@JonGaltIII
Only my personal opinion. I do not rely upon star rating changes via M*. I watch for performance changes in a given investment and its related sector. Management or style changes with an investment could also have an impact, be it negative or positive. This gives me enough information to make decisions.
As mutual fund buys and sells close at the end of a business day pricing, I forgot to add that if you choose to invest in FSMEX on a given start day, you may observe the etf IHI pricing through the trade day to give a very close reference of what pricing may be for FSMEX at the end of a business day.

Thanks all. Really helpful info and I appreciate your contributions to the discussion. I think I may just swap for FSMEX but only because I'm trying to simplify/have less funds in this particular account. I think this sector will be strong for a while ... concurring with what you all have said. Think Baby Boomers.

As @catch has noted I see no reason one couldn't hold both except as a means for holding down the fund count. I wouldn't feel terrible about holding either fund however. They both have done quite well over time but with the edge going to FSMEX. No one knows which will do better in the future.

Jon, you noted about selling FSPHX to purchase FSMEX. I would personally consider this a viable choice. OR to start to build a position in FSMEX if you have cash or other holdings you have considered selling; as Fidelity has the $0 minimum in place for a purchase of FSMEX.
I must add this note about our equity portfolio. Our entire portfolio is within tax deferred accounts: being traditional and Roth IRA's; and of course, we do not have to take into account any taxable sells. This status must also be a consideration when shuffling monies around, yes?
You also mentioned a change in the MFO rating for FSMEX. I can not offer an opinion one way of the other about the implication of this change.

@catch22 - what you said about boomers is exactly why I want extra exposure to this sector. So if I understand your post... if I believe more in health care equipment... go with FSMEX.

Howdy @JonGaltIII
Since the 2010 census, about 10,000 baby boomers a day (retire, too) have crossed the age 65 threshold and by 2030, all boomers will be at least age 65. From 2019 data the boomers are about 72 million in population. Our house is boomers x 2. While there are now and will be failures of individual holdings within healthcare, I still fully consider this a growth area for equity. These folks will require more maintenance than the under 40 age group, yes? There will be the fails of hospitals, health insurance companies and the best laid plans for the next magic drug. There will likely also be continued mergers and acquisitions of big and small companies in many areas. This sector has had its recent funky periods (2015-2016), so it is not a slam dunk; but I still have faith in the broad sectors.
From the devils advocate perspective, One would have to perform an overview of personal holdings to discover how much exposure your holdings have to healthcare now and how much you desire. The 3 below breakdowns give a hint to health sectors from various funds.
Our own personal perspective is provide equity exposure that is meaningful to performance of the entire portfolio. We generally do not hold less than 10% of total portfolio in a given investment area. Performance may allow this number to become 25%; but this is an individuals judgement; based upon portfolio risk and faith in the sector.
Our healthcare holdings travel the road between United Healthcare and genomics and whatever else is in the mix. The healthcare holdings over the years has more than paid for our supplemental insurance plans via United Healthcare. Invest in what you (and many others) use.
Though FSMEX is currently open, the last hard close was a no-notify close at the end of a business; without a grace period.
Lastly, if one were to have a full tour of various medical areas in a large hospital; you'd be able to view a large number of products from companies where you hold investments.
My 2 cents worth.
Take care,
Catch
AS OF 12/31/2020
FSPHX Portfolio Weight
Biotechnology 24.27%
Health Care Equipment 20.25%
Managed Health Care 18.10%
Pharmaceuticals 18.03%
Health Care Services 8.04%
Life Sciences Tools & Services 6.93%
Health Care Technology 1.51%
Health Care Facilities 1.36%
Application Software 0.65%
Research & Consulting Services 0.29%
Other Diversified Financial Services 0.08%
Investment Banking & Brokerage 0.02%
FSMEX Portfolio Weight
Health Care Equipment 55.23%
Life Sciences Tools & Services 23.09%
Managed Health Care 5.75%
Health Care Supplies 3.90%
Health Care Technology 3.79%
Health Care Services 3.46%
Biotechnology 2.34%
Application Software 0.86%
Insurance Brokers 0.52%
Apparel, Accessories & Luxury Goods 0.38%
Research & Consulting Services 0.36%
Textiles 0.22%
Investment Banking & Brokerage 0.03%
FSPGX Portfolio Weight (likely a typical growth index weighting)
Information Technology 44.88%
Consumer Discretionary 16.67%
Health Care 13.49%
Communication Services 10.99%
Consumer Staples 4.53%
Industrials 4.51%
Financials 1.86%
Real Estate 1.61%
Materials 0.80%
Multi Sector 0.54%
Energy 0.08%
Utilities 0.02%

As a relatively long time holder of FSMEX, I don’t worry too much about the 1-year rating. It is up nearly 40% in the last twelve months!!!
Maybe it has something to do with the category percentile ranking of 30???
Profitable investing with whatever you decide!
Matt

Does anyone know why the FSMEX MFO rating dropped to 3 over the 1 year term? I noticed that its APR vs Peer was only +2.2 but I'm just curious if there's another reason?
I keep looking at PRHSX as well but am unsure of the manager changes that have occured since Kris Jenner left. Overall they have been pretty consistent, though. Some posters to the board here - have both funds which may be the way I should play it if I can't decide between the two. I would just rather simplify and have less funds these days.
Inclined to sell my FSPHX for FSMEX but I didn't like the MFO rating drop to 3 for this Great Owl fund- FSMEX.

