When I first got into investing, I always wondered how funds handled real disaster. Not just a bad year or two—but something like the Great Depression, when markets tanked nearly 90% and the economy almost collapsed. We talk a lot about “long-term investing,” but if I’m going to put my money somewhere for decades, I want to know it’s battle-tested.
Turns out, some mutual funds have been around long enough to live through the Great Depression—and not only that, they made it out the other side. I’m talking about funds that launched before or during the 1930s and still operate today.
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Why Survival Through the Great Depression Matters
The Great Depression hit from 1929 to 1939. The stock market crashed in October 1929, and by 1932 the Dow had lost nearly 90% of its value.
To give you an idea of just how bad things got:
- Unemployment reached 25%
- Bank failures wiped out savings
- Global trade collapsed
- Consumer spending froze
Any financial company that survived that era had to be incredibly disciplined, cautious with leverage, and highly focused on risk management.
If a fund has been around since then, that tells me two things:
- It’s seen every kind of market cycle—booms, busts, inflation, war, tech revolutions.
- It knows how to adapt, not just survive on luck.
12 Mutual Funds That Survived the Great Depression
These are the oldest mutual funds still in existence today. Some were around even before the 1929 crash.
| Fund Name | Year Founded | Current Fund Family | Survived Depression? | Type |
|---|---|---|---|---|
| MFS Massachusetts Investors Trust (MITTX) | 1924 | MFS | Yes | Large Blend |
| Putnam Investors Fund (PINVX) | 1925 | Putnam | Yes | Large Blend |
| Pioneer Fund (PIODX) | 1928 | Amundi | Yes | Large Value |
| Dodge & Cox Stock Fund (DODGX) | 1930 | Dodge & Cox | Yes | Large Value |
| Wellington Fund (VWELX) | 1929 | Vanguard | Yes | Balanced |
| American Funds Investment Company of America (AIVSX) | 1934 | American Funds | Yes | Large Blend |
| Franklin Growth Fund (FKGRX) | 1948* | Franklin Templeton | *Just missed | Large Growth |
| T. Rowe Price Growth Stock (PRGFX) | 1950* | T. Rowe Price | *Post-Depression | Large Growth |
| Fidelity Fund (FFIDX) | 1930 | Fidelity | Yes | Large Blend |
| GMO Benchmark-Free Allocation Fund | 1925 | GMO | Yes | Flexible Allocation |
| Scudder Government Securities Fund | 1928 | DWS | Yes | Government Bonds |
| Adams Diversified Equity Fund (ADX) | 1929 | Adams Funds | Yes | Large Blend, Closed-End |
Note: Some of these funds changed names, managers, or structures over time, but their original inception dates trace back to the pre-Depression era.How These Funds Made It Through
From what I’ve studied, there were a few reasons these funds survived the Great Depression:
1. Low or No Leverage
Most of these early funds avoided high leverage. That saved them when markets fell and margin calls took down leveraged firms.
2. Diversification
Even in the 1930s, many of these funds spread their bets. They didn’t try to time the market or go all-in on speculative stocks. That helped soften the crash’s blow.
3. Long-Term Philosophy
These managers weren’t trying to trade their way to profit. They bought companies they believed would be around decades later. That mindset is rare today.
4. Conservative Holdings
Value funds like Dodge & Cox and Pioneer focused on companies with strong balance sheets. While their returns weren’t flashy, they avoided total collapse.
Lessons I Take From Depression-Era Survivors
I personally don’t invest based on nostalgia—but I do care about longevity. If a fund’s been through the worst and still exists, I pay attention.
Here’s how I use this info today:
1. Balance Risk and Reward
These funds teach me that big gains aren’t worth it if they come with existential risk. I’d rather make a solid 8–10% over time than swing for 20% and crash in a bear market.
2. Look for Consistent Management
Funds like Wellington or Dodge & Cox don’t change managers every few years. I prefer that kind of stability—especially for retirement accounts.
3. Understand What You Own
Many of these funds list the exact stocks they hold. I look for that transparency. If I can’t explain what’s in a fund, I don’t put money into it.
Example: Wellington Fund (VWELX)
Wellington launched in 1929, just before the crash. Yet it still exists today—and it’s managed by Vanguard, one of the most respected names in investing.
It’s a balanced fund—typically around 65% stocks and 35% bonds. Over the last 10 years, it’s returned around 8–9% annually, with much lower volatility than the S&P 500.
I use VWELX in my retirement mix for its balance and proven track record. It’s not going to double overnight, but it’s steady and reliable.
What If You’d Invested $10,000 in One of These Funds?
Let’s say you invested $10,000 in Massachusetts Investors Trust (MITTX) in 1930, and left it there for 90+ years, earning an average 9% return annually.
Using the compounding formula:
A = P(1 + r)^t A = 10000(1 + 0.09)^{94} = 10000(90426.15) = 904,261,500That’s right—over $900 million. Of course, taxes, fees, and changes in inflation would cut into that. But it shows how time is more powerful than timing.
Final Thoughts
These 12 mutual funds didn’t just survive—they adapted, evolved, and helped build generational wealth. They’ve proven that long-term investing, steady management, and risk awareness can weather even the worst financial storms.
I’m not saying you should pour your whole portfolio into Depression-era survivors, but I keep some of these names in my mix. They remind me that good investing isn’t about predicting the next trend—it’s about staying in the game, decade after decade.
