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5 Top Fidelity Mutual Funds to Gain From in 2024 & Beyond
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Fidelity Investment, founded in 1946, is one of the oldest and most trusted mutual fund companies in the world, with over 44.2 million individual investors and $12.6 trillion of assets under administration as of Dec 31, 2023. Headquartered in Boston, MA, the company has more than 74000 associates in nine countries acrossNorth America, Europe, Asia and Australia to carry out extensive and in-depth research and provide potential investment avenues worldwide for their clients.
Fidelity mutual funds provide classiest-in-the-class financial planning, advisory services, retirement planning wealth management, brokerage services, and college services to its clients. Thus, investors who wish to diversify their portfolio among various asset classes but lack professional expertise in managing funds can choose Fidelity mutual funds as their preferred investment choice. The company sells its mutual fund products directly to its clients, which results in a zero-load charge.
Currently, the Federal Reserve has decided to continue with an 5.25-5.50% overnight interest rate. The Fed’s decision in its last meeting suggests that probably it is done raising the interest rate. However, it can keep interest rates higher for longer to achieve its 2% inflation target. Investors are keen on a rate cut as a high interest rate is weighing on corporate profitability, causing volatility in stock markets.
Investing in Fidelity mutual funds is a compelling choice since they have given positive returns and are expected to perform well in the long run. We have thus selected five Fidelity mutual funds that have wide exposure in industries like finance, industrial cyclical, technology and energy. These have not only preserved investors’ wealth but also generated excellent returns.
These funds boast a Zacks Mutual Fund Rank #1 (Strong Buy), have positive three-year and five-year annualized returns, and minimum initial investments within $5000, and carry a low expense ratio compared to the category average. Notably, mutual funds, in general, reduce transaction costs and diversify portfolios without an array of commission charges mostly associated with stock purchases (read more: Mutual Funds: Advantages, Disadvantages, and How They Make Investors Money).
Fidelity Advisor Energy (FIKAX - Free Report) fund invests most of its net assets in common stocks of domestic and foreign companies that are principally engaged in the energy sectors like the conventional areas of oil, gas, electricity and coal, and newer sources of energy such as nuclear, geothermal, oil shale and solar power. FIKAX advisors choose to invest in stocks based on fundamental analysis factors like financial condition and industry position, along with market and economic conditions.
Maurice FitzMaurice has been the lead manager of FIKAX since Dec 31, 2019. Most of the fund’s exposure is in companies like Exxon Mobil (21.2%), Chevron (6.4%) and Conocophillips (5.0%) as of Jul 31, 2023.
FIKAX’s three-year and five-year annualized returns are 36.8% and 13.8%, respectively. FIKAX has an annual expense ratio of 0.61%, which is less than the category average of 1.07%.
To see how this fund performed compared to its category and other 1, 2, and 3 Ranked Mutual Funds, please click here.
Fidelity Select Semiconductors Portfolio (FSELX - Free Report) fund invests most of its net assets in common stocks of domestic and foreign companies that areprincipally engaged in the design, manufacture, or sale of semiconductors and semiconductor equipment. FSELX advisors choose to invest in stocks based on fundamental analysis factors like financial condition and industry position, along with market and economic conditions.
Adam Benjamin has been the lead manager of FSELX since Mar 15, 2020. Most of the fund’s exposure is in companies like NVIDIA (24.8%), NXP Semiconductors (8.4%) and ON Semiconductor (8.0%) as of Aug 31, 2023.
FSELX’s three-year and five-year annualized returns are 23.4% and 34.8%, respectively. FSELX has an annual expense ratio of 0.68%, which is less than the category average of 1.05%.
Fidelity Select Insurance Portfolio (FSPCX - Free Report) fund invests most of its net assets in common stocks of domestic and foreign companies that areengaged in underwriting, reinsuring, selling, distributing, or placing property and casualty, life, or health insurance. FSPCX advisors choose to invest in stocks based on fundamental analysis factors like financial condition and industry position, along with market and economic conditions.
