Given the difficulties in determining whether a company can translate innovation into profits, you may prefer professional help in spotting the next big thing. Two mutual funds, Fidelity New Millennium (symbol FMILX) and Baron Opportunity (BIOPX), are worth a look. New Millennium manager John Roth holds a mix of sometimes-volatile, high-growth companies balanced with steadier, bargain-priced fare. Among his holdings: Tesla Motors (TSLA), Google (GOOG) and Illumina (ILMN). He also owns KEYW Holding (KEYW), a cyber-security play. Roth keeps his stakes in the most speculative companies small at the outset, increasing his investment only as a company proves itself. “The more long term the bet, the smaller the position,” he says. From the time Roth became New Millennium’s manager in July 2006 through December 31, the fund returned 9.6% annualized, compared with 7.4% for Standard & Poor’s 500-stock index.
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