If you’ve spent any time looking at growth funds lately, you’ve probably seen the name NYLI Winslow Large Cap Growth pop up. It’s one of those heavy hitters in the New York Life Investments stable that people tend to treat as just another "tech fund" in disguise. Honestly? That is a massive oversimplification.
Yes, it holds the usual suspects—your Nvidias and Microsofts—but there’s a specific mechanical engine under the hood called "No Preferred Habitat." It sounds like something out of a biology textbook, but in the world of high-stakes equity, it’s basically their way of saying they don't just chase the latest shiny object.
Investing in 2026 is weird. We’ve moved past the "growth at any cost" era and into something much more calculated. If you’re holding a fund like this, or thinking about it, you’ve gotta understand that it isn't just a bet on the Nasdaq.
The Three-Headed Monster of Growth
Most managers pick a lane. Some want the steady-eddy compounders; others want the hyper-growth moonshots. The Winslow team, led by veterans like Justin Kelly and Patrick Burton, splits the world into three distinct buckets. They try to balance these so the fund doesn't fall off a cliff when one specific "flavor" of growth goes out of style.
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- Consistent Growth: These are the "boring" winners. Companies with steady earnings that don't care about the economic cycle.
- Dynamic Growth: This is where the high-octane stuff lives. We’re talking about companies with serious competitive advantages that are basically rewriting the rules of their industry.
- Cyclical Growth: This is the one people miss. These companies are tied to the economy but have some kind of "inflection point"—like a new product or a regulatory shift—that makes them grow way faster than their peers.
Right now, as of early 2026, the fund is heavily tilted toward Information Technology (over 50% of the portfolio), but it’s that small slice of Industrials and Financials that often keeps it from being a total rollercoaster.
What’s Actually in the Box?
Let's look at the guts of the fund. If you check the MLAAX (Class A) or MLAIX (Class I) tickers, you’ll see the top ten holdings often eat up more than 55% of the total assets. It’s concentrated. You aren't buying the whole market; you’re buying a high-conviction list of about 40 to 45 stocks.
- Microsoft (MSFT): Usually the anchor.
- NVIDIA (NVDA): The engine of the current AI-driven market.
- Amazon (AMZN) and Apple (AAPL): The consumer staples of the modern era.
- Broadcom (AVGO) and Meta (META): Serious players in infrastructure and communication.
There's a catch, though. The turnover rate is around 70%. That’s high. It means the managers are active. They aren't just sitting on these stocks for a decade; they are constantly trimming and adding based on where they think the next 24 months of earnings are going.
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The Reality of Fees and Performance
Let’s talk money. Nobody likes fees, and NYLI Winslow Large Cap Growth isn't exactly the cheapest option on the shelf. If you’re in the Class A shares (MLAAX), you’re looking at an expense ratio near 0.94%. That’s a bit of a sting compared to a passive index fund that charges almost nothing.
However, if you have access to the Institutional Class (MLAIX), that fee drops down toward 0.69%. It’s still "active management" pricing, but it’s more competitive.
Performance-wise, it’s been a bit of a tug-of-war. Over the last ten years, the fund has posted strong double-digit returns (averaging over 16% annually in some stretches), but it has a Beta higher than the market. Translation: When the market goes up, this fund usually goes up more. When the market tanks? Yeah, it’s gonna hurt. In December 2025, for example, the fund dipped about 1.5% while the broader category stayed a bit flatter. You’ve gotta have the stomach for it.
Is This Fund Right For You?
Honestly, it depends on what you already own. If your portfolio is already 90% QQQ (the Nasdaq 100 ETF), adding NYLI Winslow Large Cap Growth is basically just doubling down on the same bet. You’re paying an active management fee for a portfolio that might look very similar to what you already have.
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But, if you’re looking for a professional team to navigate the "inflection points" of these big companies—deciding when Apple is "over" or when Nvidia has peaked—that’s where the value is.
Actionable Next Steps:
- Check your overlap: Use a tool like Morningstar’s "Instant X-Ray" to see how much of your current portfolio is already in the "Magnificent Seven." If it's over 40%, this fund might add more concentration than you want.
- Verify your share class: If you’re buying this in a 401(k), you might be getting a "clean" share class with lower fees. If you’re buying through a broker, watch out for front-end loads on Class A shares.
- Look at the "No Preferred Habitat" balance: Every quarter, New York Life releases a fact sheet. Look at the "Cyclical Growth" section. If that number is growing, it means the managers think the economy is about to heat up. If they’re retreating into "Consistent Growth," they’re getting defensive.
Ultimately, this isn't a "set it and forget it" index fund. It's a high-performance vehicle that requires you to actually trust the drivers. If you’re okay with the volatility and the 70% turnover, it’s a powerhouse. If you want a smooth ride? Look elsewhere.