Best Performing Mutual Funds of the Last 10 Years: A Financial Advisor’s Perspective

Updated as of: May 21, 2025

Introduction: Why Long-Term Performance Matters

Mutual funds have long been a staple in portfolios for their ability to deliver diversification, professional management, and tailored exposure to specific sectors or asset classes. Evaluating long-term performance is essential for identifying funds that demonstrate resilience, consistent returns, and strong management practices. This article highlights the best-performing mutual funds of the last decade and offers a broader perspective with 1-, 3-, and 5-year performance metrics to showcase recent trends and shifts. All performance data is standardized to ensure comparability, using total NAV returns as of May 21, 2025.

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Top 10 Best-Performing Mutual Funds: 10-Year Analysis

The mutual funds listed below have demonstrated consistent performance across multiple time horizons. Leveraged and inverse funds are excluded to focus on long-term investment vehicles that align with broader financial planning goals.

1. Baron Partners Fund Institutional (BPTIX)

• Category: Mid-Cap Growth
• 10-Year Return: +510.6%
• Annualized Return: 19.83%
• Key Holdings: Tesla, CoStar Group, Arch Capital Group

Why It Leads:

BPTIX follows a highly concentrated, high-conviction strategy — sometimes holding as few as 10 names — with a unique structure that allows for private investment exposure. Its outsized allocation to Tesla has been a major return driver over the last decade.

Key Investment Themes:

Founder-Led Investing: Focus on owner-operators with long-term vision.

Concentration with Conviction: Willingness to take bold bets on a few transformational companies.

Private Market Exposure: Unique access to SpaceX adds growth optionality.

2. Kinetics Paradigm Fund No Load (WWNPX)

• Category: Large-Cap Blend
• 10-Year Return: +467.0%
• Annualized Return: 18.95%
• Key Holdings: Texas Pacific Land, Grayscale Bitcoin Trust, Dream Unlimited

Why It Stands Out:

WWNPX pursues an unconventional investing approach, often focusing on scarce-asset companies, blockchain infrastructure, and concentrated long-term holdings. It’s an actively managed fund that behaves more like a hedge fund than a traditional mutual fund.

Key Investment Themes:

• Scarcity-Driven Asset Plays: Real estate and royalty models with fixed supply.
• Digital Asset Exposure: One of few mutual funds with meaningful crypto-adjacent holdings.
• Contrarian Strategy: Long periods of underperformance followed by explosive upside.

3. CIBC Nasdaq Index Premium Class (CIB595)

• Category: Large-Cap Growth
• 10-Year Return: +463.9%
• Annualized Return: 18.88%
• Key Holdings: Apple, Microsoft, Amazon, NVIDIA

Why It Works:

CIB595 offers low-cost passive exposure to the Nasdaq-100, making it a Canadian-friendly vehicle to tap into U.S. tech growth. The fund tracks a tech-heavy index that has benefitted from dominant earnings growth and consistent innovation.

Key Investment Themes:

• Mega-Cap Tech Dominance: Index heavyweights have driven bulk of returns.
• Passive Efficiency: Low turnover and fees enhance compounding.
• Global Innovation Access: Canadian investors gain U.S. growth exposure without currency hedging.

4. Fidelity Series Growth Company Fund (FCGSX)

• Category: Large-Cap Growth
• 10-Year Return: +452.0%
• Annualized Return: 18.63%
• Key Holdings: Amazon, Microsoft, Alphabet

Why It Performs:

FCGSX blends high-growth tech with consumer discretionary leaders. Its long-standing manager has emphasized quality, free cash flow, and scalability — all hallmarks of consistent long-term growth.

Key Investment Themes:

Disruptive Tech & E-Commerce: Plays across cloud, retail, and search.

Growth at Scale: Exposure to companies with multi-billion dollar revenue run rates.

Strong Capital Allocation: Companies with high ROIC and reinvestment opportunity.

5. Fidelity Advisor Series Growth Opportunities Fund (FAOFX)

• Category: Large-Cap Growth
• 10-Year Return: +439.2%
• Annualized Return: 18.35%
• Key Holdings: NVIDIA, Meta Platforms, Alphabet

Advisor Appeal:

FAOFX is a staple in many growth-oriented portfolios due to its combination of high-returning tech stocks and consistent manager tenure. The fund excels in market environments favoring innovation and secular growth.