Fahim Razzaque has been the lead manager of FSPCX since Jul 13, 2022. Most of the fund’s exposure is in companies like Marsh & Mclennan (11.01%), Chubb (10.5%) and AON (8.7%) as of Aug 31, 2023.
FSPCXhas three-year and five-year annualized returns of 16.3% and 15.4%, respectively. FSPCX has an annual expense ratio of 0.80%, which is less than the category average of 1.08%.
Fidelity New Millennium Fund (FMILX - Free Report) invests most of its net assets in common stocks of small and medium-sized companies with either growth or value or sometimes both characteristics. FMILX advisors generally invest in companies that may benefit from long-term changes due to technological advances, product innovation, economic plans, demographics, social attitudes, and other factors
Daniel Sherwood has been the lead manager of FMILX since Oct 19, 2022. Most of the fund’s exposure is in companies like Microsoft (6.6%), Apple (4.9%) and NVIDIA (3.1%), as of Aug 31, 2023.
FMILX has three-year and five-year annualized returns of 15.2% and 15.3%, respectively. FMILX has an annual expense ratio of 0.86% compared to the category average of 0.94%.
Fidelity Mid Cap Value (FCMVX - Free Report) invests most of its net assets in common stocks of small and medium-sized companies with market capitalization similar to the companies listed on the Russell Midcap Index or the S&P MidCap 400 Index at the time of purchase. FCMVX advisors may also invest in companies with small or larger market capitalizations.
Neil Nabar has been the lead manager of FCMVX since Jul 12, 2021. Most of the fund’s exposure is in companies like Welltower (3.4%), CBRE Group (1.5%) and Raymond James Financial (1.4%), as of Jul 31, 2023
FCMVX has three-year and five-year annualized returns of 14.0% and 13.0%, respectively. FCMVX has an annual expense ratio of 0.45% compared to the category average of 1.01%.
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5 Top Fidelity Mutual Funds to Gain From in 2024 & Beyond
Fidelity Investment, founded in 1946, is one of the oldest and most trusted mutual fund companies in the world, with over 44.2 million individual investors and $12.6 trillion of assets under administration as of Dec 31, 2023. Headquartered in Boston, MA, the company has more than 74000 associates in nine countries acrossNorth America, Europe, Asia and Australia to carry out extensive and in-depth research and provide potential investment avenues worldwide for their clients.
Fidelity mutual funds provide classiest-in-the-class financial planning, advisory services, retirement planning wealth management, brokerage services, and college services to its clients. Thus, investors who wish to diversify their portfolio among various asset classes but lack professional expertise in managing funds can choose Fidelity mutual funds as their preferred investment choice. The company sells its mutual fund products directly to its clients, which results in a zero-load charge.
Currently, the Federal Reserve has decided to continue with an 5.25-5.50% overnight interest rate. The Fed’s decision in its last meeting suggests that probably it is done raising the interest rate. However, it can keep interest rates higher for longer to achieve its 2% inflation target. Investors are keen on a rate cut as a high interest rate is weighing on corporate profitability, causing volatility in stock markets.
Investing in Fidelity mutual funds is a compelling choice since they have given positive returns and are expected to perform well in the long run. We have thus selected five Fidelity mutual funds that have wide exposure in industries like finance, industrial cyclical, technology and energy. These have not only preserved investors’ wealth but also generated excellent returns.
These funds boast a Zacks Mutual Fund Rank #1 (Strong Buy), have positive three-year and five-year annualized returns, and minimum initial investments within $5000, and carry a low expense ratio compared to the category average. Notably, mutual funds, in general, reduce transaction costs and diversify portfolios without an array of commission charges mostly associated with stock purchases (read more: Mutual Funds: Advantages, Disadvantages, and How They Make Investors Money).
