Fidelity Advisor Fifty TFFYTX

Morningstar Rating

Fund Research and Analysis

by Katie Rushkewicz

Fidelity Advisor Fifty could pay off over time for those willing to deal with its ups and downs.

The past two years demonstrate how volatile this fund can be. It lost more money than nearly all of its large-growth rivals during the recent bear market but has also had a sharper rebound. Read more

Kudos

Small asset base allows manager flexibility. Read more

Risks

Increased stock-specific risk from the fund's concentrated format, as well as noteworthy sector bets (driven by stock-picking), may cause the fund's performance to move out of step with its peers.

Expensive compared with other front-load, large-cap funds.

High turnover means investors could face short-term capital gains taxes down the road.

Frequent manager turnover is worrisome. Read more

Strategy

Manager Peter Saperstone runs a fairly concentrated portfolio of 50-60 stocks with the top 10 holdings typically consuming 40%-50% of the fund's assets. Stock-picking drives sector and industry bets and ultimately determines the fund's success or failure. Read more

Management

Peter Saperstone replaced Jason Weiner on this fund and sibling Fidelity Fifty FFTYX in November 2006. Saperstone has posted a decent record at Fidelity Advisor Mid Cap since taking the reins there in 2001. Read more

Inside Scoop

Manager Peter Saperstone focuses on both slow growers that will unlock cash flows and higher-growth, higher-priced stocks. A concentrated portfolio means the fund can experience bouts of volatility. Read more

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