Growth mutual funds are running a close second in 10-year performance to core mutual funds, which invest in both growth and value stocks. But growth funds have been catching up this year. Fueling growth mutual funds’ advance are portfolios like Fidelity OTC . The $12.1 billion fund has risen an average annual 12.29% vs. 4.68% for the S&P 500. The fund has been managed by Gavin Baker since 2009.