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Is Fidelity New Millennium (FMILX) a Strong Mutual Fund Pick Right Now?
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There are plenty of choices in the All Cap Growth category, but where should you start your research? Well, one fund that might be worth investigating is Fidelity New Millennium (FMILX - Free Report) . FMILX carries a Zacks Mutual Fund Rank of 1 (Strong Buy), which is based on various forecasting factors like size, cost, and past performance.
Objective
FMILX is part of the All Cap Growth category, which is a segment that boasts an array of other possible options. All Cap Growth mutual funds aim to invest in various equity securities, regardless of company size that exhibit growth characteristics. These portfolios have holdings across the cap levels-- small, medium and large-cap-- in order to increase diversification throughout the fund.
History of Fund/Manager
Fidelity is based in Boston, MA, and is the manager of FMILX. Fidelity New Millennium debuted in December of 1992. Since then, FMILX has accumulated assets of about $4.62 billion, according to the most recently available information. The fund is currently managed by Daniel Sherwood who has been in charge of the fund since October of 2022.
Performance
Investors naturally seek funds with strong performance. This fund has delivered a 5-year annualized total return of 22.07%, and is in the top third among its category peers. If you're interested in shorter time frames, do not dismiss looking at the fund's 3 -year annualized total return of 13.48%, which places it in the top third during this time-frame.
It is important to note that the product's returns may not reflect all its expenses. Any fees not reflected would lower the returns. Total returns do not reflect the fund's [%] sale charge. If sales charges were included, total returns would have been lower.
When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. Over the past three years, FMILX's standard deviation comes in at 17.35%, compared to the category average of 16.77%. The standard deviation of the fund over the past 5 years is 16.91% compared to the category average of 17.87%. This makes the fund less volatile than its peers over the past half-decade.
Risk Factors
Investors should note that the fund has a 5-year beta of 0.91, so it is likely going to be less volatile than the market at large. Alpha is an additional metric to take into consideration, since it represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which in this case, is the S&P 500. With a positive alpha of 4.52, managers in this portfolio are skilled in picking securities that generate better-than-benchmark returns.
Expenses
Costs are increasingly important for mutual fund investing, and particularly as competition heats up in this market. And all things being equal, a lower cost product will outperform its otherwise identical counterpart, so taking a closer look at these metrics is key for investors. In terms of fees, FMILX is a no load fund. It has an expense ratio of 0.77% compared to the category average of 0.73%. From a cost perspective, FMILX is actually more expensive than its peers.
Investors need to be aware that with this product, the minimum initial investment is $0; each subsequent investment has no minimum amount.
Fees charged by investment advisors have not been taken into considiration. Returns would be less if those were included.
Bottom Line
Overall, Fidelity New Millennium ( FMILX ) has a high Zacks Mutual Fund rank, and in conjunction with its comparatively strong performance, average downside risk, and higher fees, this fund looks like a good potential choice for investors right now.
Your research on the All Cap Growth segment doesn't have to stop here. You can check out all the great mutual fund tools we have to offer by going to www.zacks.com/funds/mutual-funds to see the additional features we offer as well for additional information. If you are more of a stock investor, make sure to also check out our Zacks Rank, and our full suite of tools we have available for novice and professional investors alike.
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Is Fidelity New Millennium (FMILX) a Strong Mutual Fund Pick Right Now?
There are plenty of choices in the All Cap Growth category, but where should you start your research? Well, one fund that might be worth investigating is Fidelity New Millennium (FMILX - Free Report) . FMILX carries a Zacks Mutual Fund Rank of 1 (Strong Buy), which is based on various forecasting factors like size, cost, and past performance.
Objective
FMILX is part of the All Cap Growth category, which is a segment that boasts an array of other possible options. All Cap Growth mutual funds aim to invest in various equity securities, regardless of company size that exhibit growth characteristics. These portfolios have holdings across the cap levels-- small, medium and large-cap-- in order to increase diversification throughout the fund.
History of Fund/Manager
Fidelity is based in Boston, MA, and is the manager of FMILX. Fidelity New Millennium debuted in December of 1992. Since then, FMILX has accumulated assets of about $4.62 billion, according to the most recently available information. The fund is currently managed by Daniel Sherwood who has been in charge of the fund since October of 2022.
Performance
Investors naturally seek funds with strong performance. This fund has delivered a 5-year annualized total return of 22.07%, and is in the top third among its category peers. If you're interested in shorter time frames, do not dismiss looking at the fund's 3 -year annualized total return of 13.48%, which places it in the top third during this time-frame.
It is important to note that the product's returns may not reflect all its expenses. Any fees not reflected would lower the returns. Total returns do not reflect the fund's [%] sale charge. If sales charges were included, total returns would have been lower.
When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. Over the past three years, FMILX's standard deviation comes in at 17.35%, compared to the category average of 16.77%. The standard deviation of the fund over the past 5 years is 16.91% compared to the category average of 17.87%. This makes the fund less volatile than its peers over the past half-decade.
Risk Factors
Investors should note that the fund has a 5-year beta of 0.91, so it is likely going to be less volatile than the market at large. Alpha is an additional metric to take into consideration, since it represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which in this case, is the S&P 500. With a positive alpha of 4.52, managers in this portfolio are skilled in picking securities that generate better-than-benchmark returns.
Expenses
Costs are increasingly important for mutual fund investing, and particularly as competition heats up in this market. And all things being equal, a lower cost product will outperform its otherwise identical counterpart, so taking a closer look at these metrics is key for investors. In terms of fees, FMILX is a no load fund. It has an expense ratio of 0.77% compared to the category average of 0.73%. From a cost perspective, FMILX is actually more expensive than its peers.
Investors need to be aware that with this product, the minimum initial investment is $0; each subsequent investment has no minimum amount.
Fees charged by investment advisors have not been taken into considiration. Returns would be less if those were included.
Bottom Line
Overall, Fidelity New Millennium ( FMILX ) has a high Zacks Mutual Fund rank, and in conjunction with its comparatively strong performance, average downside risk, and higher fees, this fund looks like a good potential choice for investors right now.
Your research on the All Cap Growth segment doesn't have to stop here. You can check out all the great mutual fund tools we have to offer by going to www.zacks.com/funds/mutual-funds to see the additional features we offer as well for additional information. If you are more of a stock investor, make sure to also check out our Zacks Rank, and our full suite of tools we have available for novice and professional investors alike.