mutual fund investor guide the investor guide to fidelity funds · 2020. 8. 11. · mutual fund...

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Market Perspective: Technology & Healthcare Continues to Drive StocksThe Nasdaq climbed 6.82 percent and the S&P 500 Index 5.51 percent, thanks to continued strength in the technology sector. Economic data showed the economy recovering from pandemic lows, though employment lagged. Earnings season has been positive. Gold hit a new all-time high, with investors expecting more Federal Reserve intervention and higher budget deficits. Second-quarter GDP declined at an annual-ized rate of 32.9 percent. The government reports GDP growth as an annualized figure, but a more relevant number is 9.5 percent. The economy contracted that amount from the first to the second quarter. Put another way, assuming the dip in economic activity is virus related and holds for an entire year, the econo-my would probably decline around 10 percent. Economists already project a strong rebound in the third quarter. The Atlanta Federal Reserve projects a 19.6 percent increase. In short, econ-omists think the economy will grow faster from the second to the third quarter than it normally does in an entire year. Employment gains stalled in July. Weekly unemployment claims ticked up to 1.43 million in the week ending July 25. Continuing claims have stabilized at about 17 million. The De-partment of Labor, which publishes the weekly claims data, estimates unemployment was 11.6 percent for the week ending July 18. Explana-tions vary from lockdown reversal policies in some states to permanent job losses caused by the pandemic to federal unemployment benefits that discourage employees from going back to work. The ISM manufacturing PMI rose to 54.2 percent in July, indicating expansion in the manufacturing sector. China’s manufacturing PMI also moved into expansion. Germany’s

PMI rose above 50 percent, the first time it has signaled expansion in nearly two years.Technology continues to drive the econo-my. Earnings from Apple (AAPL), Amazon (AMZN) and Facebook (FB) dramatically ex-ceeded expectations. Amazon doubled its profit from the second quarter of last year as buying shifted online. Valuations remain stretched, and while it is easy to chase profits, investors should remain cognizant of their tech alloca-tion.While it is impossible to predict when a handful of tech stocks will stop driving the market, the valuation gap between growth and value stocks is at historic extremes. The S&P 500 Index has opened up an unprecedented performance gap over the equal-weight version of the index because a small number of stocks are powering the index. Similarly, the Nasdaq has risen 19.76 percent this year versus 1.25 percent for the S&P 500 Index. There are values in other sectors that investors should be investigating. The housing sector is showing signs of life again. Homebuilders and home improvement retailers are trading at new all-time highs. Consumers are spending money at home instead of going out. A new bull mar-ket in housing could be underway as Americans are exiting cities for suburbs and rural areas. Fidelity Select Home Construction (FSHOX) has outperformed the S&P 500 Index by 6 per-centage points in 2020. Housing data supports an optimistic outlook for the sector. New home sales spiked to an annualized pace of 776,000 homes in June, slightly exceeding the January 2020 number. This number was also a new post-2008 high. Adjusted for population growth, housing data shows there is plenty of room for continued expansion. Healthcare also remains attractive. Many healthcare companies were hurt by the pan-demic because people stopped going to the doctor for routine visits and procedures. As

mutualfundinvestorguide.com

MUTUAL FUND Investor Guide

AUGUST 2020

Matthew D. SauerFounder & Chief Investment Officer

Matthew Sauer is the Founder and Chief Investment Officer of the Mutual Fund Investor Guide family of newsletters. Each month he analyzes and provides buy, sell and hold recommendations for hundreds of mutual funds and ETFs in three newsletters: The Investor Guide to Fidelity Funds, The ETF Investor Guide and The Investor Guide to Vanguard Funds.

Matthew is also the Founder and Chief Investment Officer of MDS Wealth Advisors, a Registered Investment Advisor that provides personalized investment solutions.

IN THIS ISSUE 1 Market Perspective: Technology & Healthcare Continues to Drive Stocks

2 Portfolio Updates

3 Model Portfolios

5 Data & Rankings

11 Fund Spotlight: Fidelity Growth & Income (FGRIX)

THE Investor Guide TO FIDELITY FUNDS

(continued on page 2)

