In the third quarter, as the stock market defied the pandemic with its rise, managers of three top-performing mutual funds profited from bets as varied as music streaming, solar power and beer cans. One fund in the trio — the Morgan Stanley Discovery Portfolio — has managed to achieve an excellent long-term record, too, beating both the S&P 500 and its peers. The fund returned an annual average of 18.91 percent for the decade that ended Sept. 30, compared with a 13.74 average annual total return for the S&P 500 over the same period. That result put it ahead of 98 percent of the midcap growth funds tracked by Morningstar. Morgan Stanley Discovery PortfolioDennis Lynch lead manager of Morgan Stanley Discovery, said he and his team aim to “collect unique companies that we think can be much larger in the future.”

Source: New York Times October 09, 2020 09:00 UTC