Nobody wants volatility. But everyone wants capital appreciation, and if there's cash thrown in, all the better.

Large-cap and growth have been two ugly beasts over the past five years. But people need stability right now -- hence large-cap -- and growth has gotten so cheap that all the indices that track growth stocks have lower price-to-earnings ratios than the value indices. That's why I feel strongly that the winds are changing toward growth and large-cap.

However, let's play it safe and find the large-cap growth stocks that are most likely to succeed and then cement the deal with a nice steady dividend check every quarter. That way, if the market ever slips, it won't bring our friends with it. On Stockpickr, we've set up a portfolio of the Highest-Yielding Large-Cap Growth Stocks.

First on the list is Telefonica of Argentina ( TAR), a Buenos Aires-based company that provides both business and residential telecommunications services throughout Argentina. The stock has an extremely high P/E ratio of 247; however, it yields 10% based on its latest annual dividend. Telefonica of Argentina has been paying dividends for 12 years. This is one of the stocks on the Stockpickr list of high-yield Argentina Stocks.

Telecom Italia ( TI.A) is another telecommunications company, this one based in Rome but with operations in both Europe and South America. Its P/E is a reasonable 10.7, and its P/E-to-growth ratio is 3.6. The stock carries an annual dividend rate of 7.4%.

To watch Gregg Greenberg's video take of this column, click here .

We now move on to Southern Copper ( PCU), a Phoenix-based mining company with operations in Peru, Mexico and Chile. Its P/E is 12, and it pays a yield of 6.9%. The stock has paid dividends quarterly for the past 10 years.

Another attractive feature of this stock is that it is a holding of both Zweig Dimenna Partners and Pequot Capital Management. Other top holdings of Pequot include J.C. Penney ( JCP) and Foster Wheeler ( FWLT).

Finally, there's United Utilities ( UU), a company that provides electricity, water and wastewater services in the Northwestern part of England. It has a P/E of 32, but its yield is 6%. Dividends have been paid twice a year for the last eight years.

United Utilities has been added to the portfolio of PowerShares Water Resources (PHO), an exchange-traded fund that tracks the Palisades Water index, which invests in the common stocks of companies in the water industry. PHO has returned 17% over the last year. Among its other components are Tetra Tech ( TTEK) and Danaher ( DHR).

United Utilities also makes the Stockpickr list of More High Yield Stocks You've Never Heard Of. All this makes it not a bad play to consider.

For the rest of the top 10 large-cap growers that pay, check out the Highest-Yielding Large-Cap Growth Stocks portfolio on Stockpickr.com.
At the time of publication, Altucher and/or his fund had no positions in stocks mentioned, although positions may change at any time.

James Altucher is president of Stockpickr LLC, a wholly owned subsidiary of TheStreet.com and part of its network of Web properties, and a managing partner at Formula Capital, an alternative asset management firm that runs several quantitative-based hedge funds as well as a fund of hedge funds. He is also the author of Trade Like a Hedge Fund and Trade Like Warren Buffett. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Altucher appreciates your feedback; click here to send him an email.

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