2 AUGUST 2020 | PHONE: (888) 252-5372


the economy opens up and government spending continues, healthcare is in good economic shape. Biotechnology stocks pulled back in July, with Fidelity Select Biotechnology (FBIOX) sliding 3.65 percent. Rydex Biotechnology (RYOIX) saw a small gain of 0.30 per-cent. Biotech remains a strong candidate for market leadership. Broad healthcare funds such as Fidelity Select Healthcare (FSPHX) also remain solid options for conservative investors. Dividend paying will likely outperform relative to the major indexes. Fidelity Equity Income (FEQTX) yields 2.97 percent, about 50 percent more than does the S&P 500 Index. FEQTX has 18.5 percent of assets in healthcare, 16.8 percent in financials and 10.5 percent in industrials. Technology holdings,

at 9.9 percent, is underweight relative to the S&P 500 Index. Top holdings include healthcare stocks Bristol-Myers Squibb (BMY) and AbbVie (ABBV), which yield 3.0 percent and 5.0 percent, respectively. Verizon (VZ) and Comcast (CMCSA) yield 4.3 percent and 2.1 per-cent, respectively. Over the long term, dividends have historically provided most investment returns. Earnings season has been positive for stocks. More than 80 percent of the S&P 500 companies have beaten estimates. Analysts were looking for a 44 percent drop in S&P 500 earnings, but thus far that decline has narrowed to 36 percent. Utilities and healthcare, both projected to lose money (along with every other sector), have swung to growth. Health-care saw a major reversal, from nega-

tive 14 percent expected to positive 2 percent. Only financials and energy have reported losses worse than projected. The Federal Reserve held policy steady, though it was ready to take more action if needed. Despite government deficits, bond yields remain low. The 10-year yield is 0.56 percent, near its all-time low set in March. Investors are paying large premiums for Treasury infla-tion-protected securities (TIPS). The 30-year inflation-indexed bond trades at negative 0.45 percent. The five-year inflation-indexed bond yields negative 1.08 percent. However, the total return on an inflation-protected bond includes an inflation adjustment based on the CPI. The five-year Treasury without inflation protection currently yields 0.23

Portfolio UpdatesThe Nasdaq increased 6.82 percent in July, the S&P 500 Index 5.51 percent, the Russell 2000 Index 2.71 percent, the Dow Jones Industrial Average 2.38 per-cent and the MSCI EAFE 2.23 percent.The Nasdaq has risen 19.76 percent in 2020 and the S&P 500 Index 1.25 per-cent. The Dow Jones Industrial Average has declined 7.39 percent, the MSCI EAFE 10.64 percent and the Russell 2000 Index 11.27 percent. We made no changes to Model Portfo-lios this month.The Fidelity Select Sector Portfolio in-creased 3.97 percent in July. Technology (FSPTX) rallied 7.41 percent. Consumer Staples (FDFAX) gained 7.21 percent. The portfolio has increased 2.52 percent in 2020.The Fidelity Straight Growth Port-folio rose 4.17 percent last month. It is down 4.38 percent this year. Contrafund (FCNTX) increased 7.17 percent. Low Volatility (FDLO) advanced 4.98 per-cent.

The Fidelity Balanced Growth Port-folio expanded 4.64 percent in July. It is up 6.04 percent in 2020. Contrafund (FCNTX) gained 7.17 percent. Fidelity Fund (FFIDX) rallied 6.44 percent.The Fidelity Global Portfolio increased 4.97 percent last month. The portfolio has risen 0.52 percent this year. World-wide (FWWFX) advanced 6.29 percent. Global Equity Income (FGILX) ex-panded 0.50 percent.The Fidelity Conservative Income Portfolio climbed 2.20 percent in July. The portfolio has decreased 4.39 percent in 2020. Strategic Income (FADMX) grew 3.01 percent. Fidelity Equity Div-idend Income (FEQTX) advanced 2.09 percent.The Diversified Sector Portfolio rallied 4.96 percent last month. The portfolio is up 4.90 percent this year. Fidelity Select Technology (FSPTX) gained 7.41 per-cent. Fidelity MSCI Consumer Staples (FSTA) grew 6.91 percent.The NTF Straight Growth Portfolio increased 4.54 percent last month. The portfolio has lost 4.90 percent in 2020. Parnassus Core Equity (PRBLX) added

6.80 percent. Janus Enterprise (JAENX) rose 5.57 percent.The NTF Balanced Growth Portfolio rose 2.77 percent last month. The port-folio has declined 6.81 percent this year. Federated MDT Stock (FSTKX) climbed 4.15 percent. Fidelity New Millennium (FMILX) gained 3.64 percent. The Tax Advantage Portfolio increased 4.75 percent in July. It has risen 1.83 percent in 2020. Fidelity Convertible Securities (FCVSX) and Parnassus Core Equity (PRBLX) both advanced 6.80 percent. Fidelity Puritan (FPURX) ex-panded 4.80 percent. The Aggressive Value Portfolio rallied 2.67 percent last month. The portfolio has decreased 2.65 percent this year. Fidelity Consumer Staples (FDFAX) expanded 7.21 percent. Fidelity Low Volatility (FDLO) climbed 4.98 percent.The Bear Market Portfolio gained 0.20 percent last month. Floating Rate High Income (FFRHX) added 1.90 per-cent. DoubleLine Core Fixed Income (DLFNX) grew 1.77 percent. The port-folio has slipped 3.62 percent in 2020.

