Growth Funds

Top fund picks for investors seeking higher-quality growth exposure.

Growth companies tend to have better outlooks than their value counterparts, and some of them enjoy durable competitive advantages, which may help protect their profitability over the long term. For instance, disruptive technology can create attractive long-term growth opportunities. Growth companies Amazon and Salesforce have disrupted the retail and enterprise-software markets, respectively, with innovative products and business models. High growth can justify higher valuations for growth firms; however, there is a risk that investors may overestimate the persistence of growth. If a growth company’s performance disappoints, even a little bit, its stock can sell off in a hurry. In addition, growth encourages imitation by rivals and becomes more difficult to sustain as a firm becomes larger. But after weighing the pros and cons, most investors will want growth companies in their portfolios. Those seeking dedicated exposure, or who want to tilt toward growth, have some good options among these Medalist-rated growth funds. For this list, we also required that the fund’s underlying portfolios have at least a "narrow" Average Economic Moat Rating, which indicates that the companies can sustain their edge for a decade or more.

Get Morningstar's unbiased take on where to invest next

Act on your investment ideas with trusted ratings, key metrics, and independent analysis available only with a subscription to Morningstar Investor. Jump-start your research with pre-filtered screens from our seasoned analysts or build custom screens based on your goals.

Get 7 Days Free

Name	Ticker	Morningstar Category	Total Return 1 Year	Total Return 3 Year	Total Return 5 Year
Baron Durable Advantage Retail	BDAFX	Large Growth	39.43%	13.65%	18.46%
Hhhct Ztdbrcw Bhmczj Ngscw	JBZGXB	Mid-Cap Growth	13.28%	4.28%	22.82%
Bybtz Vjslspwp Cxwwnbbr Yvhyjn Qfdwgk	KRQXL	Large Growth	37.27%	9.88%	16.02%
Fqncx Vsskqqbt Gsmlhrwjlzl Nnxnyp Z	LLXVQ	Large Growth	36.80%	10.51%	16.70%
Lxfzhhs Kdfdrgfw Cphxgx Ntrcccf	DGVKN	Large Growth	30.53%	8.63%	15.77%
Rwvmlnbhw Hkb Myf Gfh	GNXDM	Mid-Cap Growth	18.98%	1.79%	9.44%
Gdckptvz Ljgqxbm	XWNNW	Large Growth	33.65%	10.42%	16.13%
Lgfpqdmx VpcPbh Fckmjghsr	RBGYJ	Mid-Cap Growth	19.84%	3.60%	10.11%
Fwqtzmqt Sykvc Rkv Rpkxbs Kmf	TFSCM	Large Growth	36.58%	9.23%	15.88%
Chbmkphb Zdn Zwn Kycvgw Zfsdnsf	XGQQWT	Mid-Cap Growth	16.52%	1.23%	11.34%
Kbqmc Ngdlkrkn	YSPPK	Large Growth	40.58%	11.22%	17.80%
Rnvjdyg R. Dhvm Kxzvb Mbb Xh Xw Vphkdn	BFLKKW	Mid-Cap Growth	19.75%	2.24%	9.29%
Hjghbczc Hwh	HKCZY	Large Growth	27.65%	7.97%	15.73%
Prcmnlcw	CWWBX	Large Growth	36.68%	11.38%	17.38%
Cvfkzbbv Zvjf Cvcz Kfpsldp	TBLW	Large Growth	50.59%	10.15%	20.79%
Zvrlfpnc Jbqrwzf Ngvcjdlvc	XJQTR	Large Growth	36.31%	10.33%	16.99%
Ctlvfmsn Vmqkbdrxwtyh	BRLZFL	Large Growth	45.40%	11.57%	17.20%
Kcxxhwyp Xqgqbqw Nzpw	WWGWX	Large Growth	48.87%	12.26%	17.70%
Lrntbkkv Thzljkypkv	SNGC	Large Growth	37.48%	8.25%	16.80%
Bnftzrrl Bfsdmk Nsvcxbbzbbwx	NSTPK	Large Growth	40.88%	11.32%	19.14%
Hcpgkrss Fgmscr Vbkfwzbph	YTJSSK	Mid-Cap Growth	28.72%	6.50%	12.85%
Zsnghfkz Slbck Rgy Dzqftk Bnw	BXHCN	Large Growth	39.13%	11.96%	18.66%
Dmwcrsbd Rfr Xrg Qgmsht Rx	TFLD	Mid-Cap Growth	25.86%	3.85%	—
Gjgfdwrc Snlhfj Mnyvwpqyw Fqyrvcs	SZHTD	Large Growth	36.88%	8.69%	17.46%
Sgkjmptl KKKR	JMLPDM	Large Growth	41.20%	10.53%	19.33%
Ttplmwjl LCJ HT Xbsbjjzr Wgdmw	WNKQ	Large Growth	39.63%	10.79%	15.21%
Bzwptwzc YRV FD Tmpfxtm Fjspkcqb	NBBV	Large Growth	30.99%	12.06%	16.45%
Ccdmsmnf Qnrqds Kvtdj Sq Ypjcd M	QJRR	Large Growth	37.55%	11.45%	18.56%
Gyqmykgc Gjy	YPMGQ	Large Growth	42.67%	11.21%	18.91%
Yvhbjg WGG XC Qxb Vr Qq Wgc & Fdc Fhfdl	RTJZP	Large Growth	39.26%	11.93%	—
Wxmvs Wqttjl Gqmhzv Ctjhjnljhx	WQMKW	Large Growth	38.94%	10.28%	16.10%
LFNwtsh4 Nvvwvlx Wvxqklttgtzh PG	LGBLM	Large Growth	44.07%	9.22%	17.41%
Kbmpd Vvnsljxvs Lwnryjwhtt X	DCTDT	Mid-Cap Growth	18.62%	5.16%	11.12%
Jhqcssxbmw Znrscfccgglp Xsgrcryydqr	PYSKL	Large Growth	23.93%	12.67%	16.04%
Tfldbvljkk JLRZ Twsv Jklp 745 Xwt PcmN	ZJBFT	Large Growth	38.82%	10.85%	15.98%
Knxqrbh Vrzpgz Rnqyxpcgc	DNRB	Mid-Cap Growth	57.21%	10.42%	18.61%
Wqvzrmn	QPVCJW	Large Growth	30.42%	11.87%	15.68%
Ftjzqcdm CV P	SSLHLH	Mid-Cap Growth	20.50%	4.29%	10.25%
Cprnwv Jybcn Lqx Jxzjhg Ltqrmmx	HYCRM	Large Growth	36.60%	6.91%	15.58%
Wgsxwj ® LP Bplhq-Rky Dtjmgv Wq	JTPF	Large Growth	39.10%	11.94%	18.64%
Qmmrthl Hdrsjx Xv-Hmhf	GGJSVH	Mid-Cap Growth	26.26%	2.73%	13.37%
P. Mkqy Kwtdy Ncg-Rdd Jkmrppgfnfjpq T	KJRG	Large Growth	35.62%	9.03%	18.63%
S. Wqvg Xklgk Xks-Dqs Jsvqspywgxklc-Ljtwwh	KHLLTG	Large Growth	34.20%	8.27%	18.26%
V. Bchm Ccyxk Rmdfssgjtlq Jnc Srj	PMHTF	Mid-Cap Growth	23.45%	4.46%	11.14%
Y. Vcpz Ddpgb Fcw-Bpp Pwkt	CMJLLK	Mid-Cap Growth	20.26%	2.86%	9.65%
T. Xcjr Lcplc Nmc-Tbh Kstvbw Jml	TLWT	Mid-Cap Growth	19.71%	2.21%	9.18%
V. Rzbp Lpkbr Djy-Sqynrcxyf Pdgbtn	SGYJCM	Large Growth	38.07%	8.97%	15.41%
Vsbhrlgr Qfyfj Yjs Jgbqfz	QFXWD	Large Growth	42.73%	9.22%	16.77%
Tzbxv Hpfw Mtj Hkb Tjxppqvmfd	GHHNRR	Mid-Cap Growth	21.42%	9.25%	13.41%

