A Wall Street oracle has dropped the software titan of the same name from his list of favorites, which means it's also coming out of his big, sagging growth fund.

After a spate of

high-level departures, softwaremaker

Oracle

(ORCL) - Get Report

was down some 15% in Monday morning trading. At the same time,

PaineWebber

Chief Global Strategist Ed Kerschner dropped the stock from his Highlighted Stocks list.

The move doesn't just mean the stock isn't far from the guru's heart, it also means it will soon to leave the

(PWKAX)

PaineWebber Strategy fund's portfolio too. That's because the broker-sold fund, which raised a

record $2.1 billion in a six-week subscription period last year, is designed to hold the growth stocks on Kerschner's Highlighted Stocks list.

As of Aug. 31, the most recent portfolio data available, some 3.5% of the fund's assets were invested in Oracle, making it the fund's fifth-largest holding, according to

Morningstar

.

The fund sells stocks after it's announced that they're off the list, according to its prospectus. Of course, shareholders might say much of the damage has already been done: Oracle was only up some 3% on the year before today's selloff. The fund, launched with much fanfare, has lost 26.2% since Jan. 1, trailing the

S&P 500

index by more than 20% and ranking in the bottom 2% of large-cap growth funds, according to Morningstar.

Of course, plenty of the fund's peers are also getting hit by Oracle's tumble. The stock was in more than 50% of big-cap growth funds on Oct. 31, according to Morningstar.