In a bull market, everyone looks like genius, but you can help clients keep their eye on the ball by having them focus on a fund's alpha instead of just its return. A more solid measure of a portfolio manager's investment savvy, alpha can show which funds are really generating value and and which are just rising along with the market.

Click through to see the 20 mutual funds with the highest alpha,  compared to their respective benchmarks for the past three years. It's worth noting that biotech funds dominated the top of this list, but make sure clients realize that these numbers look back, not forward. Jumping in now could be akin to going to a party when others are leaving. 

All data is from Morningstar.

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