Fidelity Advisor Equity Growth IEQPGX

Morningstar Rating

Fund Research and Analysis

by Christopher Davis

Fidelity Advisor Equity Growth hasn't impressed lately, but don't count it out.

After suffering an especially rough 2008, this offering hasn't come out swinging as hard as one might expect. Manager Jason Weiner's big bet on financials proved way premature last year, but it should have lent a huge boost in 2009. Read more

Kudos

Management has fared well at previous charges and delivered bang-up results in 2007.

A high-conviction management style gives this fund a real chance of standing out. Read more

Risks

Management's taste for pricier stocks and willingness to make big sector bets will likely lead to volatility.

Management hasn't stayed at any one fund for very long, and there's no guarantee it'll be any different in this fund's case.

Rising expenses.

High-turnover approach increases trading costs and could reduce tax efficiency. Read more

Strategy

Jason Weiner looks for companies with real earnings-growth potential. If a company fails to meet expectations, he will cut bait rather than suffer what he calls "growth stock failure." Some of his picks have internal earnings catalysts (for instance, a restructuring); others are benefiting from broad themes (such as increased dental spending). Read more

Management

Jason Weiner replaced Jennifer Uhrig at this fund in November 2006. Weiner also manages Fidelity Growth Discovery FDSVX, which he took over in February 2007, and runs as a no-load clone of this fund. He previously ran Export & Multinational FEXPX (1997-98), OTC FOCPX (2000-03), and Independence FDFFX (2003-06), all successfully. Read more

Inside Scoop

Veteran manager Jason Weiner employs a fast-moving, sector-betting style. Quickly moving in and out of sectors can be a tricky strategy to execute, but Weiner has gotten it right more often than not. Read more

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