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Fund Spy

Revisiting 80 Years of Sloth

Voya Corporate Leaders Trust has defied expectations for decades.

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A version of this Fund Spy was originally published on Feb. 8, 2011.

Warren Buffett could have been describing passively managed Voya Corporate Leaders Trust's (LEXCX) approach rather than his own when he said, "Lethargy bordering on sloth remains the cornerstone of our investment style." Buffett has nothing on this fund, which celebrated its 80th birthday in 2015, when it comes to sloth. Nevertheless, it has beaten the S&P 500 over a number of decades despite maintaining a largely static portfolio. This makes the fund an anomaly among open-end offerings (even among index funds). But its uncommon strategy and success hold potential lessons for investors of all stripes.

Kevin McDevitt does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.