.98% a year. Over the 12 months to May 2026, MXLGX returned 19.7%, with dividends reinvested. In 2026 Q2 it added 18 new positions and exited 14.
The Fund seeks long-term growth of capital.
The fund invests at least 80% of assets in equity securities of large-capitalization companies with market capitalizations of $4 billion or more, emphasizing growth stocks expected to deliver superior earnings and sustained revenue growth. Two sub-advisers manage the portfolio: JPMorgan uses fundamental bottom-up analysis to identify companies with positive price momentum and attractive fundamentals within the Russell 1000 Growth universe, while Victory Capital applies quantitative analysis and fundamental research to select large-cap growth stocks. The principal adviser, Empower Capital Management, maintains a target 50/50 allocation between the sub-advisers and may adjust allocations without shareholder approval.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
GOOGALPHABET INC | 6.22% | $143.52M | 406.2K | $353.33 |
NVDANVIDIA CORP | 6.19% | $142.94M | 714.4K | $200.09 |
AAPLAPPLE INC | 5.42% | $125.05M | 432.2K | $289.36 |
4.10% | $94.69M | 163.0K | $580.91 | |
3.52% | $81.24M | 67.7K | $1,199.43 | |
2.89% | $66.78M | 378.8K | $176.32 | |
AMZNAMAZON.COM INC | 2.69% | $62.16M | 260.8K | $238.34 |
MSFTMICROSOFT CORP | 2.54% | $58.63M | 157.2K | $373.02 |
ASML HOLDING NV | 2.51% | $57.88M | 29.1K | $1,989.44 |
AVGOBROADCOM INC | 2.12% | $48.90M | 129.5K | $377.75 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
All 105 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 98.10% |
| Cash & short-term | 0.29% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
By sector
- Information Technology
- 45.4%
- Industrials
- 11.0%
- Communication Services
- 9.9%
- Consumer Discretionary
- 9.4%
- 8 other sectors
- 24.2%
- Information Technology
- 45.4%
- Industrials
- 11.0%
- Communication Services
- 9.9%
- Consumer Discretionary
- 9.4%
- Health Care
- 9.0%
- Financials
- 6.0%
- International
- 4.2%
- Consumer Staples
- 2.2%
- Other
- 1.2%
- Materials
- 0.8%
- Energy
- 0.5%
- Cash
- 0.3%
How it has done
MXLGX share class · total returns with dividends reinvested
Volatility over the last 12 months: 15.34%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.98% | +19.73% | +77.72% | +73.58% | -11.58% | |
| 0.62% | +20.08% | +79.54% | +76.45% | -11.41% |
These classes hold the same portfolio, so the 2.88pp spread over 5 years is the cost difference between them — roughly 0.58pp a year — not a difference in what they own.
Fees & fund details
Empower Large Cap Growth Fund is an actively managed U.S. equity fund. 30% of MXLGX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 94% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.62% – 0.98%· MXLGX 0.98%
- Portfolio turnover
- 51.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
18 new· the largest 8
14 exited· the largest 8
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — MXLGX, QQQ and the fund in my 401(k)?”
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