Market Perspective: Technology & Healthcare Continues to Drive Stocks (continued)


www.MutualFundInvestorGuide.com | AUGUST 2020 3

Model Portfolios (Data provided as of 7/31/20)

User GuideRANK: Our proprietary ranking system uses both technical and fundamental analysis to identify those funds expected to outperform over the following 6 months, on a risk adjusted basis. ADVICE: Based on technical and funda-mental indicators, we issue buy, hold and sell recommendations based upon expected future performance. We often avoid recommending funds that are extraordinarily volatile or are exposed to significant market risk.

PERFORMANCE RETURNS: YTD, 1-month, 3-month and 1-year returns are calculated each month based on the trailing returns. For 3-year and 5-year periods, returns are annualized.YIELD %: We use the 30-day SEC Yield to pro-vide the expected income generated by each fund, as reported by the fund in its most recent filing. BETA: The 3-year Beta is the measure of the volatility, or systematic risk of the fund as compared to the market. A Beta of 1.3 will typ-ically be 30% more volatile than the market.

STANDARD DEVIATION (SD): Also used to measure volatility, is determined from the monthly returns of the fund over the previous 3 years. Those funds with higher standard de-viations are more volatile as compared to those with a lower standard deviation. EXPENSE RATIO: The expense ratio is the fee charged by the mutual fund. This charge is deducted from the return of the fund, impact-ing performance. Please note, funds may have different share classes with varying expenses associated with each class.

FIDELITY SELECT SECTOR FUND PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFSPTX Technology 24.80 3070.54 26.11% 7.41% 29.72% $76,149.27FSPHX Healthcare 30.86 3549.25 37.55% 2.42% 11.21% $109,529.92FBIOX Biotech 22.96 1589.61 12.51% -3.65% 11.35% $36,497.48FDFAX Consumer Staples 86.41 804.22 23.83% 7.21% -0.59% $69,492.46

TOTAL 100.00% 3.97% 2.52% $291,669.13

FIDELITY STRAIGHT GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFEQTX Equity Dividend Income 22.14 3229.14 28.05% 2.07% -12.74% $71,493.22FCNTX Contrafund 15.99 4244.29 26.63% 7.17% 17.42% $67,866.16FLPSX Low-Priced Stock 44.78 825.98 14.51% 4.31% -10.51% $36,987.45FVDFX Value Discovery 26.98 1319.30 13.97% 2.94% -10.90% $35,594.65FDLO Fidelity Low Volatility 38.37 530.37 7.98% 4.98% -1.20% $20,350.25FGRTX Mega Cap Stock 14.49 1558.91 8.86% 3.21% -6.58% $22,588.58

TOTAL 100.00% 4.17% -4.38% $254,880.31

FIDELITY BALANCED GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFGRTX Mega Cap Stock 14.49 3028.21 18.41% 3.21% -6.58% $43,878.70FFIDX Fidelity Fund 57.70 947.61 22.94% 6.44% 13.76% $54,677.19FADMX Strategic Income 12.51 3269.94 17.16% 3.01% 1.98% $40,906.92FCBFX Corporate Bond 13.03 2962.59 16.20% 2.97% 9.08% $38,602.55FCNTX Contrafund 15.99 3023.53 20.28% 7.17% 17.42% $48,346.18FGRIX Growth and Income 38.15 312.83 5.01% 3.01% -8.59% $11,934.61

TOTAL 100.00% 4.64% 6.04% $238,346.16FIDELITY GLOBAL PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFSCOX International Small Cap Opp 20.11 2965.39 28.65% 4.47% -2.38% $59,633.90FIGRX International Discovery 46.09 408.72 9.05% 4.73% 1.50% $18,838.06FWWFX Worldwide 31.58 978.94 14.86% 6.29% 11.35% $30,914.84FGILX Global Equity Income 15.42 4326.46 32.06% 5.28% -0.50% $66,714.08FGHNX Global High Income 9.25 3460.50 15.38% 4.19% -1.72% $32,009.66

TOTAL 100.00% 4.97% 0.52% $208,110.54FIDELITY CONSERVATIVE INCOME PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFFRHX Floating Rate High Income 8.88 3761.98 23.10% 1.90% -4.03% $33,406.41FSTFX Limited Term Muni 10.84 1652.31 12.38% 0.88% 2.34% $17,911.03FADMX Strategic Income 12.51 3847.67 33.28% 3.01% 1.98% $48,134.34FEQTX Equity Dividend Income 22.14 2041.28 31.24% 2.09% -12.72% $45,194.03

