Earlier today I looked at three S&P/ASX 200 index shares which have been thoroughly beaten down this year.
Now I thought I'd take a look at a few shares that are not only flying high this year but have more than doubled in value.
Here's why these three shares have smashed the market in 2019:
The Appen Ltd (ASX: APX) share price has had another stunning year. Since the start of the year the shares of the global leader in the development of high-quality, human annotated datasets for machine learning and artificial intelligence have gained a remarkable 137%. Investors have been buying Appen's shares due to its strong full year result in February and its positive outlook. Thanks to its integral position in an artificial intelligence market, Appen is expected to deliver another year of strong profit growth in FY 2020.
The Fortescue Metals Group Limited (ASX: FMG) share price has stormed a massive 111% higher since the start of the year. The iron ore producer's shares have been impressive performers this year thanks to a significant rise in the price of iron ore. The price of the steel making ingredient has risen strongly this year due to a combination of growing demand in China and supply issues in both Brazil and Australia. This has led to Fortescue generating bumper free cash flows, which resulted in the company rewarding shareholders handsomely with massive dividends.
The Magellan Financial Group Ltd (ASX: MFG) share price has been the best performer on the benchmark index in 2019 with a whopping 153% gain. The fund manager's shares have been on fire this year thanks partly to its solid half year result. Magellan smashed expectation in the first half due to the outperformance of its funds and a large increase in funds under management (FUM). Pleasingly, the company's FUM have continued to rise in the second half. This appears to have put Magellan in a position to deliver a strong full year result next month.
