Fidelity Funds: Growth & Income (FGRIX), Average Risk
Manager Matt Fruhan has been in charge here since 2011, and the results have been solid. Over the past three years the fund has gained an annualized 15.5%, placing FGRIX in the top 12% of large blend mutual funds, according to Morningstar. This $7.4 billion fund is committed to holding stocks that have the potential to increase dividend payouts over time while investing for growth as well. This formula sounds easy enough, but in reality is a tough assignment to pull off. Fruhan is good at it, and he appears to be one of the brighter minds running Fidelity funds.
With a 30-day SEC yield of 1.7%, this fund does not provide a high level of income … but instead relies on the underlying strength of the portfolio to balance income with growth potential. Financial and technology names are the largest sectors, each accounting for 19% of the portfolio. Current top holdings include JPMorgan Chase, Apple, General Electric (GE), Microsoft (MSFT) and Chevron (CVX).
Fidelity Growth & Income has a beta of 1.03, indicating that it is estimated to be only slightly riskier than the overall stock market.
Expenses run 0.69% for FGRIX.