Fidelity Advisor Energy (FIKAX - Free Report) fund invests most of its net assets in common stocks of domestic and foreign companies that are principally engaged in the energy sectors like the conventional areas of oil, gas, electricity and coal, and newer sources of energy such as nuclear, geothermal, oil shale and solar power. FIKAX advisors choose to invest in stocks based on fundamental analysis factors like financial condition and industry position, along with market and economic conditions.
Maurice FitzMaurice has been the lead manager of FIKAX since Dec 31, 2019. Most of the fund’s exposure is in companies like Exxon Mobil (21.2%), Chevron (6.4%) and Conocophillips (5.0%) as of Jul 31, 2023.
FIKAX’s three-year and five-year annualized returns are 36.8% and 13.8%, respectively. FIKAX has an annual expense ratio of 0.61%, which is less than the category average of 1.07%.
To see how this fund performed compared to its category and other 1, 2, and 3 Ranked Mutual Funds, please click here.
Fidelity Select Semiconductors Portfolio (FSELX - Free Report) fund invests most of its net assets in common stocks of domestic and foreign companies that areprincipally engaged in the design, manufacture, or sale of semiconductors and semiconductor equipment. FSELX advisors choose to invest in stocks based on fundamental analysis factors like financial condition and industry position, along with market and economic conditions.
Adam Benjamin has been the lead manager of FSELX since Mar 15, 2020. Most of the fund’s exposure is in companies like NVIDIA (24.8%), NXP Semiconductors (8.4%) and ON Semiconductor (8.0%) as of Aug 31, 2023.
FSELX’s three-year and five-year annualized returns are 23.4% and 34.8%, respectively. FSELX has an annual expense ratio of 0.68%, which is less than the category average of 1.05%.
Fidelity Select Insurance Portfolio (FSPCX - Free Report) fund invests most of its net assets in common stocks of domestic and foreign companies that areengaged in underwriting, reinsuring, selling, distributing, or placing property and casualty, life, or health insurance. FSPCX advisors choose to invest in stocks based on fundamental analysis factors like financial condition and industry position, along with market and economic conditions.
Fahim Razzaque has been the lead manager of FSPCX since Jul 13, 2022. Most of the fund’s exposure is in companies like Marsh & Mclennan (11.01%), Chubb (10.5%) and AON (8.7%) as of Aug 31, 2023.
FSPCXhas three-year and five-year annualized returns of 16.3% and 15.4%, respectively. FSPCX has an annual expense ratio of 0.80%, which is less than the category average of 1.08%.
Fidelity New Millennium Fund (FMILX - Free Report) invests most of its net assets in common stocks of small and medium-sized companies with either growth or value or sometimes both characteristics. FMILX advisors generally invest in companies that may benefit from long-term changes due to technological advances, product innovation, economic plans, demographics, social attitudes, and other factors
Daniel Sherwood has been the lead manager of FMILX since Oct 19, 2022. Most of the fund’s exposure is in companies like Microsoft (6.6%), Apple (4.9%) and NVIDIA (3.1%), as of Aug 31, 2023.
FMILX has three-year and five-year annualized returns of 15.2% and 15.3%, respectively. FMILX has an annual expense ratio of 0.86% compared to the category average of 0.94%.
Fidelity Mid Cap Value (FCMVX - Free Report) invests most of its net assets in common stocks of small and medium-sized companies with market capitalization similar to the companies listed on the Russell Midcap Index or the S&P MidCap 400 Index at the time of purchase. FCMVX advisors may also invest in companies with small or larger market capitalizations.
Neil Nabar has been the lead manager of FCMVX since Jul 12, 2021. Most of the fund’s exposure is in companies like Welltower (3.4%), CBRE Group (1.5%) and Raymond James Financial (1.4%), as of Jul 31, 2023
FCMVX has three-year and five-year annualized returns of 14.0% and 13.0%, respectively. FCMVX has an annual expense ratio of 0.45% compared to the category average of 1.01%.
Want key mutual fund info delivered straight to your inbox?
Zacks' free Fund Newsletter will brief you on top news and analysis, as well as top-performing mutual funds, each week. Get it free >>