Top Fidelity Mutual Funds – Fidelity New Millennium Fund (FMILX)
Click to Enlarge Fund type: Large-cap domestic fund
It’s easy to see why so many like it. FMILX’s performance over the past five years is a dynamite 21.6% on an annualized basis, 244 and 397 basis points higher than the S&P 500 and its large-cap growth fund peers, respectively.
As Fidelity mutual funds go, this is one of the best.
The fund’s expense ratio of 0.91% is considered below average for its peer group. Meanwhile, FMILX turns the portfolio completely once every two years, which I consider slightly below average for large-cap mutual funds.
The $3.4 billion in total net assets is invested in 196 stocks, with the top 10 representing just 21% of the portfolio. The top five are split between banks and tech — Microsoft (MSFT), IBM (IBM), JPMorgan Chase (JPM), Wells Fargo (WFC) and Google (GOOG) have earned the fund’s heaviest weights.
Fidelity New Millennium is 22 years old; John Roth, who manages a number of Fidelity funds, has been running this particular fund since July 2006.
Recognition by the likes of Kiplinger is a sure sign he knows what he’s doing.