TOTAL 100.00% 2.20% -4.39% $144,645.81

4 AUGUST 2020 | PHONE: (888) 252-5372


NTF STRAIGHT GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnJAENX Janus Enterprise 139.01 304.34 18.18% 5.57% -1.28% $42,306.34FGRTX Mega Cap Stock 14.49 3606.42 22.46% 3.21% -6.58% $52,257.00FEQTX Equity Dividend Income 22.14 2043.95 19.45% 2.09% -12.72% $45,253.14FAMVX FAM Value 75.11 572.83 18.49% 5.26% -7.08% $43,024.92PRBLX Parnassus Core Equity 48.99 1016.60 21.41% 6.80% 4.43% $49,803.40

TOTAL 100.00% 4.54% -4.90% $232,644.79

TAX ADVANTAGE PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnPRBLX Parnassus Core Equity 48.99 704.02 17.14% 6.80% 4.60% $34,489.76FPURX Puritan 24.57 2303.54 28.12% 4.80% 8.34% $56,598.00PSHAX PIMCO Short-Term 9.83 2399.39 11.72% 0.17% 1.75% $23,586.02FLPSX Fidelity Low-Priced Stock 44.78 1219.13 27.13% 4.31% -10.51% $54,592.69FCVSX Convertible Securities 35.20 908.69 15.89% 6.80% 13.28% $31,985.93

TOTAL 100.00% 4.75% 1.83% $201,252.39

BEAR MARKET PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnCVSIX Calamos Market Neutral 13.70 2691.15 34.78% 1.18% 2.18% $36,868.72PSSAX PIMCO Short Strategy 5.90 3064.25 17.06% -4.99% -10.37% $18,079.10MWLDX MetWest Low Duration 8.88 1484.26 12.44% 0.44% 2.35% $13,180.23FFRHX Floating Rate High Income 8.88 1503.55 12.60% 1.90% -4.03% $13,351.54DLFNX DoubleLine Core Fixed Inc 11.27 2175.09 23.13% 1.77% 3.14% $24,513.21

TOTAL 100.00% 0.20% -3.62% $105,992.80

AGGRESSIVE VALUE PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFDFAX Fidelity Consumer Staples 86.41 435.16 16.95% 7.21% -0.59% $37,602.41FDLO Fidelity Low Volatility 38.37 1664.03 28.78% 4.98% 0.14% $63,848.93FBIOX Fidelity Select Biotech 22.96 1844.35 19.09% -3.65% 9.82% $42,346.36FSLBX Fidelity Select Brokerage 79.98 466.19 16.80% 3.28% 0.93% $37,285.58FPHAX Fidelity Select Pharma 24.04 1696.94 18.39% 1.56% 6.24% $40,794.50

TOTAL 100.00% 2.67% -2.65% $221,877.78

DIVERSIFIED SECTOR PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFSPHX Fidelity Select Healthcare 30.86 1933.02 20.23% 2.42% 11.21% $59,653.04FSPTX Fidelity Select Technology 24.80 3060.73 25.74% 7.41% 29.72% $75,906.02FIDU Fidelity MSCI Industrials 37.51 1297.98 16.51% 4.48% -9.87% $48,687.06RYOIX Rydex Biotechnology 92.28 343.59 10.75% 0.30% 9.84% $31,706.44FSTA Fidelity MSCI Cons Staples 37.28 2116.49 26.76% 6.91% 0.39% $78,902.70

TOTAL 100.00% 4.96% 4.90% $294,855.26

NTF BALANCED GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFMILX Fidelity New Millennium 33.05 580.09 11.46% 3.64% -12.08% $19,172.12FEQTX Equity Dividend Income 22.14 1436.63 19.01% 2.09% -12.72% $31,806.94FCBFX Fidelity Corporate Bond 13.03 2567.43 20.00% 2.97% 9.08% $33,453.67FSTKX Federated MDT Stock 25.37 1342.45 20.36% 4.15% -8.75% $34,057.90PCKAX PIMCO Small Cap 8.29 2183.22 10.82% 3.24% -12.22% $18,098.92THOPX Thompson Bond 10.55 2909.30 18.35% 0.96% -5.96% $30,693.06

