The average large-cap growth mutual fund has been left out in the cold the past 15 years, while small- and midcap growth funds have zoomed past the broad stock market. But top-performing large-cap growth mutual funds have given smaller caps a run for their money. Manning & Napier Equity Fund has generated an average annual return of 8.32% for investors the past 15 years vs. the S&P 500’s 4.44%, according to Morningstar data.