Morningstar Report 11-21-09
Click the print icon in your browser to print this report.
 
Rating and Risk
Fidelity Low-Priced Stock  FLPSX
 Morningstar Rating (Relative to Category)10-31-09 
 Morningstar ReturnMorningstar RiskMorningstar RatingTM
3-YearAbove AverageAverage4 stars
5-YearHighAverage4 stars
10-YearHighBelow Average5 stars
OverallHighAverage4 stars
Morningstar Category: Mid-Cap BlendClick here to see our Methodology
 Volatility Measurements Trailing 3-Yr through 10-31-09 | *Trailing 5-Yr through 10-31-09 
Standard Deviation22.92 Sharpe Ratio-0.15
Mean-0.96 Bear Market Decile Rank*7
 Modern Portfolio Theory StatisticsTrailing 3-Yr through 10-31-09 
 Standard Index
S&P 500 TR		Best Fit Index
Morningstar Mid Core TR
R-Squared9197
Beta1.120.92
Alpha5.292.51
Total Returns
Fidelity Low-Priced Stock  FLPSX
 Growth of $10,00010-31-09 
Fund: Fidelity Low-Priced StockCategory: Mid-Cap BlendIndex: S&P 500 TR
 
 Performance History11-20-09 
 2002200320042005200620072008 YTD
Total Return %-6.240.922.28.717.83.2-36.233.6
+/- Index---------------------10.1
+/- Category10.0-2.63.3-0.63.7-1.73.08.0
% Rank in Category854205619622926
Fund CategorySBSBSBMBMBMBMBMB
See fund category codes
         
 Trailing Total Returnsthrough 11-20-09 
 Total Return %+/- S&P 500 TR+/- Morningstar Mid Core TR USD Index % Rank in Cat
1-Day-0.52-0.22-0.0767
1-Week-1.16-1.030.0859
1-Month-1.86-2.120.9829
3-Month6.69-2.22-0.3643
Year-to-date33.5910.072.8026
1-Year69.9821.18-0.8129
3-Year Annualized-3.142.763.1019
5-Year Annualized3.713.031.8511
10-Yr Annualized10.8911.744.931
     
 Historical Quarterly Returns 
Q1Q2Q3Q4
2009-7.8721.6018.01---
2008-7.63-0.74-12.17-20.73
20072.606.34-2.57-2.94
20068.62-3.272.099.78
2005-0.973.114.491.83
20045.861.240.2013.83
2003-6.0421.318.5013.88
Investor Returns
Fidelity Low-Priced Stock  FLPSX
What are Investor Returns?
Morningstar investor returns (also known as dollar-weighted returns) measure how the typical investor in a fund fared over various time periods, incorporating the impact of cash inflows and outflows from all investors' purchases and sales. If investors bought a fund after it had posted big gains and sold at a low ebb, investor returns will be lower than the fund's total returns. If investors bought and sold at more opportune times, however, investor returns will be higher than the fund's total returns. (For more details, please click here.)
 Performance History
 2002200320042005200620072008
Investor Return %-8.541.321.77.816.72.8-36.9
Total Return %-6.240.922.28.717.83.2-36.2
+/- Category *9.0-2.81.5-1.44.1-0.32.8
% Rank in Category *12341963196138
        
 Investor Returns vs Total Returnsthrough 10-31-09 
 Investor Return %Total Return %Investor Return
% Rank in Category
1-Year26.2027.2717
3-Year Annualized-4.15-3.5523
5-Year Annualized4.763.9814
10-Yr Annualized9.5710.891
 
*Data refers to Investor Returns
Tax Analysis
Fidelity Low-Priced Stock  FLPSX
 Tax Analysis10-31-09 
 3-Yr Avg %5-Yr Avg %10-Yr Avg %
Pretax Return-3.553.9810.89
Tax-adjusted Return-4.852.539.38
% Rank in Category17113
Tax Cost Ratio1.351.391.36
    
Potential Cap Gains Exposure %9.5
Sec Filing
Fidelity Low-Priced Stock  FLPSX
Portfolio
Fidelity Low-Priced Stock  FLPSX
  Style Box Details 07-31-09 
Size 
Average Mkt Cap $Mil2,444
  
Market Capitalization% of
Portfolio
Giant5.64
Large15.11
Medium44.19
Small25.52
Micro9.54
  