TOTAL 100.00% 2.77% -6.81% $167,282.60


FIDELITY GROWTH FUNDSFBCVX Fidelity® Blue Chip Value 17.02 81 Buy -18.88 0.89 5.32 -12.03 -1.74 1.75 0.97 17.93 0.65FBGRX Fidelity® Blue Chip Growth 138.10 96 Strong Buy 28.19 7.79 26.93 39.43 23.95 18.22 1.09 20.12 0.80FCNTX Fidelity® Contrafund® 15.99 97 Strong Buy 17.42 7.17 18.71 25.23 17.76 14.85 1.01 18.10 0.85FCPEX Fidelity® Small Cap Enhanced Index 11.59 69 Sell -11.32 4.23 13.96 -6.78 0.36 3.10 1.27 23.18 0.64FCPGX Fidelity® Small Cap Growth 28.07 85 Hold 2.60 4.35 17.84 8.72 14.14 11.91 1.13 21.56 1.04FCPVX Fidelity® Small Cap Value 12.65 77 Sell -17.43 3.60 9.71 -12.82 -2.66 2.03 1.15 21.29 0.64FDCAX Fidelity® Capital Appreciation 38.38 95 Buy 13.35 6.82 19.86 22.27 15.27 11.18 1.00 17.69 0.61FDEGX Fidelity® Growth Strategies 55.88 94 Buy 11.67 6.87 18.62 18.61 15.78 11.06 1.01 18.03 0.55FDEQX Fidelity® Disciplined Equity 45.09 94 Strong Buy 12.70 6.82 16.66 21.85 13.42 10.78 0.99 17.31 0.51FDFFX Fidelity® Independence 42.08 88 Strong Buy 14.97 7.40 17.84 23.34 15.87 10.39 0.98 17.45 0.67FDGFX Fidelity® Dividend Growth 26.38 82 Strong Buy -14.85 2.65 7.24 -6.24 3.92 4.93 1.10 19.71 0.49FDGRX Fidelity® Growth Company 28.62 97 Strong Buy 33.99 8.12 28.40 49.08 25.08 20.24 1.15 21.51 0.83FDLO Fidelity® Low Volatility Factor ETF 38.37 94 Strong Buy 0.14 4.89 11.27 7.35 12.72 0.87 15.30 0.29FDMO Fidelity® Momentum Factor ETF 39.31 88 Buy 7.86 7.14 14.02 10.96 12.47 0.98 17.54 0.29FDRR Fidelity® Dividend ETF for Rising Rates 31.72 89 Strong Buy -7.75 3.15 8.56 1.85 7.14 0.98 17.11 0.29FDSCX Fidelity® Stock Selector Small Cap 23.83 84 Buy -6.55 4.20 14.29 0.11 6.61 6.12 1.15 21.02 0.75FDSSX Fidelity® Stock Selec All Cp 50.26 91 Buy 4.93 5.04 15.22 14.47 11.38 10.74 1.08 18.66 0.65FDSVX Fidelity® Growth Discovery 48.37 96 Strong Buy 21.72 6.97 22.36 32.59 20.72 16.72 1.01 18.13 0.76FDVLX Fidelity® Value 9.02 76 Buy -18.52 3.56 11.63 -11.56 -2.18 1.64 1.41 25.45 0.58FDVV Fidelity® Core Dividend ETF 27.55 85 Buy -13.07 1.74 7.20 -4.81 4.88 1.03 18.65 0.29FEQIX Fidelity® Equity-Income 54.72 82 Strong Buy -8.46 4.36 7.67 0.21 4.52 6.15 1.98 0.91 15.94 0.60FEQTX Fidelity® Equity Dividend Income 22.14 84 Strong Buy -12.72 2.09 6.33 -3.99 2.49 4.99 2.97 1.01 18.01 0.60FEXPX Fidelity® Export & Multinational 18.00 72 Sell -17.70 3.39 6.82 -9.44 2.67 4.32 1.11 20.06 0.73FFIDX Fidelity Fund 57.70 97 Strong Buy 13.76 6.44 16.59 24.99 16.89 12.50 0.68 0.93 16.37 0.49FGRIX Fidelity® Growth & Income Portfolio 38.15 89 Strong Buy -8.59 3.01 8.72 1.27 5.58 6.88 2.24 0.99 17.54 0.61FGRTX Fidelity® Mega Cap Stock 14.49 91 Strong Buy -6.58 3.21 10.19 4.23 7.16 7.82 0.83 0.98 17.22 0.65FLCEX Fidelity® Large Cap Core Enhanced Index 16.90 94 Strong Buy 2.67 5.56 11.92 12.06 12.16 10.76 0.97 16.60 0.39FLCOX Fidelity® Large Cap Value Index 11.41 76 Hold -12.93 3.92 6.80 -5.99 2.70 1.03 18.20 0.04FLCSX Fidelity® Large Cap Stock 29.63 86 Buy -9.95 2.38 8.68 0.14 5.37 6.81 1.06 18.66 0.47FLGEX Fidelity® Large Cap Growth Enhanced Idx 25.25 97 Strong Buy 17.50 7.22 18.27 27.66 18.80 14.83 0.99 17.35 0.39FLPSX Fidelity® Low-Priced Stock 44.78 85 Strong Buy -10.51 4.31 10.32 -0.48 3.29 4.57 1.03 18.48 0.51FLVCX Fidelity® Leveraged Company Stock 30.88 76 Hold -4.78 4.78 16.70 3.24 5.29 4.93 1.35 24.18 0.78FLVEX Fidelity® Large Cap Value Enhanced Index 12.07 79 Hold -11.90 4.41 7.10 -4.51 3.52 5.64 1.00 17.58 0.39FMAGX Fidelity® Magellan® 11.73 96 Strong Buy 15.00 7.42 17.89 23.13 16.40 13.06 0.98 17.28 0.76FMCSX Fidelity® Mid-Cap Stock 31.83 87 Strong Buy -8.53 5.47 13.01 -3.50 4.93 6.29 1.09 19.61 0.86FMEIX Fidelity® Mid Cap Enhanced Index 14.64 83 Buy -4.87 5.25 14.38 1.09 5.64 6.36 1.17 20.55 0.59FMILX Fidelity® New Millennium 33.05 87 Strong Buy -12.08 3.64 9.65 -6.46 4.13 5.92 1.05 18.66 0.61FNCMX Fidelity® Nasdaq Composite Index® 135.47 97 Strong Buy 20.25 6.90 21.18 32.52 20.16 17.03 1.07 19.06 0.29FOCPX Fidelity® OTC Portfolio 15.61 96 Strong Buy 22.05 7.80 22.34 35.79 21.58 18.98 1.07 19.65 0.88FQAL Fidelity® Quality Factor ETF 38.23 92 Buy 2.47 4.71 11.50 10.37 11.33 0.95 16.42 0.29FSCRX Fidelity® Small Cap Discovery 20.02 75 Sell -13.48 4.54 17.01 -6.53 0.21 2.60 1.34 24.58 0.61FSDIX Fidelity® Strategic Dividend & Income® 15.08 91 Strong Buy -1.28 4.99 9.07 5.02 6.65 7.53 2.43 1.20 12.73 0.71FSKAX Fidelity® Total Market Index 92.07 90 Buy 1.94 5.66 13.89 10.81 11.32 10.85 1.04 17.93 0.02FSLCX Fidelity® Small Cap Stock 16.65 81 Buy -8.11 6.19 18.93 -2.39 4.62 5.07 1.33 24.65 0.91FSLSX Fidelity® Value Strategies 31.78 78 Buy -18.22 2.95 9.25 -10.81 -1.18 2.18 1.31 23.54 0.74FSLVX Fidelity® Stock Selec Lg Cp Val 18.49 84 Hold -13.67 3.53 6.20 -7.29 1.33 3.91 1.07 18.98 0.64FSMAX Fidelity® Extended Market Index 63.66 84 Buy -0.23 5.69 19.68 5.18 8.02 7.98 1.27 22.77 0.05FSMDX Fidelity® Mid Cap Index 22.61 85 Buy -3.77 5.90 15.37 2.04 7.31 7.83 1.17 20.65 0.03FSMVX Fidelity® Mid Cap Value 19.17 72 Sell -17.16 2.68 7.39 -11.04 -2.89 0.33 1.22 22.13 0.45FSSMX Fidelity Advisor® Stock Selector Mid Cp 33.55 79 Buy -10.60 4.22 13.38 -4.53 4.62 5.62 1.27 22.61 0.94FSSNX Fidelity® Small Cap Index 18.78 80 Buy -10.51 2.79 13.38 -4.42 2.83 5.29 1.25 22.97 0.03FTQGX Fidelity® Focused Stock 30.35 95 Strong Buy 16.42 6.83 20.39 23.64 21.60 15.47 0.99 18.05 0.89FTRNX Fidelity® Trend 130.53 97 Strong Buy 21.98 7.41 20.60 33.10 20.66 16.45 1.00 18.09 0.63FVAL Fidelity® Value Factor ETF 34.86 90 Strong Buy -7.07 3.57 9.40 2.96 7.52 1.10 19.24 0.29FVDFX Fidelity® Value Discovery 26.98 84 Strong Buy -10.90 2.94 7.75 -3.58 1.74 4.40 0.96 17.14 0.60FXAIX Fidelity® 500 Index 113.53 86 Strong Buy 2.38 5.64 12.87 11.94 12.00 11.47 1.00 17.16 0.02FZROX Fidelity ZERO Total Market Index 11.55 86 Buy 1.85 5.67 13.91 10.95 0.00ONEQ Fidelity® Nasdaq Composite Tr Stk ETF 417.13 96 Strong Buy 19.96 6.64 20.80 33.44 20.58 17.25 0.66 1.07 19.02 0.21

