It's easy for clients to think of investing as an absolute game. But unless they happen to be a hedge fund, investing is relative. Any mutual fund performance is most meaningful when compared against a benchmark. If the benchmark returned 12%, then a mutual fund in that same category can't well brag about its 10% return.

So in the spirit of relativity in the mutual fund industry, we have the 20 best mutual funds for the past three years, on an annualized basis, compared against their main benchmarks.

Data is from Morningstar. Clcik here to view this content as a slideshow.

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