This is why investors who want to get exposure to these sectors often use passively managed funds, which can deliver strong returns at a lower cost.
Over the last five years, not a single actively managed US fund in the IMA universe has made it into the top-10 best performers in the IMA North America sector.
Only the GAM North American Growth fund has come close, ranking 11th, behind several niche trackers that have surged ahead of their actively managed counterparts.
The best performer overall was the First Trust Dow Jones Internet Index ETF, which delivered 169.19 per cent.
Of course, the everyday investor is likely to view a vehicle such as this as a little too specialist for their taste, but a number of more mainstream options are also available.
Here are five cheap options that investors may wish to consider for their portfolio:
iShares S&P 500 Growth Index ETF
Over the last five years, only the GAM North American Growth and Threadneedle American Extended Alpha funds have outperformed this $7.3bn ETF, which aims to mirror the performance of US large cap growth stocks such as Apple, Coca-Cola and Microsoft.
With a total expense ratio (TER) of just 0.18 per cent, it is just a fraction of the cost of the average open-ended fund in IMA North America.
The iShares S&P 500 Growth Index Tracker has made 90.4 per cent over five years, replicating the performance of the S&P 500 Growth index with a tracking error of 6.78 per cent.
The IMA North America sector made 62.51 per cent over the period, while the S&P 500 index gained 72.78 per cent.
The ETF has continued to outperform the sector over three years, but performed broadly in line with actively managed funds over the shorter term.
It is available to UK investors via a number of platforms.
Royal London US Tracker
Royal London US Tracker has followed the FTSE World USA index with a tracking error of just 3.99 per cent – the lowest on this list – over the last five years.
Over that period, it has made 73.7 per cent, falling short of its index by 6.41 percentage points. It has beaten the average fund in the IMA North America sector, however.
Performance of fund vs sector and index over 5 yrs
Source: FE Analytics
Apple, Exxon Mobile and Microsoft are the three biggest holdings.
It has a nominal yield of 1.22 per cent.
The fund requires a minimum investment of £500,000, but Royal London is in the process of rolling out its passive range on UK platforms, which will be available to UK investors in the coming weeks.
The ongoing charges figure (OCF) is 0.22 per cent.
Vanguard Growth ETF
With a TER of just 0.1 per cent, the Vanguard Growth ETF is the cheapest on the list. It falls just behind the iShares tracker over five years, returning 87.81 per cent, according to FE Analytics.
The $8.5bn fund replicates the MSCI US Growth index and has a tracking error of 7.5 per cent. The index has gained 87.42 per cent over the last five years.
Performance of fund vs index over 5 yrs
Source: FE Analytics
Similar to the iShares tracker, the Vanguard portfolio is invested in S&P 500 growth stocks such as Apple, Google and Coca-Cola.
The ETF is the most varied of the portfolios on this list – being the only one to hold US home improvement and construction company Home Depot, US-based semiconductor firm Qualcomm and computer technology company Oracle in its top-10.
It is also available via platforms.
BlackRock CIF North American Equity Tracker
The £1.5bn BlackRock CIF North American Equity Tracker fund has the second-lowest tracking error relative to its benchmark of any fund on this list, at just 4.78 per cent.
It has consistently outperformed the IMA North America sector over one, three and five years and remained in line with the index that it tracks – the FTSE World North America index – over each period.
Over the last five years, it has made 71.27 per cent, while the index has gained 76.32 per cent, according to FE Analytics.
Performance of fund vs sector and index over 5yrs
Source: FE Analytics
It has a marginal yield of 1.32 per cent – the highest on this list.
It has an ongoing charges figure (OCF) of 0.22 per cent and is available via numerous platforms.
L&G US Index
Another option for core US equity exposure is the £1.3bn L&G US Index fund.
It has an OCF of 0.82 per cent – high compared with the other trackers in this list – and requires a minimum investment of £500.
The fund has outperformed the IMA North America sector over one, three, five and 10 years, and has kept in touch with its FTSE USA Index benchmark.
Over the last half-decade, it has made 70.38 per cent, compared with 80.11 per cent from the index and 62.51 per cent from the sector.
Unsurprisingly, the fund is made up of the largest companies in the US, with Apple featuring as its number-one holding.
It is the only vehicle on the list that includes US telecommunications corporation AT&T in its top-10.