AGTHX beat the index over three and ten years by pairing megacap tech giants with nearly $6 billion in private AI stakes.
SPY beat AGTHX year-to-date, but 401(k) investors access the same portfolio via GAFFX without paying the 5.75% sales load.
It sounds nuts, but SoFi1 is giving new Active Invest users up to $3,000 in stock for a limited time, and all it takes is a $50 deposit to get started.2 See for yourself (Sponsor)
The Growth Fund of America manages $360.9 billion in net assets as of May 31, 2026, which is roughly the GDP of a mid-sized country parked inside a single actively managed mutual fund. That is a strange headline in an era when index funds were supposed to have won the argument. Yet Growth Fund of America (NASDAQ:AGTHX) keeps holding its assets, keeps writing checks to private AI companies, and over the last three years has quietly done something its skeptics said active managers no longer could.
PeopleImages / Shutterstock.com
Run by Capital Group under the American Funds brand, AGTHX is a large-cap growth fund with 332 positions spread across US mega-caps, international semiconductors, private tech, and a slug of cash. The A share class is the flagship retail vehicle and the one most 401(k) participants know. Capital Group does not disclose the expense ratio in the snapshot data reviewed here, so investors should confirm the current figure and any sales charge directly on the fund’s prospectus before buying.
The Portfolio Reads Like an Index With Opinions
The top of the book is unmistakably megacap tech. NVIDIA at 6.08%, Broadcom at 5.08%, Microsoft at 4.14%, Meta Platforms at 4.07%, and Amazon at 3.90% anchor the fund. Alphabet’s two share classes combine for roughly 6%. Eli Lilly at 2.91% and Tesla at 2.50% round out the megacap layer.
SoFi Active Invest is offering a limited-time promotion. Open an account, fund it with $50 or more, and you could receive up to $3,000 in complimentary stock for Active Invest accounts. See for yourself by clicking here now.
What separates AGTHX from the S&P 500 is the tail. The fund owns direct-listed Taiwan Semiconductor shares worth $8.85 billion (2.45% of assets), SK Hynix at 1.19%, and Samsung. It also holds private stakes indexers cannot touch: roughly $4.98 billion in Anthropic (1.30%), $1.23 billion in OpenAI (0.34%), plus Databricks, Stripe, Waymo, PsiQuantum, and Anduril. There is $8.18 billion in the Capital Group Central Cash Fund (2.27%), functioning as dry powder.
The Multi-Manager Structure Is the Whole Point
Capital Group runs AGTHX under its Capital System, splitting the portfolio among multiple portfolio managers and an analyst research sleeve, each responsible for their own book. It is why the fund can look like a growth index at the top and a venture fund at the bottom simultaneously. The trade-off is diffusion: with 332 positions and internal diversification, AGTHX will never look wildly different from a benchmark for long. It is a battleship, not a torpedo.