 
Ownership Zone
 
 
Fund centroid represents weighted average of domestic stock holdings
  
Zone represents 75% of fund's domestic stock holdings
   
Investment Style History (as of 12-31)
2009
2008
2007
Valuations and Growth RatesStock PortfolioRel to S&P 500 TRRel to Category
Price/Prospective Earnings12.40.80.8
Price/Book1.30.60.8
Price/Sales0.40.50.6
Price/Cash Flow4.10.70.8
Dividend Yield 1.90.60.8
Long-Term Earnings11.01.11.0
Historical Earnings-2.40.8-1.1
Sales Growth6.40.91.0
Cash-Flow Growth2.70.30.4
Book-Value Growth1.4-0.9-2.7
     
Style Box Detail calculations do not include the fund´s short positions (if any).
 Asset Allocation07-31-09 
 % Long% Short% Net Assets
Cash9.80.0 9.8
Stocks89.40.0 89.4
Bonds0.00.0 0.0
Other0.80.00.8
Foreign Stocks27.40.027.4
(as a % of assets)
 Sector Weightings 07-31-09 
 % of StocksRel to S&P 500 TRRel to Cat Avg
Information
Software5.961.261.34
Hardware5.030.450.75
Media1.830.720.61
Telecommunications1.620.300.46
Service
Healthcare16.191.371.60
Consumer Services24.562.812.52
Business Services6.311.850.81
Financial Services8.220.560.47
Manufacturing
Consumer Goods12.011.081.16
Industrial Materials11.531.070.76
Energy6.400.520.93
Utilities0.320.090.07
     
Sector weighting calculations do not include the fund´s short positions (if any).
Holdings
Fidelity Low-Priced Stock  FLPSX
 Top 25 Holdings    Get Price Quotes07-31-09 
Number of Stock Holdings (Long)863 Annual Turnover %31
Number of Bond Holdings (Long)0 Yield %0.77
Number of Stock Holdings (Short)--- % Assets in Top 10 Holdings16.87
Number of Bond Holdings (Short)---
     
Top 25 HoldingsSectorP/EYTD Return %% Net Assets
Fidelity Cash Central Fund---------9.83
UnitedHealth Group, Inc.*11.097.483.13
Bed Bath & Beyond, Inc.*14.4346.502.25
Safeway Inc.*10.75-3.652.03
Oracle Corporation*16.1026.851.66
Hon Hai Precision Ind. Co., Ltd.------1.43
Metro Inc. A------1.42
Coventry Health Care, Inc.*5.8651.481.38
Unum Group*11.484.271.21
Next PLC------1.19
D.R. Horton Incorporated*---47.741.17
Ross Stores, Inc.*13.0548.471.15
Lincare Holdings Inc.*8.5031.381.04
Abercrombie & Fitch Company A*4.9374.491.03
Axis Capital Holdings, Ltd.*12.891.680.91
Johnson Controls, Inc.*80.0050.060.90
Patterson Companies, Inc.*10.7237.970.90
Omnicom Group, Inc.*8.4935.920.88
Eni------0.88
Constellation Brands Inc. A*------8.370.85
Total System Services*11.0324.210.84
Yara International ASA------0.84
Gildan Activewear, Inc. A*11.8255.190.84
Amdocs Ltd.*11.1144.510.79
Amgen, Inc.*14.81-4.100.78
YTD Return through 11-20-09
Portfolio Holdings as of 07-31-09
Top 25 holdings account for the fund's short positions (if any), which appear shaded.
Management
Fidelity Low-Priced Stock  FLPSX
 Management
Manager NameJoel C. Tillinghast
Manager Start Date12-27-89
Biography
Joel Tillinghast joined Fidelity Investments in 1986 as an equity analyst covering the tobacco, coal, natural gas, personal care products, and appliance industries. He later served as portfolio assistant on Fidelity OTC Portfolio, a fund available to U.S. investors. Mr. Tillinghast received a Bachelor of Arts degree in economics from Wesleyan University, in Connecticut, and an MBA from the Kellogg School of Management at Northwestern University. Tillinghast has been a portfolio manager with Fidelity Investments since 1989. He joined the company in 1986 as an analyst covering the tobacco, coal, natural-gas, personal-care products, and appliance industries. He began his career in finance at Value Line, where he worked as an analyst from 1980 to 1981. He joined Drexel Burnham Lambert in 1982, and worked as a research economist until 1986. Tillinghast is a Chartered Financial Analyst and a member of the Boston Security Analysts Society.
 
