Top Mutual Funds to Consider in 2024
Explore the top mutual funds for 2024, including broad market, sector-specific, and bond options. These picks are ideal for navigating the evolving economy, with opportunities in tech, healthcare, banking, and fixed income securities to diversify and grow your investment portfolio.
Given the current economic fluctuations, investors should be strategic with their selections. Some funds are positioned to outperform, while others may underperform. Here are some recommended mutual funds for this year.
Vanguard 500 Index Fund: A comprehensive index fund with a low expense ratio of 0.16%, requiring a minimum investment of $3,000.
Fidelity Nasdaq Composite Index Fund: This broad market index fund has an expense ratio of 0.29%, with a $2,500 initial minimum. As growth stocks lead, especially in the tech sector, this fund leans heavily into large-cap growth stocks, primarily in information technology.
Vanguard Healthcare Fund: This healthcare sector fund has an expense ratio of 0.36% and requires a $3,000 minimum investment. The healthcare industry has gained momentum post-political changes, with holdings in biotech, medical technology, and managed healthcare.
Fidelity Select Banking Fund: Offering a 0.79% expense ratio and a $2,500 minimum, this fund has become attractive amidst rising financial sector confidence. It focuses mainly on banking institutions with minimal exposure to brokerage and insurance companies.
Fidelity Select Consumer Staples Fund: Diversify your portfolio with this sector-specific fund, which has a minimum investment of $2,500 and an expense ratio of 0.77%. It encompasses essential consumer goods companies.
T. Rowe Price Floating Rate Fund: Unlike fixed-rate bonds, this fund invests in floating-rate securities tied to benchmarks like LIBOR or US Treasury rates. As interest rates are expected to rise this year, this fund is poised for potential gains.
Hussman Strategic Total Return: Focused on fixed income securities, this fund offers inflation hedging with minimal market risk. A significant portion is held in cash and bonds, with a small allocation in stocks.
With the economy experiencing rising interest rates and a mature business cycle, diversifying across these funds can help grow your wealth effectively.
