Peter Lynch Beat the S&P 500 in 11 of His 13 Years Running Magellan. Here's Why He Says "Turning Over the Most Rocks" Is the Key to Winning.
The legendary Magellan portfolio manager was an explorer himself.
Overview
Before exchange-traded funds (ETFs) took over the investing world, mutual funds were the investment of choice for most retail investors and none was bigger than the Magellan Fund from Fidelity.
Magellan, managed by investing legend Peter Lynch, was the largest mutual fund in the world, peaking at about $102 billion in assets under management in 2000 during the dotcom boom. For perspective, its currently got roughly $27 billion in assets, so its down considerably from its peak as ETFs have boomed. There's also an ETF now, the Fidelity Magellan ETF (NYSEMKT: FMAG).
Details
The fund made its name during the tenure of Lynch, who ran the fund from 1977 until 1990. During that time it went from about $20 million in assets to over $14 billion by 1990. Lynch's legendary status is supported by his performance. Under his management, the fund averaged an annual return of 29.2%, which is among the best in the business. And he beat the S&P 500 in 11 of his 13 years there.
Source
Originally published at www.fool.com.