Fund Inception12-27-89
Fund Advisor(s)
Fidelity Mgmt & Research Company (FMR)
Fund Subadvisor(s)
Fidelity Research & Analysis Company
Fidelity Management & Research (UK) Inc.
Fidelity Investments Japan Limited
FIL Investment Advisors (FIIA)
FIL Investment Advisors (U.K.) Ltd.
Fidelity Management & Research (HK) Ltd
Fidelity Management & Rsrch (Japan) Inc.
Fidelity Management & Research (U.K.)
FMR Co., Inc. (FMRC)
Fees & Expenses
Fidelity Low-Priced Stock  FLPSX
 Fees and Expenses10-09-09 
Maximum Sales Fees %
Initial None
Deferred None
  
Redemption Fees %
0  -  90  days 1.50
More Than  90  days0.00
  
Maximum Fees %
Administrative 0.00
Management0.61
  
Total Cost ProjectionsCost per $10,000
3-Year $315
5-Year $547
10-Year $1213
  
 
Actual Fees %
12b-1 0.00
Management0.72
Net Expense Ratio: Annual Report 0.98
(As of 07-31-09)
Net Expense Ratio: Prospectus 0.99
   
Expense Waivers:
   
Purchase Info
Fidelity Low-Priced Stock  FLPSX
 Purchase Information  
Minimum InvestmentsBrokerage Availability
Initial $2500
Additional ---
Initial IRA $500
Additional IRA ---
Initial AIP ---
Additional AIP ---
Address

