Tax-Managed U.S. Large Cap Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Tax-Managed U.S. Large Cap Fund held 445 positions with $11.91B in net assets. Its ten largest holdings made up 35.7% of the fund. The RETSX share class costs 0.9% a year. Over the 12 months to May 2026, RETSX returned 24.9%, with dividends reinvested. In 2026 Q3 it added 28 new positions and exited 24.
The Fund seeks to provide long term capital growth on an after-tax basis.
The fund invests at least 80% of assets in large-capitalization U.S. stocks, defined as those in the S&P 500 Index or within its market-capitalization range, through a multi-manager approach where Russell Investment Management allocates assets among multiple unaffiliated money managers using growth, value, and market-oriented strategies, supplemented by quantitative and rules-based processes for remaining assets. The fund seeks to minimize tax consequences by holding stocks long enough to qualify for long-term capital gains treatment, though it may realize short-term gains when appropriate. Because the fund's money managers provide non-binding model portfolios that Russell then executes, actual holdings may diverge from any single manager's recommendations.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
NVDANVIDIA Corp | 7.68% | $914.87M | 4.6M | $199.57 |
AAPLApple Inc | 6.00% | $715.21M | 2.6M | $271.35 |
MSFTMicrosoft Corp | 4.47% | $533.04M | 1.3M | $407.78 |
GOOGAlphabet Inc | 3.98% | $474.12M | 1.2M | $381.94 |
AMZNAmazon.com Inc | 3.87% | $460.45M | 1.7M | $265.06 |
AVGOBroadcom Inc | 2.54% | $302.42M | 724.5K | $417.43 |
GOOGLAlphabet Inc | 2.19% | $260.57M | 677.1K | $384.80 |
1.95% | $232.72M | 380.3K | $611.91 | |
1.70% | $202.23M | 391.0K | $517.16 | |
Russell Investments Trust Company Commingled Employee Benefit Funds Trust-U.S. Cash Management Fund | 1.34% | $160.23M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
The 200 largest of 445 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 | 98.55% |
| Cash & short-term | 1.34% |
| Derivatives | 0.07% |
Derivatives are shown at market value, not notional exposure.
By sector
- Information Technology
- 33.9%
- Financials
- 12.6%
- Communication Services
- 9.9%
- Consumer Discretionary
- 9.6%
- 10 other sectors
- 34.0%
- Information Technology
- 33.9%
- Financials
- 12.6%
- Communication Services
- 9.9%
- Consumer Discretionary
- 9.6%
- Health Care
- 8.3%
- Industrials
- 6.9%
- Consumer Staples
- 4.6%
- International
- 4.5%
- Energy
- 3.1%
- Utilities
- 2.1%
- Cash
- 2.1%
- Real Estate
- 1.2%
- Materials
- 1.1%
- Other
- 0.0%
How it has done
RETSX share class · total returns with dividends reinvested
Volatility over the last 12 months: 12.15%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are 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 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.90% | +24.92% | +72.98% | +69.82% | -8.79% | |
| 1.90% | +23.70% | +67.84% | +61.53% | -9.18% | |
| 1.15% | +24.61% | +71.73% | +67.84% | -8.88% | |
| 0.80% | +25.06% | +73.48% | +70.64% | -8.76% |
These classes hold the same portfolio, so the 9.11pp spread over 5 years is the cost difference between them — roughly 1.82pp a year — not a difference in what they own.
Fees & fund details
Tax-Managed U.S. Large Cap Fund is an actively managed U.S. equity fund. 19% of RETSX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 93% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.80% – 1.90%· RETSX 0.90%
- Portfolio turnover
- 31.00% a year · as of 2026 Q1
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.
28 new· the largest 8
24 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 — RETSX, QQQ and the fund in my 401(k)?”
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