U.S. Large Cap Equity Portfolio
Actively managed U.S. stock fund
As of its 2026 Q2 report, U.S. Large Cap Equity Portfolio held 539 positions with $2.57B in net assets. Its ten largest holdings made up 35.5% of the fund. Its share classes cost 0.13%–0.14% a year. Over the 12 months to May 2026, it returned 28.8%, with dividends reinvested. In 2026 Q3 it added 17 new positions and exited 34.
The investment objective of the U.S. Large Cap Equity Portfolio (the Portfolio) is to achieve long-term capital appreciation.
The fund holds a broad portfolio of large-capitalization U.S. equities, defined as companies in the highest 90% of U.S. market capitalization or larger than the 1,000th largest U.S. company. Within this universe, the manager overweights stocks with low relative price, high profitability, and favorable price momentum, while using flexible trading to minimize costs. The fund may also adjust positions based on shorter-term market factors and uses futures to manage cash flows.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
NVDANVIDIA Corp | 7.42% | $190.44M | 954.2K | $199.57 |
AAPLApple Inc | 6.46% | $165.70M | 610.6K | $271.35 |
MSFTMicrosoft Corp | 4.87% | $125.09M | 306.8K | $407.78 |
AMZNAmazon.com Inc | 4.32% | $110.83M | 418.1K | $265.06 |
GOOGLAlphabet Inc | 2.80% | $71.85M | 186.7K | $384.80 |
GOOGAlphabet Inc | 2.65% | $68.15M | 178.4K | $381.94 |
2.38% | $61.18M | 100.0K | $611.91 | |
AVGOBroadcom Inc | 2.18% | $56.06M | 134.3K | $417.43 |
1.27% | $32.68M | 104.3K | $313.23 | |
1.17% | $30.01M | 32.1K | $934.60 |
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 539 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 | 99.50% |
| Cash & short-term | 1.52% |
| Derivatives | 0.06% |
Derivatives are shown at market value, not notional exposure.
By sector
- Information Technology
- 32.6%
- Financials
- 12.1%
- Industrials
- 9.5%
- Consumer Discretionary
- 9.4%
- 10 other sectors
- 36.4%
- Information Technology
- 32.6%
- Financials
- 12.1%
- Industrials
- 9.5%
- Consumer Discretionary
- 9.4%
- Health Care
- 8.8%
- Communication Services
- 8.1%
- Consumer Staples
- 5.1%
- Energy
- 4.6%
- Utilities
- 2.9%
- International
- 2.4%
- Materials
- 2.0%
- Cash
- 1.7%
- Other
- 0.8%
- Real Estate
- 0.1%
How it has done
C000127650 share class · total returns with dividends reinvested
Volatility over the last 12 months: 12.07%. 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.
Fees & fund details
U.S. Large Cap Equity Portfolio is an actively managed U.S. equity fund. 19% of U.S. Large Cap Equity Portfolio’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 95% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.13% – 0.14%
- Portfolio turnover
- 8.00% 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.
17 new· the largest 8
34 exited· the largest 8
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