Peter Lynch managed the Fidelity Magellan Fund from 1977 to 1990, during which the fund's assets grew from $18 million to $14 billion. 4  More importantly, Lynch reportedly beat the S&P 500 Index benchmark in 11 of those 13 years, achieving an annual average return of 29%. 5  6  Often described as a chameleon, Peter Lynch adapted to whatever investment style worked at the time. But when it came to picking specific stocks, Peter Lynch stuck to what he knew and/or could easily understand.