82 Devonshire Street
Mailzone Z1c
Boston,  MA  02109
USA

800-544-9797
http://www.fidelity.com

 
Ameriprise Brokerage
Ameriprise SPS Advantage
Ameritas NTF N
Bear Stearns
Bear Stearns No-Load Transaction Fee
CommonWealth NTF
CommonWealth PPS
CommonWealth Universe
DailyAccess Corporation FRIAG
DailyAccess Corporation RTC
DWS Retirement Sevs Investment Offerings
E TRADE Financial
ETrade No Load Fee
Federated TrustConnect
Fidelity Institutional FundsNetwork
Fidelity Institutional FundsNetwork-NTF
Fidelity Retail FundsNetwork
Fidelity Retail FundsNetwork-NTF
Financial Network PAM and Prime Approved
Firstrade
FTJ FundCHOICE
H&R Block Financial Advisors Inc
HDVest - Wells Fargo
HSBC Brokerage (USA) Inc
ING Financial Advisers - SAS Funds
ING Financial Ptnrs PAM and PRIME Approv
JP Morgan
JP MORGAN NO-LOAD TRANSACTION FEE
JPMorgan INVEST
Matrix Financial Solutions
Met Life Resources MFSP Alliance List
Mony Securities Corp
Morgan Stanley - Ntwk/Rdm Only-Brokerage
Multi-Financial Sec PAM and PRIME Approv
NYLIM 401(k) Complete
Pershing FundCenter
Protected Investors of America NTF
Raymond James
Raymond James WRAP Eligible
Robert W. Baird & Co.
Royal Alliance
Schwab Institutional
Schwab Retail
Schwab RPS All
Schwab RPS SDE
Scottrade TF
Sterne, Agee & Leach, Inc.,
SunGard Transaction Network
T. Rowe Price
TD Ameritrade Institutional
TD Ameritrade Institutional Services
TD Ameritrade Retail
Td Ameritrade, Inc.
Thrivent – Advisory Eligible
TIAA-CREF Brokerage Services
Trade PMR Transaction Fee
TRUSTlynx
UBS Financial Services Inc.
Vanguard
Wachovia CustomChoice & Asset Adv
Wachovia PIM
Wells Fargo Advisors CustomChoice
WR Hambrecht Co LLC
Analyst Report Archive
Fidelity Low-Priced Stock  FLPSX
 Analyst Report Archive 
DateAnalyst Report Analyst
11-11-09A moneymaker for the masses. Christopher Davis
05-26-09This fund holds appeal if you appreciate its old fashioned ways. Christopher Davis
12-30-08Should you buy this newly reopened mutual fund? Christopher Davis
07-30-08You may want to moderate your expectations, but this fund is well worth sticking with. Christopher Davis
02-20-08Unlike some shareholders, we haven't lost faith in this mutual fund. Andrew Gunter
12-06-07This mutual fund's recent struggles aren't anything to worry about. Dan Lefkovitz
04-24-07Nimble? No. Worth hanging on to? Yes. Dan Lefkovitz
11-21-06We'd let this closed mutual fund's manager keep working his magic. Dan Lefkovitz
06-22-06Will this mutual fund's future look as good as its past? Dan Lefkovitz
01-31-06This industry giant is sailing ahead, but the headwinds are stiff. Christopher J. Traulsen, CFA
10-03-05This industry giant is sailing ahead, but the headwinds are stiff. Laura Pavlenko Lutton
05-02-05This fund is holding its own, but we remain cautious. Laura Pavlenko Lutton
11-29-04We still like this fund, but its best days may be behind it. Laura Pavlenko Lutton
06-29-04Fidelity is closing this fund further, and we think that's a good thing. Laura Pavlenko Lutton
05-05-04We still like this fund, but its growing size is a concern. Laura Pavlenko Lutton
01-02-04This fund has closed again, and we think that's a good thing. Laura Pavlenko Lutton
12-11-03We think this fund is a winner. Laura Pavlenko Lutton
08-25-03This is still one of our favorite small-blend offerings. Laura Pavlenko Lutton
07-09-03Now load-free, this fund has even more appeal. Laura Pavlenko Lutton
03-07-03This is an impressive offering. Laura Pavlenko Lutton
12-27-02Manager Joel Tillinghast is one of the best of all time. Scott Cooley
11-13-02This perennial powerhouse is reopening its doors to investors. Scott Cooley
10-30-02Look for this great fund to reopen in November. Scott Cooley
09-25-02A ton of cash and a down market spell opportunity for Joel Tillinghast. Scott Cooley
06-05-02Even a mountain of cash hasn't slowed Joel Tillinghast. Scott Cooley
05-06-02Despite concerns about Fidelity's handling of its closure, we still like this fund. Scott Cooley
01-26-02Still among the category's elite. Scott Cooley
11-12-01The American consumer has given a lift to this terrific fund. Scott Cooley
09-05-01Don't dawdle if you want to buy in here. Scott Cooley
06-06-01In the race between the tortoise and the hare, Fidelity Low-Priced Stock Fund would have been the turtle. Scott Cooley
02-08-01The biggest fund in the small-cap value category is also one of the best. Scott Cooley
11-24-00Fidelity Low-Priced Stock Fund's consistency remains the key to its success. Scott Cooley
07-10-00Fidelity Low-Priced Stock Fund has finally caught a break. Scott Cooley
02-24-00Investors are dashing toward the exit here when they ought to be running for the entrance. Scott Cooley
10-04-99This fund isn't topping the charts, but it's still a decent option. Scott Cooley
04-08-99While something less than it might be, Fidelity Low-Priced Stock Fund has somehow managed to offer more than many of its rivals. Scott Cooley
09-08-98Investors who got into Fidelity Low-Priced Stock Fund before it closed might be relieved that it can still take and deliver a punch. Peter Di Teresa
03-20-98It's well past time. Scott Cooley
10-24-97Fidelity Low-Priced Stock Fund's change of diet won't solve its size problem. Peter Di Teresa
06-06-97Fidelity Low-Priced Stock Fund's appeal comes from being much like a dancing elephant. Peter Di Teresa
01-17-97Despite getting heavier and heavier, Fidelity Low-Priced Stock Fund keeps floating to the top of its category. Peter Di Teresa
09-27-96Fidelity Low-Priced Stock Fund has been doing an impressive job of balancing a small- company strategy and a big asset base. Peter Di Teresa
05-10-96Fidelity Low-Priced Stock may not be the dynamo it once was, but it's still pretty strong. Hal Ratner
12-22-95So far in 1995, Fidelity Low-Priced Stock Fund has had two strikes against it, but it's not out yet. Hal Ratner
08-04-95Instead of closing its gates, Fidelity Low- Priced Stock Fund is relaxing its standards. Erik Laughlin
03-17-95Fidelity Low-Priced Stock Fund is in a bit of a bind. Amy C. Arnott
10-28-94Fidelity Low-Priced Stock Fund can't seem to find enough good stocks. Amy C. Arnott
04-29-94Fidelity Low-Priced Stock Fund hasn't let its size cramp its returns. Patricia Brady
12-10-93Even when Fidelity Low-Priced Stock Fund isn't at its best, it still does pretty well. Amy C. Arnott
07-23-93Fidelity Low-Priced Stock Fund's cash position is finally going down. Amy C. Arnott
© Copyright 2008 Morningstar, Inc. All rights reserved. Not to be redistributed without written permission. To order reprints call 312-696-6100.