FIDELITY SELECT SECTOR FUNDSFBIOX Fidelity® Select Biotechnology Portfolio 22.96 96 Strong Buy 9.82 -3.65 11.35 28.78 11.04 2.75 1.10 24.56 0.72FBMPX Fidelity Select Comm Services 70.89 83 Buy 13.38 7.65 18.90 20.60 12.39 9.83 0.98 18.82 0.77FBSOX Fidelity® Select IT Services Portfolio 82.73 94 Strong Buy 10.73 5.35 16.49 14.46 22.80 17.90 1.06 19.68 0.73FCYIX Fidelity® Select Industrials Portfolio 30.55 73 Sell -9.70 5.49 12.90 -6.11 3.81 5.86 1.29 22.55 0.75FDCPX Fidelity® Select Computers Portfolio 85.93 91 Buy 8.47 7.95 20.40 28.55 16.60 15.47 0.96 18.61 0.75FDFAX Fidelity® Select Consumer Staples Port 86.41 85 Strong Buy -0.59 7.21 10.57 6.90 3.40 4.86 0.76 14.97 0.75FDLSX Fidelity® Select Leisure Portfolio 12.98 77 Sell -14.28 2.85 7.27 -13.60 4.87 5.19 1.27 23.31 0.75FIDSX Fidelity® Select Financial Services Port 7.98 79 Hold -22.14 0.76 7.11 -14.09 -0.37 3.43 1.30 23.11 0.76FNARX Fidelity® Select Natural Resources Port 18.79 22 Sell -28.95 1.90 3.98 -25.49 -9.98 -6.21 1.86 34.92 0.84FPHAX Fidelity® Select Pharmaceuticals Port 24.04 93 Strong Buy 6.24 1.56 5.35 26.03 13.61 4.10 0.70 15.15 0.77FSAGX Fidelity® Select Gold Portfolio 35.20 77 Sell 45.47 15.56 29.36 59.72 19.87 22.66 0.96 32.94 0.78FSAIX Fidelity® Select Air Transportation Port 46.10 57 Sell -34.91 -0.88 7.69 -33.66 -7.25 0.16 1.41 26.80 0.81FSAVX Fidelity® Select Automotive Port 35.42 78 Buy 6.81 8.22 22.77 21.11 10.79 6.22 1.36 24.30 0.99

