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Fimlx
Contrarian tendencies are bearing some fruit.
Summary
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Paul Ruppe
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Aug 30, 2022
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Get our overall rating based on a fundamental assessment of the pillars below.
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable FMILX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the FMILX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of FMILX’s parent organization’s priorities and whether they’re in line with investors’ interests.
Fidelity New Millennium’s against-the-grain approach requires patience, but its seasoned and well-resourced manager earns the U.S.-domiciled mutual fund a Morningstar Analyst Rating of Bronze, while the newly rated Canadian vehicles get Neutral.
A Fidelity veteran draws upon his useful experience and the firm’s well-stocked analyst team at this all-cap strategy. Manager John Roth joined Fidelity as a utilities analyst in 1999 and ran utilities, chemicals, and consumer discretionary sector funds before taking the reins of this offering in 2006. He has also run Bronze-rated Fidelity Mid-Cap Stock FMCSX since 2011--along with comanager Nicola Stafford since 2017--and has led that mid-cap blend strategy to respectable results over his tenure. He has more than 26 years of investment experience overall and is well-versed at navigating the firm’s extensive analytical resources for support.
Roth’s opportunistic approach is distinctive but difficult to pin down. He invests across the market-cap spectrum and mixes traditional growth stocks with more economically sensitive fare, letting valuations drive the makeup of the portfolio. On the growth side, he searches for firms with superior products and strong earnings potential, along with established companies that have fallen out of favor, look attractively valued, and might have a catalyst for improvement. On the cyclical side, he considers the supply/demand dynamics within an industry and tries to gauge a firm's earning potential over a market cycle. Roth takes full advantage of the strategy’s flexible mandate: The portfolio’s holdings typically hail from many segments of the Morningstar Style Box, with its overall orientation ranging from growth to value and from mid-cap to large-cap during his tenure.
This tough-to-benchmark strategy has started to rebound after several years of lackluster returns. Its hefty cyclicals allocation, which performed poorly during early 2020’s pandemic-induced bear market and delivered desultory returns in 2021, finally roared back in early 2022. While its energy holdings have buffed its near-term results versus its S&P 500 prospectus benchmark, its intermediate- and long-term results have lagged through July.
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