After making a name not only for Fidelity but the entire mutual fund industry in the 1980s, the $42.8 billion Magellan Fund is, once again, beating its peers under the management of Harry Lange, The Wall Street Journal reports. So far this year, it has beaten 83% of its growth peers, returning 9.9%--a full 6.3 percentage points ahead of the S&P 500. In fact, 63% of Fidelity’s funds are beating their peers so far this year, compared to only 46% a year ago.

And despite the market’s tremendous volatility of late, Lange said he is optimistic the fund will weather the storm, “particularly regarding the growth companies in which the fund is invested. High-quality companies that can continue to grow earnings ultimately are rewarded by the market.” In addition, Lange said he thinks the volatility will be short-lived.

Fidelity certainly needs to be able to  boast of strong performance, since it’s been losing market share to Vanguard and American Funds.

“The whole conversation about Fidelity and market share is tied directly to the performance of Magellan,” said John Bonnanzio, editor of Fidelity Insight.

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.