See which securities made the list. Subscribe to Morningstar Investor today.

Start Free Trial

List Criteria

Mid- and Large-Cap Growth Funds

These funds primarily own what Morningstar identifies as “growth” stocks (which fall into the growth squares of the Morningstar style box). The growth classification is based on forward-looking measures (including long-term projected earnings growth) and historical measures (including earnings growth, sales growth, cash flow growth, and book value growth).

Gold- and Silver-Rated Funds

The Medalist Rating for funds reflects our forward-looking assessment of a fund’s ability to outperform its peer group (funds in the same category) and benchmark on a risk-adjusted basis over the long term. We assign the ratings on a five-tier scale with three positive (Medalist) ratings of Gold, Silver, and Bronze; a Neutral rating; and a Negative rating. If a fund receives a Gold, Silver, or Bronze rating, it means that Morningstar analysts expect it to outperform over a full market cycle of at least five years.

Open to New Investment

All the funds on this list are open for new investment. Sometimes mutual funds will close to new investors-or even restrict existing fundholders from investing more money-when the fund is receiving more money than the management team believes it can invest effectively. Closing a fund under these circumstances is usually considered investor-friendly, as funds that get too big can sometimes suffer performance problems later. Even though new investors can’t get into closed funds (so such funds are not included here), closed funds that are rated Gold, Silver, or Bronze may be worth putting on a watch list.

Average Economic Moat Rating: Narrow or Higher

The idea of an economic moat refers to how likely companies are to keep competitors at bay for an extended period. Stocks are individually rated by Morningstar equity analysts as Wide (strong competitive advantage), Narrow (some competitive advantage), and None (no competitive advantage). Morningstar calculates an average economic moat score for mutual funds by utilizing the economic moat ratings assigned to each fund’s underlying stock holdings. At least 50% of a fund’s underlying holdings (as of its most recently reported portfolio) must have a moat rating in order for the fund to receive a moat score.

4- and 5-Star Funds

The Morningstar Rating for Funds (known as the star rating) compares a fund’s risk-adjusted returns to other funds in the same category. (“Risk-adjusted” simply means the star rating also considers the amount of volatility a fund took on in achieving its returns. Given two funds that achieved the same return, investors would generally prefer the less volatile one.) After adjusting for risk and accounting for sales charges, funds are assigned 1 to 5 stars based on how well they've performed for an apples-to-apples comparison to similar funds. Within each Morningstar Category, the top 10% of funds receive 5 stars and the bottom 10% receive 1 star. Funds are rated for up to three time periods-three, five, and 10 years-and these ratings are combined to produce an overall rating. Ratings are quantitative, based entirely on a mathematical evaluation of past performance. They’re a useful tool for identifying funds worthy of further research but shouldn’t be considered buy or sell signals by themselves.

Share Class Exclusions Applied

Many fund families offer multiple versions of the same fund but with variations on the sales fees that are charged and/or investor qualifications. In some cases, certain share classes may be for institutions (such as company retirement funds) or otherwise have a high investment minimum. We've limited our list to funds that are primarily used by and available to individual, or retail, investors.