Goldman says these stocks have produced the best risk-adjusted returns for mutual funds

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Mutual fund managers have been able to generate alpha outside of Big Tech stocks this year, and some stocks have contributed sizeable gains.

Mutual fund managers have been able to generate alpha outside of Big Tech this year, with some stocks contributing sizeable gains, according to Goldman Sachs. The Wall Street bank analyzed the quarter-end positioning of 528 mutual funds with a combined $2.8 trillion in equity assets. Goldman found that large-cap core have struggled this year due to their underweight in the largest tech stocks, which have led the market rally.

"Alpha generation elsewhere in the portfolio was aided by high return dispersion, falling stock correlation and a widening of market breadth in recent months." Alpha refers to the excess returns of a fund relative to its benchmark — on a risk-adjusted basis. The portfolio of the average large-cap mutual fund — which consists of the average positions across large-cap core, growth and value funds — has lagged the Russell 1000 by 136 basis points so far this year, Goldman said.

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