A five-star growth fund has carved out an edge by pairing a major bet on Alphabet with winning positions in the less glamorous machinery behind the AI boom.

Reports indicate the Chase Growth Fund has stayed nimble by moving across market caps instead of locking itself into one corner of the market. That flexibility appears to have helped it outpace the S&P 500, while keeping exposure to both established technology leaders and smaller companies tied to the buildout that makes artificial intelligence possible.

The fund’s strategy suggests the biggest AI opportunities may not sit only with the headline names, but also with the companies building the systems behind them.

Alphabet stands as the fund’s top holding, a clear sign that the manager still sees strength in large-cap tech even after a powerful run. But the more striking part of the strategy sits in what some investors overlook: the “unsexy” side of AI infrastructure. Sources suggest those positions have delivered gains as high as 240%, underscoring how demand for chips, power, networking, and related tools has spread well beyond the most talked-about names.

Key Facts

  • Reports indicate Alphabet is the top holding in the five-star Chase Growth Fund.
  • The fund has moved across market caps to stay agile.
  • Its strategy has kept it ahead of the S&P 500, according to the summary provided.
  • Sources suggest parts of its AI infrastructure exposure have gained about 240%.

The fund’s positioning reflects a broader shift in the market. Investors first chased the most visible AI winners, but attention has widened as the buildout deepens. Data centers, hardware suppliers, and other enabling businesses now sit closer to the center of the story. That shift matters because it points to a market that rewards not just innovation at the top, but the industrial backbone that supports it.

What happens next will test whether this broader AI trade can keep running. If spending on infrastructure holds up, funds with exposure beyond the obvious megacap winners may keep finding room to outperform. If that momentum fades, investors will need to decide whether the next phase of AI still belongs to the builders — or swings back to the platforms that capture the headlines.