Fund performance

Large-cap funds are generally defined as those that invest in companies with over $10 billion in market capitalization and are often considered safer than small-cap funds.

Funds devoted to modern technology, especially semiconductors, yielded by far the highest returns from fall 2013 to fall 2023.

Researchers found that relatively older mutual fund managers obtained half a percentage point higher annual returns than their relatively young counterparts.

A brutal 2022 for fixed income, the worst year in many decades, took some shine off the decade-long track record of these exchange-traded bond funds.

Not only do the 20 funds in this ranking outperform broader markets, it may be "where investors will excel going forward," according to one expert.

Outsized returns over the long- and- short-term planning horizons come with some caveats.

Deep value managers appear poised to outperform as the country sheds challenges posed by the pandemic, writes Spencer Logan.

"The successful long-term players have the long-term tech driven trends right, and COVID just accelerated and magnified the trends," an expert says.

The long-term leaders carry fees more than twice the broader industry.

Despite long-term outperformance, many of the leading 20 have suffered short-term losses.