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New York — Turmoil in megacaps such as Apple is stirring investor anxiety, but for professional stock pickers, it’s mostly good news when the market’s biggest companies loosen their grip.

Since the start of 2021, 57% of large-cap mutual funds have beaten their benchmarks, marking the industry’s best start to a year in almost a decade, data compiled by Goldman Sachs Group shows. A key driver is the easing dominance of megacompanies that funds chronically own too little of...

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