Key Investment Themes:

Mega-Cap Reacceleration: Focused on the strongest names regaining market share.

AI Leadership: Heavy exposure to NVIDIA and Alphabet’s AI arms.

Digital Advertising Recovery: Meta and Google positioned for rebound in ad spend.

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6–10: Additional High Performers

Scotia Nasdaq Index Fund Series A (BNS397) – 10-Year Annualized Return: +17.73%, Cumulative Return: +411.5%
Could offers passive exposure to the Nasdaq Index, capturing the long-term growth of mega-cap tech companies. May be ideal for cost-conscious investors seeking to mirror the index’s performance.

Baron Focused Growth Fund Institutional (BFGIX) – 10-Year Annualized Return: +17.80%, Cumulative Return: +414.6%
A concentrated growth fund with high conviction bets in founder-led, innovative companies. Known for holding positions over long durations and focusing on intrinsic value expansion.

Fidelity Growth Company Fund (FDGRX) – 10-Year Annualized Return: +17.75%, Cumulative Return: +412.2%
This flagship Fidelity fund focuses on large-cap growth stocks across sectors like tech, healthcare, and communication services. It could be well-suited for investors seeking core growth exposure.

Fidelity Series Blue Chip Growth Fund (FSBDX) – 10-Year Annualized Return: +17.71%, Cumulative Return: +410.5%
Targets blue-chip companies with dominant market positions and steady earnings growth. Offers a stable way to participate in long-term equity appreciation across the U.S. growth landscape.

Fidelity Advisor Growth Opportunities Fund I (FAGCX) – 10-Year Annualized Return: +17.53%, Cumulative Return: +402.8%
Focuses on fast-growing companies across large and mid-cap segments. Leverages Fidelity’s research engine to identify early-stage winners in tech and healthcare.

These five funds round out the top 10 with strong long-term track records, diversified growth strategies, and consistent returns — making them compelling options for advisors and investors seeking equity exposure aligned with innovation and performance.

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Short-Term Performance: 1-, 3-, and 5-Year Total NAV Returns

While 10-year returns offer a perspective on long-term performance, shorter time horizons provide insight into recent momentum and market conditions. Below is a breakdown of how these top-performing mutual funds have fared over 1-, 3-, and 5-year annualized total NAV returns as of May 21, 2025.

1-Year Annualized NAV Return: Capturing Recent Trends

Aggressive, growth-oriented strategies dominate the top of the list. Kinetics Paradigm Fund (WWNPX) leads with exceptional returns, while multiple Morgan Stanley funds highlight consistent outperformance in mid-cap and innovation-driven approaches. These top performers reflect a strong tilt toward momentum and thematic equity investing.

Kinetics Paradigm Fund No Load (WWNPX)
1-Year Total Return: +84.47%
A standout performer with a high-conviction, concentrated strategy.

Morgan Stanley Insight Fund A (CPOAX)
1-Year Total Return: +58.58%
Focuses on innovative, high-growth companies across sectors.

Morgan Stanley Inst Growth Portfolio A (MSEGX)
1-Year Total Return: +60.06%
Leverages disciplined growth stock selection, especially in tech.

Transamerica Capital Growth I (TFOIX)
1-Year Total Return: +58.04%
Targets long-term capital appreciation through large-cap growth equities.

Morgan Stanley Inst Discovery Portfolio A (MACGX)
1-Year Total Return: +55.85%
Invests in early-stage growth companies with scalable potential.

Morgan Stanley Inst Inception Portfolio I (MSSGX)
1-Year Total Return: +39.38%
Focuses on new and emerging companies across sectors.

Ave Maria Value Fund (AVERX)
1-Year Total Return: +40.08%
Applies a moral investment philosophy with a value focus.

Morgan Stanley Institutional Advantage Port I (MPAIX)
1-Year Total Return: +50.58%
Seeks consistent alpha through fundamental growth investing.

Independent Franchise Partners US Equity Fund (IFPUX)
1-Year Total Return: +26.36%
Emphasizes quality U.S. businesses with durable franchises.

Marsico Midcap Growth Focus Fund Investor (MXXIX)
1-Year Total Return: +29.61%
Targets fast-growing mid-cap companies with strong fundamentals.

