Peter Lynch popularized the dictum “Invest in what you know” as the legendary manager of the Fidelity Magellan fund. Three decades later, Sonu Kalra has his own spin on the concept: Invest in companies whose products or services customers can’t live without.

“I often ask, ‘If a company were to disappear today, how much would I miss it?’ ” says Kalra, who started as an analyst at Fidelity in 1998 and in 2009 took the helm of the $57 billion Fidelity Blue Chip Growth fund (ticker: FBGRX). The fund is up 20.8% a year over the…

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