SWLGX lagging performance for past year

Hi everyone,

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Just wondering what people's thoughts are on SWLGX underperforming SWPPX for the past year while other growth etfs like QQQM, SPMO, VGT, etc have been outperforming the S&P500.

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https://totalrealreturns.com/n/SWLGX,SWPPX?start=2025-06-01

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The end difference between SWLGX and SWPPX isn't much but it's just weird how long this has been happening. My best guess is that the heavy weighting in Microsoft has been holding SWLGX back. I am hoping this changes in the June reconstitution. Overall I am not sure Microsoft is going to make a strong comeback anytime soon.

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Best wishes to everyone and their choice of growth fund.