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Top Fund Manager - Peter Lynch


On January 19, 1944, one of the most influential and top mutual fund investors was born. Peter Lynch graduated from Boston College and the University of Pennsylvania and, as of 2006, had a net worth of $352 million.
Beginning in 1966, Peter Lynch was a mere intern with the very popular Fidelity Investments. He was brought on mainly because he was a golf caddy for some of the predominant figures within the company. He later left his internship to serve in the army for a short period, only to come back in 1969 and be hired permanently.
Over a short period of time, Lynch worked his way up from a researcher that researched companies in the mining, metals, textiles, and chemicals industries to Director of Research in 1974. By 1977 he was put in charge of the $18 million in asset Magellan Fund. Between 1977 and 1990 the fund grew to an astounding $14 billion under Peter Lynch's management. This is an average compound annual return of 29.2%, which is the fund's annual performance rate and can be considered almost impossible by the standards of many mutual fund managers and was achieved over a 13 year period.
As for why Peter Lynch was such a successful mutual fund manager, he used a number of strategies. The most popular was to simply invest in what you know. If you are not sure about a company's performance or you are treading on waters that you are unfamiliar with, simply don't make the investment. This is a strategy that works for those getting started in investing and for those who do not have the time to make the in depth evaluations of a company's financial standing.
Currently, Peter Lynch continues to work as a research consultant for Fidelity Management and Research Company. He is also their part-time vice chairman, spending much of his time ensuring the young analysts within the company know what to look for in a quality mutual fund.
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