Some mutual-fund managers will look back on 2020 as the worst of times. Others are having the time of their lives, posting year-to-date returns of 75% or more. The difference between the winners and the laggards is relatively straightforward: the extent to which portfolios were heavily weighted with stocks of companies that stand to benefit disproportionately from disruptive change.

Source: Wall Street Journal October 06, 2020 09:56 UTC