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If you’ve been stuck searching for Mutual Fund Equity Report funds, consider Fidelity New Millennium (FMILX) as a possibility. FMILX bears a Zacks Mutual Fund Rank of 1 (Strong Buy), which is based on nine forecasting factors like size, cost, and past performance.
History of Fund/Manager
FMILX is a part of the Fidelity family of funds, a company based out of Boston, MA. Fidelity New Millennium made its debut in December of 1992, and since then, FMILX has accumulated about $2.20 billion in assets, per the most up-to-date date available. The fund’s current manager, John D. Roth, has been in charge of the fund since July of 2006.
Performance
Of course, investors look for strong performance in funds. This fund has delivered a 5-year annualized total return of 7.37%, and it sits in the top third among its category peers. Investors who prefer analyzing shorter time frames should look at its 3-year annualized total return of 7.28%, which places it in the top third during this time-frame.
When looking at a fund’s performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. Compared to the category average of 20.71%, the standard deviation of FMILX over the past three years is 21.63%. Over the past 5 years, the standard deviation of the fund is 18.8% compared to the category average of 18.4%. This makes the fund more volatile than its peers over the past half-decade.
Risk Factors
Investors should note that the fund has a 5-year beta of 0.94, which means it is hypothetically less volatile than the market at large. Alpha is an additional metric to take into consideration, since it represents a portfolio’s performance on a risk-adjusted basis relative to a benchmark, which in this case, is the S&P 500. FMILX has generated a negative alpha over the past five years of -1.03, demonstrating that managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.
Holdings
Investigating the equity holdings of a mutual fund is also a valuable exercise. This can show us how the manager is applying their stated methodology, as well as if there are any inherent biases in their approach. For this particular fund, the focus is primarily on equities that are traded in the United States.
Currently, this mutual fund is holding 84.03% stock in stocks, and these companies have an average market capitalization of $113.52 billion. The fund has the heaviest exposure to the following market sectors:
- Finance
- Other
- Industrial Cyclical
Turnover is 10%, which means, on average, the fund makes fewer trades than comparable funds.
Expenses
As competition heats up in the mutual fund market, costs become increasingly important. Compared to its otherwise identical counterpart, a low-cost product will be an outperformer, all other things being equal. Thus, taking a closer look at cost-related metrics is vital for investors. In terms of fees, FMILX is a no load fund. It has an expense ratio of 0.48% compared to the category average of 0.92%. So, FMILX is actually cheaper than its peers from a cost perspective.
Investors need to be aware that with this product, the minimum initial investment is $0; each subsequent investment has no minimum amount.
Bottom Line
Overall, Fidelity New Millennium ( FMILX ) has a high Zacks Mutual Fund rank, and in conjunction with its comparatively strong performance, average downside risk, and lower fees, Fidelity New Millennium ( FMILX ) looks like a good potential choice for investors right now.
Want even more information about FMILX? Then go over to Zacks.com and check out our mutual fund comparison tool, and all of the other great features that we have to help you with your mutual fund analysis for additional information. For analysis of the rest of your portfolio, make sure to visit Zacks.com for our full suite of tools which will help you investigate all of your stocks and funds in one place.
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