3-Year Annualized NAV Return: Post-Pandemic Growth

This group of funds reflects a strong tilt toward active management, concentrated growth strategies, and tactical positioning across U.S. equities. Leading performers tend to favor small- and mid-cap exposure, innovation-driven companies, and flexible allocation models — all contributing to outsized returns relative to peers.

Kinetics Paradigm Fund No Load (WWNPX)
3-Year Total Return: +151.3%
Annualized Return: 35.92%
High-conviction, concentrated strategy that consistently tops multi-year rankings.

One Rock Fund (ONERX)
3-Year Total Return: +143.2%
Annualized Return: 34.44%
A strong performer in small and mid-cap growth equities with tactical exposure.

Permanent Portfolio Aggressive Growth Portfolio I (PAGRX)
3-Year Total Return: +109.0%
Annualized Return: 27.84%
Blends global equity and strategic allocation to capture high-growth trends.

IA Clarington Loomis U.S. All Cap Growth Fund F (CCM9830)
3-Year Total Return: +107.1%
Annualized Return: 27.44%
Invests in high-growth U.S. equities across all market caps.

Ave Maria Value Fund (AVERX)
3-Year Total Return: +79.74%
Annualized Return: 21.56%
Focuses on moral investing with a value tilt and solid track record.

Counsel U.S. Growth Srs F (CGF707)
3-Year Total Return: +103.3%
Annualized Return: 26.65%
U.S. large-cap growth exposure with strong consistency and low volatility.

Alger Focus Equity Fund Z (ALZFX)
3-Year Total Return: +112.7%
Annualized Return: 28.58%
Concentrated growth strategy with a focus on innovation leaders.

Loomis Sayles Growth Fund Y (LSGRX)
3-Year Total Return: +100.9%
Annualized Return: 26.16%
Long-tenured growth managers focused on fundamental bottom-up stock picking.

Catalyst Insider Buying Fund A (INSAX)
3-Year Total Return: +94.25%
Annualized Return: 24.75%
Leverages insider trading data to identify potential undervalued opportunities.

Federated Hermes MDT Large Cap Growth Fund Inst (QILGX)
3-Year Total Return: +91.83%
Annualized Return: 24.23%
Targets consistent alpha through quantitative large-cap growth models.

5-Year Annualized NAV Return: Resilience Through Market Cycles

These funds highlight strategies focused on small- and mid-cap equities, value tilt, and long-term capital appreciation through concentrated positions. The leaders showcase the benefits of differentiated research and flexible mandates in navigating volatile markets.

Kinetics Paradigm Fund No Load (WWNPX)
Total Return (5Y): +320.5%
A highly concentrated, idiosyncratic fund that has outpaced peers by targeting disruptive and underappreciated opportunities.

Aegis Value Fund I (AVALX)
Total Return (5Y): +256.2%
Focuses on deep value U.S. equities with a contrarian approach; emphasizes smaller-cap stocks trading below intrinsic value.

Invesco Small Cap Value Fund Y (VSMIX)
Total Return (5Y): +238.5%
Targets undervalued small-cap names with strong fundamentals, benefiting from market cycles favoring value styles.

Hennessy Cornerstone Mid Cap 30 Fund Institutional (HIMDX)
Total Return (5Y): +234.8%
Employs a rules-based strategy investing in high-performing mid-caps with consistent earnings and attractive valuations.

Baron Partners Fund Institutional (BPTIX)
Total Return (5Y): +225.3%
Known for concentrated bets in high-growth sectors and long-term holdings, often with a tech or innovation focus.

One Rock Fund (ONERX)
Total Return (5Y): +217.9%
A boutique growth fund with thematic exposure and alpha generation through active stock selection.

Baron Focused Growth Fund Institutional (BFGIX)
Total Return (5Y): +202.2%
Focuses on long-duration growth potential in mid- and small-cap companies, with high conviction holdings.

Ave Maria Value Fund (AVERX)
Total Return (5Y): +200.0%
Applies a values-based screen with a focus on fundamental strength and downside risk protection.

Oberweis Micro-Cap Fund Institutional (OMCIX)
Total Return (5Y): +199.0%
Targets high-growth micro-cap companies often overlooked by larger funds, offering unique alpha potential.

Hennessy Cornerstone Growth Fund Investor (HFCGX)
Total Return (5Y): +198.0%
Invests based on a disciplined value-growth blend, with emphasis on companies with strong price momentum and earnings.

