Benchmark Selection for Equity Fund Performance Evaluation

Jennifer is a portfolio manager overseeing a large equity fund that is primarily invested in large-cap U.S. technology stocks. The fund's total assets under management are $5 billion, and its investment objective is to outperform the S&P 500 by 200 basis points over a full market cycle. To evaluate the fund's performance, Jennifer must select an appropriate benchmark.

Recently, she has been considering three potential benchmarks: the Russell 1000 Growth Index, the NASDAQ-100 Index, and the MSCI All Country World Index (ACWI). Each of these indices represents different segments of the market.

Which of the following benchmarks would be most appropriate for evaluating the performance of Jennifer's fund?