(Bloomberg) -- Jeffrey Gundlach reached $50 billion in assets at his main mutual fund on Wednesday, the fastest an active stock or bond manager has achieved the milestone.

The growth of the DoubleLine Total Return Bond Fund has been fueled by a combination of investor deposits and successful bets on the mortgage market and other assets since its April 2010 inception. With annualized returns of 5.7% in the past five years, the fund has outperformed 99% of its competition, according to data compiled by Bloomberg.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.