Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
FEXPX started out in 1994 as Fidelity Export Fund, focused on companies deriving at least 10% of their revenue from exported goods and services. Aside from driving the fund toward larger companies, I'm not sure what effect this constraint had. Apparently too much, as in 1997, Fidelity broadened its charter to include multinationals.
I haven't followed the fund for a long time, but it seems to have evolved into another me-too LCV. In 2018, its top 10 holdings (31%) were all value (9 companies) or blend (one company), in 2019 its top 10 holdings (47%) were all value (9 companies) or blend (one company). Same for its top 10 holdings (51%) in early 2020.
Pay no attention to the fact that its current portfolio looks like a conventional LCG fund. The fund changed managers on July 1, likely to serve as a caretaker and migrate the portfolio into growth. The merger into FFIDX, a large cap growth fund, doesn't seem fair to FEXPX's investors. Fidelity still lists FEXPX as a Fidelity Pick, LCV.
FDFFX was originally marketed in 1983 as Fidelity Freedom Fund, a go-anywhere fund (like Magellan) designed specifically for tax-sheltered investments. Upon checking, I see that for a couple of months in late 1982 it was even called Fidelity Tax-Qualified Equity Fund before it was offered to the public. In this tax sense it was somewhat like MQIFX. It seems to have come full circle, now being merged into FMAGX.
Comments
I haven't followed the fund for a long time, but it seems to have evolved into another me-too LCV. In 2018, its top 10 holdings (31%) were all value (9 companies) or blend (one company), in 2019 its top 10 holdings (47%) were all value (9 companies) or blend (one company). Same for its top 10 holdings (51%) in early 2020.
Pay no attention to the fact that its current portfolio looks like a conventional LCG fund. The fund changed managers on July 1, likely to serve as a caretaker and migrate the portfolio into growth. The merger into FFIDX, a large cap growth fund, doesn't seem fair to FEXPX's investors. Fidelity still lists FEXPX as a Fidelity Pick, LCV.
FDFFX was originally marketed in 1983 as Fidelity Freedom Fund, a go-anywhere fund (like Magellan) designed specifically for tax-sheltered investments. Upon checking, I see that for a couple of months in late 1982 it was even called Fidelity Tax-Qualified Equity Fund before it was offered to the public. In this tax sense it was somewhat like MQIFX. It seems to have come full circle, now being merged into FMAGX.