Data & Rankings (Data provided as of 7/31/20)% Return (3 and 5 Years Annualized)

Yield %Beta

3 YearSD

3 YearExpense

RatioSymbol Name NAV Rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 Year

6 AUGUST 2020 | PHONE: (888) 252-5372


FSCHX Fidelity® Select Chemicals Portfolio 11.78 59 Sell -4.85 6.61 16.52 -3.35 -3.31 4.32 1.32 23.89 0.77FSCPX Fidelity® Select Consumer Discret Port 54.46 94 Strong Buy 10.33 6.72 17.40 15.74 15.32 11.25 1.24 21.54 0.76FSCSX Fidelity® Select Software 23.66 96 Strong Buy 23.05 3.82 19.37 33.73 25.96 23.17 0.99 18.23 0.70FSDAX Fidelity® Select Defense & Aero Port 13.22 75 Hold -25.95 -1.34 2.16 -22.33 2.44 7.98 1.26 25.20 0.74FSDCX Fidelity® Select Comms Equip Port 35.87 74 Sell 2.36 9.49 16.08 -5.64 5.93 6.57 0.89 18.67 0.82FSDPX Fidelity® Select Materials Portfolio 67.90 55 Sell -1.77 7.25 16.31 0.77 -1.90 2.01 1.25 22.15 0.79FSELX Fidelity® Select Semiconductors 12.60 87 Buy 7.93 3.19 17.87 31.07 23.05 24.22 1.34 26.09 0.71FSENX Fidelity® Select Energy Portfolio 21.32 38 Sell -39.88 -3.35 -2.02 -39.45 -17.33 -10.62 1.94 36.88 0.80FSESX Fidelity® Select Energy Service Port 12.01 12 Sell -50.89 2.56 12.88 -52.21 -33.40 -22.40 2.63 49.64 0.89FSHCX Fidelity® Select Healthcare Svcs 106.79 90 Strong Buy 2.68 2.19 5.25 16.96 13.28 10.08 0.81 20.56 0.75FSHOX Fidelity® Select Construction & Hsg Port 62.57 83 Buy 7.10 8.48 24.82 17.77 13.66 11.16 1.28 23.25 0.79FSLBX Fidelity® Select Brokerage & Invmt Mgmt 79.98 85 Strong Buy 0.93 3.28 11.89 11.64 8.43 6.95 1.05 19.26 0.77FSLEX Fidelity® Select Envir and Alt Engy Port 22.74 59 Sell -7.37 5.72 13.93 -0.45 4.13 8.22 1.20 20.87 0.85FSMEX Fidelity® Select Medical Devices & Tech 68.60 96 Strong Buy 16.78 10.99 18.73 26.36 21.42 18.37 0.96 18.94 0.71FSNGX Fidelity® Select Natural Gas Portfolio 9.91 12 Sell -45.26 0.10 -1.88 -46.29 -23.83 -16.31 1.97 38.15 0.92FSPCX Fidelity® Select Insurance Port 52.21 70 Hold -14.55 4.38 14.15 -10.83 0.85 5.42 1.05 19.23 0.80FSPHX Fidelity® Select Health Care Portfolio 30.86 97 Strong Buy 11.21 2.42 9.74 28.95 16.79 9.57 0.88 18.43 0.70FSPTX Fidelity® Select Technology Portfolio 24.80 97 Strong Buy 29.72 7.41 27.44 48.92 25.83 24.74 1.13 21.02 0.71FSRBX Fidelity® Select Banking Portfolio 16.57 67 Sell -35.89 -1.95 -0.30 -28.85 -7.70 -0.81 1.56 28.95 0.77FSRFX Fidelity® Select Transportation 78.18 67 Sell -8.93 7.67 17.92 -8.00 4.23 5.98 1.25 22.77 0.79FSRPX Fidelity® Select Retailing Portfolio 20.08 96 Strong Buy 19.28 7.44 20.96 25.89 21.88 16.64 1.19 21.41 0.74FSTCX Fidelity® Select Telecommunications Port 67.91 74 Hold 12.90 6.46 13.37 19.13 8.00 9.12 0.64 13.50 0.82FSUTX Fidelity® Select Utilities Portfolio 85.00 73 Sell -8.80 5.50 5.99 -0.63 7.17 9.14 0.56 14.20 0.74FSVLX Fidelity® Select Consumer Finance Port 13.27 70 Sell -24.76 2.63 11.61 -22.71 0.78 3.04 1.49 27.53 0.85FWRLX Fidelity® Select Wireless Portfolio 12.15 91 Buy 15.61 6.86 20.06 33.44 17.06 14.36 0.83 14.94 0.81

