No. 2: Fidelity Investments
Total mutual fund assets: $1.9 trillion
Long-term assets: $1.4 trillion
Long propelled by red-hot managers such as Peter Lynch (Magellan) and Will Danoff (Contrafund), Fidelity’s mantra is to give investors what they want. And right now, that’s index funds and smart-beta products. Its largest fund is now Fidelity 500 Index Investor (FUSEX), with $123.4 billion in assets, edging out Fidelity Contrafund (FCNTX), with $117.3 billion in assets.