Investment funds

The top 20 performers nearly doubled the gains of their peers over the period.

The 20 mutual funds in this ranking outpaced broader markets over the past year with an average gain of more than 68%.

Selective bets on undervalued stocks are paying off as unloved value and cyclical strategies fall into favor.

Over the past year, the 20 mutual funds in this ranking have an average gain of more than 100%. Their fees are also more than twice the broader industry.

The changes mark a new phase in the tug-of-war between the structures.

The 20 funds in this ranking shed more than $793 billion over the period.

The firm has been locked in a contest with runner-up Vanguard for flows, with the latter winning last year for the first time since 2013.

“Honestly, it’s a little frightening,” said Joel Schiffman, who oversees defined contribution products in North America for Schroders.

The funds are one of the largest forms of short-term debt vulnerable to investor runs in our financial system, writes former CFTC Chairman Timothy Massad.

Here are the industry’s top 20, which brought in more than $700 billion in assets.