An unprecedented 168 mutual funds returned more than 100% in 1999...

An unprecedented 168 mutual funds returned more than 100% in 1999, according to year-end data from fund tracker Wiesenberger, which attributed last year’s strong performance to the technology stock explosion and strong economic recovery in Japan. While the average U.S. equity mutual fund (excluding sector funds) returned 26.95% in 1999 — which made it only the third best-ever year — Wiesenberger found that the average technology sector mutual fund returned 122% and the average Internet sector fund returned 131%. The top-performing fund last year was the $130 million Nicholas-Applegate Global Technology Fund, with the highest one-year return Wiesenberger has recorded, 496.08%. In second place among high achievers was the $1.2 billion Warburg Pincus Japan Small Company Fund, with a 330.19% one-year return. Japan sector funds returned an average of 117% in 1999, according to Wiesenberger data, and three were among the top 10 performers for the year.