NEW YORK—Outsized bets on large U.S. technology companies and emerging cryptocurrencies fueled the year’s top-performing U.S. mutual fund and exchange-traded funds as the coronavirus pandemic upended global markets, while funds that bet on oil and gas companies fell nearly 100 percent, according to data from fund-tracker Morningstar.
The year was a challenge like few others for the $21.3 trillion mutual fund and $4.4 trillion ETF industry. U.S. stocks plunged in March before staging a more than 60 percent comeback, while bond yields hung near record lows for much of the year after unprecedented moves by the Federal Reserve to backstop the financial markets and keep interest rates low.