@bee I read every one of those MFO posts via search. I saw a lot of folks support FSMEX... but I posted on the off chance someone had some info or reasoning why they would prefer FSPHX more. So far, the search is proving FSMEX or the ETF is the favored option from the people here. That’s what is great about this site. The history ‘ search is dense with good info. It also gives me a sense of people’s investing style/. Thanks for sharing. Have already learned a lot from your posts.
One thing I’ve learned over the last couple of years... is to not be so sentimental with funds and keep them just because of past or even current performance when there are better ones out there outperforming and it’s “easier” (lazy) to just keep the one you have.

Using MFO search feature, here's FSMEX. I continue to own this fund as I prepare for hip replacement surgery. As @rono would say, "Own what you buy."
https://mutualfundobserver.com/discuss/search?Page=p2&Search=fsmex

@Matt - the iShares ETF (IHI) is the closest match to FSMEX that I have found.

I changed my opinion on risk vs return after the March 23 bottom when my health funds PRHSX and FSMEX dropped the same amount as the higher risk ARKG. Now, I compare returns and SD (3 year) and own only ARKG and PTH.
ytd 1 YR return SD
ARKG 19% 211% 38
PTH 18 94 27
FSMEX 9 37 18
It works for me.

I have owned FSEMX for a fair number of years and have no plans to liquidate. I know there is an ETF that invest in healthcare technology, but I am not familiar with it.
Over the years, I have owned most of the funds you mentioned, but FSMEX stand out.
I like the idea of investing in the technology of healthcare (for the most part). It appears to be a niche that has a very long run ahead.
JMHO, Matt

I have a small position in FSPHX and have had it for a while. I've been taking a closer look at FSMEX and I can't come up with a reason to keep FSPHX over FSMEX. Using premium... PRHSX and SHSAX along with a newcomer I've been watching ETIHX comes up. But it just seems FSMEX is far and away the consistent performer - looking at APR vs. Peer, Ulcer, Martin and DD. It has been outperforming my current FSPHX which had a tough 2020 in the vs. peer category. That said, it's beaten the S&P 500 consistently since it's inception. But so has FSMEX.
Just wondering if anyone has an opinion.

FSMEX = up 2.19%
Healthcare mapped here:
https://finviz.com/map.ashx
Volatility Index:
VIX up 9.53% to $33.09

Fsmex +.16

The input thus far is very much appreciated. Additional thoughts are welcomed. FTEC is an excellent choice, too; as we also invest in this etf. @Old_Joe , yes; Ted would state that QQQ is the one. @davidrmoran , yes, perhaps Ted would also suggest these. If there were a larger dollar amount available, I would also be tempted to suggest some of the money be split into FSMEX or IHI (an eft twin) for direct exposure to medical tech.
SPY and most related indexes that track the SP-500 are a blended U.S. equity position. I do not consider this a poor choice for many portfolios; but consider an investment in QQQ or similar to be a better fit for a young investor. SPY type funds do represent a much larger sample of U.S. equity; but one also finds sectors of this area that can be a drag on performance, too. Over the past several years, financials and energy have been brakes on performance. But, the recent inclusion of TESLA and other ongoing changes will continue to affect this mix.
SPY

Sectors	Fund %	Cat %
Basic Materials	2.42	2.61
Consumer Cyclical	12.66	11.17
Financial Services	13.90	13.42
Real Estate	2.29	2.47
Communication Services	10.26	10.21
Energy	2.60	1.90
Industrials	8.83	10.11
Technology	23.82	22.81
Consumer Defensive	6.78	7.99
Healthcare	13.77	14.76
Utilities	2.67	2.54

QQQ
With this is a much smaller sampling of U.S. equity (100 companies), but oriented to growth; but using market capitalization size to establish the holdings and percent. The prospectus indicates that the holdings percentage may be and are adjusted throughout any given time period.

Information Technology	47.90%
Consumer Discretionary	19.29%
Communication Services	18.22%
Health Care	6.39%
Consumer Staples	5.15%
Industrials	1.88%
Utilities	0.96%

Industry exposure:

Software	15.27%
Semiconductors & Semiconductor Equipment	13.96%
Technology Hardware, Storage & Peripherals	12.37%
Internet & Direct Marketing Retail	11.95%
Interactive Media & Services	10.35%
IT Services	4.59%
Automobiles	4.43%
Biotechnology	3.98%
Media	3.39%
Entertainment	3.11%

All I can say is that the holdings came up fine for me with relatively recent versions of Firefox, Chrome, Edge, and IE, though pulling up the holdings failed on an older browser. I wasn't even logged in to M* with those newer browsers and I went to a fund that I'd never researched before (so it couldn't have been cached).
You could always go to the old "holdings" page - that is the same functionality, plus (it displays the top 25). That works on my old browser.
http://portfolios.morningstar.com/fund/holdings?t=FSMEX

Too bad that link isn't their default view anymore.
It's a good idea to update browsers anyway since Flash is dead. And I don't mean The Scarlet Speedster.
But there does seem to be a trend that M* is just less friendly to regular investors that paid the bill when they were growing up. Maybe they think the real money going forward is in selling their index products.
BTW. FSMEX has been great for me. I am not buying anymore at it's current valuations. I might add it, or a similar ETF to my wife's IRA in days to come. It's pretty much medical care as a utility.

All I can say is that the holdings came up fine for me with relatively recent versions of Firefox, Chrome, Edge, and IE, though pulling up the holdings failed on an older browser. I wasn't even logged in to M* with those newer browsers and I went to a fund that I'd never researched before (so it couldn't have been cached).
You could always go to the old "holdings" page - that is the same functionality, plus (it displays the top 25). That works on my old browser.
http://portfolios.morningstar.com/fund/holdings?t=FSMEX

This is a "right now" link I used for portfolio holdings for FSMEX.
What do you all see with the link?
I'm using Chrome version 87.0.4280.88.