Key Takeaways

• Diversified growth and concentrated value strategies have dominated returns, with top funds leveraging themes such as small- and mid-cap exposure, innovation-driven stock selection, and high-conviction positioning.
• Five-year leaders reflect disciplined investment philosophies focused on underappreciated companies, often outside of mega-cap tech, signaling strong alpha potential beyond traditional benchmarks.
• Three-year performers highlight consistent alpha generation from concentrated bets in value and all-cap growth strategies, with elevated risk-reward profiles that rewarded selectivity.
• One-year standouts showcase a rebound in active management, especially among funds targeting disruptive innovation, focused growth mandates, and fundamental research-driven portfolios.

By using YCharts’ Mutual Fund Screener and Fundamental Charts, advisors can analyze historical performance trends, compare funds side by side, and ensure alignment with client investment goals.

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Mutual Fund Trends to Watch in 2025

Recent mutual fund performance reveals shifts in investor behavior and strategic positioning that may influence fund selection and portfolio construction moving forward. Here are the key trends advisors and asset managers should monitor:

• Rise of Concentrated, High-Conviction Strategies – Several top-performing funds exhibit focused allocations in a limited number of names or sectors, reflecting a move toward alpha-seeking strategies over broad diversification. This underscores the value of manager conviction and research depth in generating outsized returns.
• Small- and Mid-Cap Resurgence – Many of the highest-returning funds over the past 1 to 5 years have leaned into small- and mid-cap equities, signaling a renewed investor appetite for undervalued growth opportunities beyond mega-cap names.
• Blending Growth with Defensive Tilt – The most consistent performers are those that combine upside capture with downside protection—often through balance sheet quality, earnings consistency, or selective exposure to sectors like healthcare or financials.
• Manager-Led Innovation vs. Passive Replication – The divergence in performance between actively managed mutual funds and passive benchmarks highlights the value of stock picking and risk management, especially in volatile or uncertain market environments.
• Pressure on Costs and Structure – With several mutual funds continuing to outperform despite higher expense ratios, fee scrutiny remains high. However, value justification through performance may slow the pace of conversions to ETFs in select active strategies.

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How YCharts Can Help You Analyze the Best-Performing Mutual Funds

The mutual funds highlighted in this blog demonstrate the importance of in-depth analysis and data-driven decision-making. YCharts equips financial professionals with the tools needed to evaluate and compare mutual funds effectively.

1. Evaluate Long-Term Performance Trends

YCharts’ Fundamental Charts allow users to track the historical performance of funds across 1-, 3-, 5-, and 10-year time horizons. You can identify which funds consistently outperform their peers and provide context for your investment strategies.

2. Compare and Filter Funds with the Mutual Fund Screener

The Mutual Fund Screener simplifies finding funds based on key metrics such as:

• Peer group categories (e.g., Technology or Growth).
• Expense ratios, Sharpe ratios, and total returns.
• Sector allocations for targeted strategies in high-performing industries like technology or energy.

3. Build Customized, Client-Friendly Reports

YCharts’ Report Builder helps professionals create branded, compliance-ready reports highlighting the performance and characteristics of funds. Use these reports to showcase the consistency of top funds like BPTRX or FSELX to your clients.

4. Monitor Market Trends with Visualizations

YCharts’ charting tools visualize trends in mutual fund performance, sector allocations, and macroeconomic data. Advisors can use these visuals to:

• Compare the returns of top funds in the technology and growth sectors.
• Present clear, client-facing insights on how specific funds align with portfolio goals.

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Conclusion: Why Long-Term Performance Matters

The best-performing mutual funds of the past decade highlight the value of disciplined investing and the importance of aligning fund selection with client objectives. Whether focusing on growth, income, or diversification, these funds showcase the potential of a well-constructed portfolio.

For financial professionals, leveraging tools like YCharts provides an edge in identifying, evaluating, and communicating the opportunities presented by these high-performing funds. By staying informed and proactive, advisors can guide their clients toward better investment decisions in a dynamic market landscape.

Whenever you’re ready, there are 3 ways YCharts can help you:

1. Looking for a tool to help you better communicate market events?

Send us an email at hello@ycharts.com or call (866) 965-7552. You’ll be directly in touch with one of our Chicago-based team members.

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