Investment objective & strategy
As of April 28, 2025 · prospectusObjective. The investment objective of the Large Growth Stock Fund (the Fund) is to seek long-term capital growth.
Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks of large capitalization companies. For purposes of this policy, large capitalization companies have market capitalizations that fall within the market capitalization range of companies in the Russell 1000 Growth Index at the time of purchase (as of March 31, 2025, and as provided by the Sub-Adviser, this range was between $0.68 billion and $3,336.85 billion). Because the Funds definition of large capitalization companies is dynamic, the lower and upper limits on market capitalization will change with the markets. The Fund will invest primarily in common stocks of well established companies the Sub-Adviser believes have long-term … Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks of large capitalization companies. For purposes of this policy, large capitalization companies have market capitalizations that fall within the market capitalization range of companies in the Russell 1000 Growth Index at the time of purchase (as of March 31, 2025, and as provided by the Sub-Adviser, this range was between $0.68 billion and $3,336.85 billion). Because the Funds definition of large capitalization companies is dynamic, the lower and upper limits on market capitalization will change with the markets. The Fund will invest primarily in common stocks of well established companies the Sub-Adviser believes have long-term growth potential. In selecting the Funds investments, the Sub-Adviser generally seeks to invest in companies that have strong cash flow, an above-average rate of earnings growth, and a lucrative niche in the economy that gives them the ability to sustain earnings momentum or the ability to expand even during times of slow economic growth. The Sub-Adviser believes when a company increases its earnings faster than both inflation and the overall economy, the market will eventually reward it with a higher stock price. The Fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities. While the Funds sector and industry exposure is expected to vary over time, as of February 28, 2025, the Fund had significant exposure to the Communication Services Sector, Consumer Discretionary Sector, Health Care Sector, and Information Technology Sector, as each sector is defined by the Global Industry Classification Standard. In pursuing its investment objective, the Sub-Adviser has the discretion to purchase some securities that do not meet its normal investment criteria, as described above, when it perceives an unusual opportunity for gain. Those situations might arise when the Sub-Adviser believes a security could increase in value for a variety of reasons, including a change in management, an extraordinary corporate event, a new product introduction or innovation, or a favorable competitive development. While most assets will be invested in exchange-listed U.S. common stocks, other securities may also be purchased, including foreign stocks (up to 25% of total assets), in keeping with the Funds objectives.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| NVIDIA CORP | — | $46.14M | 14.43% |
| APPLE INC | — | $36.71M | 11.48% |
| MICROSOFT CORP | — | $30.41M | 9.51% |
| ALPHABET INC CL A | — | $23.30M | 7.29% |
| BROADCOM INC | — | $16.50M | 5.16% |
| AMAZON.COM INC | — | $15.66M | 4.90% |
| META PLATFORMS INC CL A | — | $12.82M | 4.01% |
| LILLY ELI and CO | — | $9.75M | 3.05% |
| TESLA INC | — | $8.95M | 2.80% |
| VISA INC-CLASS A | — | $7.56M | 2.36% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| JNL/T. Rowe Price Growth Stock Fund | 99% | 0.53% |
| T.Rowe Price Large Cap Growth Portfolio | 97% | 0.56% |
| T. Rowe Price Growth Stock ETF · TGRW | 95% | 0.52% |
Advisers
| Firm | Role |
|---|---|
| T. Rowe Price Associates, Inc. | Sub-adviser |
| Penn Mutual Asset Management, LLC | Adviser |
Footnotes
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
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