12 Mutual Funds That Will Make You Rich in 2024

Investing in mutual funds is an excellent strategy to build a diversified portfolio without the need for individual asset research. While mutual funds generally offer more security than individual assets, choosing the right ones can be overwhelming due to the wide spectrum of risk levels. To simplify this process, GOBankingRates has curated a list of some of the best funds for 2023, covering a range of risk profiles. Here's how these funds were selected and a breakdown of 12 standout options.

Selecting the Finest Mutual Funds for 2024

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GOBankingRates utilized several critical factors to identify the top mutual funds for 2023. These factors include:

• Performance Metrics: Evaluating both year-to-date and long-term performance to gauge a fund's consistency and potential for growth.
• Fund Tenure: Considering the number of years since the fund's creation as an indicator of stability and experience.
• Manager Tenure: Assessing the tenure of the fund managers to ascertain their expertise and track record.
• Morningstar Rating: Incorporating Morningstar's ratings to comprehend the fund's risk and return potential.
• Fees: Analyzing brokerage fees and expense ratios to understand the cost-efficiency of the fund.
• Risk and Income Comparison: Comparing risk and income levels across different fund types.

Now, let's delve into 12 of the top mutual funds for 2023, categorized by their strengths.

Leading Stock Mutual Funds with Low Expense Ratios

An essential factor in mutual fund evaluation is the expense ratio, indicating the portion of assets allocated to operating expenses. Lower ratios signify higher asset allocation for investment.

1.BlackRock Mid-Cap Value Fund Investor A Shares (MDRFX)

YTD Performance: 2.98%

5-Year Performance: 8.49%

10-Year Performance: 8.70%

Expense Ratio: 0.99%

2.Madison Dividend Income Fund Class Y (BHBFX)

YTD Performance: -4.57%

5-Year Performance: 9.14%

10-Year Performance: 9.70%

Expense Ratio: 0.91%

3.Putnam Large Cap Value Fund Class A (PEYAX)

YTD Performance: 1.84%

5-Year Performance: 10.11%

10-Year Performance: 10.54%

Expense Ratio: 0.89%

4.Janus Henderson Balanced Fund Class T (JABAX)

YTD Performance: 6.31%

5-Year Performance: 7.85%

10-Year Performance: 8.08%

Expense Ratio: 0.82%

5.BlackRock Sustainable Balanced Fund Investor A Shares (MDCPX)

YTD Performance: 6.31%

5-Year Performance: 7.21%

10-Year Performance: 7.84%

Expense Ratio: 0.82%

6. Fidelity Multi-Asset Income Fund (FMSDX)

YTD Performance: 4.54%

5-Year Performance: 9.24%

Expense Ratio: 0.75%

7.Calvert Core Bond Fund Class A (CLDAX)

YTD Performance: 2.15%

5-Year Performance: 3.39%

10-Year Performance: 3.52%

Expense Ratio: 0.74%

8.Payden High Income Fund Investor Class (PYHRX)

YTD Performance: 4.17%

5-Year Performance: 4.36%

10-Year Performance: 3.96%

Expense Ratio: 0.60%

9.Guggenheim Core Bond Fund Class P (SIUPX)

YTD Performance: 2.90%

5-Year Performance: 1.06%

10-Year Performance: 2.49%

Expense Ratio: 0.78%

10.Fidelity OTC Portfolio (FOCPX)

YTD Performance: 21.75%

5-Year Performance: 13.56%

10-Year Performance: 16.94%

Expense Ratio: 0.81%

11.Fidelity Select Health Care Services Portfolio (FSPHX)

YTD Performance: 4.13%

5-Year Performance: 10.52%

10-Year Performance: 13.86%

Expense Ratio: 0.69%

12.T. Rowe Price All-Cap Opportunities Fund (PRWAX)

YTD Performance: 10.86%

5-Year Performance: 14.24%

10-Year Performance: 15.49%

Expense Ratio: Not Provided

Making Informed Investment Choices

Selecting the right mutual funds for your investment goals is a crucial decision. By considering performance metrics, fund tenure, manager expertise, ratings, fees, risk, and income levels, you can confidently make strategic investment choices. These carefully curated mutual funds offer a spectrum of options to suit different risk appetites and return expectations. Always keep in mind that investing involves inherent risks, and conducting thorough research is key to making sound financial decisions.