FIDELITY SECTOR ETFSFCOM Fidelity® MSCI Comm Svc ETF 37.87 71 Hold 6.47 7.25 14.56 11.26 8.60 10.41 0.96 18.17 0.08FDIS Fidelity® MSCI Consumer Discret ETF 57.30 97 Strong Buy 19.48 10.13 24.82 25.31 18.03 13.74 1.31 22.78 0.08FENY Fidelity® MSCI Energy ETF 9.48 36 Sell -39.10 -4.53 -3.50 -39.29 -16.14 -10.31 1.93 36.86 0.08FHLC Fidelity® MSCI Health Care ETF 52.33 97 Strong Buy 6.28 5.14 7.83 19.60 12.77 8.77 0.82 16.24 0.08FIDU Fidelity® MSCI Industrials ETF 37.51 79 Buy -9.81 4.48 13.00 -4.53 4.29 7.97 1.25 21.68 0.08FMAT Fidelity® MSCI Materials ETF 32.85 70 Sell -2.94 6.55 16.56 3.04 3.37 7.00 1.24 21.38 0.08FNCL Fidelity® MSCI Financials ETF 34.08 83 Hold -21.92 2.87 6.11 -14.84 -0.29 5.09 1.25 22.13 0.08FSTA Fidelity® MSCI Consumer Staples ETF 37.28 91 Strong Buy 0.39 6.91 8.58 7.65 6.80 7.05 0.62 13.65 0.08FTEC Fidelity® MSCI Information Tech ETF 87.22 97 Strong Buy 21.24 6.06 22.28 36.93 26.65 23.17 1.07 19.82 0.08FUTY Fidelity® MSCI Utilities ETF 39.14 73 Sell -5.69 7.32 6.36 3.15 7.48 10.38 0.46 14.26 0.08

FIDELITY REAL ESTATE, COMMODITY & UTILITY FUNDS FFGCX Fidelity® Global Commodity Stock 10.92 29 Sell -14.62 4.70 10.86 -8.67 -0.74 1.86 1.21 21.57 1.06FIUIX Fidelity® Telecom and Utilities 25.26 75 Sell -7.26 4.27 5.79 0.38 5.95 7.85 2.87 0.60 13.15 0.74FREL Fidelity® MSCI Real Estate Index ETF 24.24 73 Hold -10.96 3.68 7.92 -5.29 3.89 5.64 0.81 17.69 0.08FRESX Fidelity® Real Estate Investment Port 40.16 69 Sell -10.39 5.77 8.85 -6.15 2.82 5.08 2.44 0.77 17.19 0.74FRIFX Fidelity® Real Estate Income 11.09 75 Sell -10.51 2.88 10.46 -6.58 1.86 4.43 5.12 0.73 16.58 0.75FSRNX Fidelity® Real Estate Index 13.58 67 Sell -19.40 3.27 4.56 -16.34 -1.23 1.88 0.84 18.99 0.07

FIDELITY INTERNATIONAL FUNDSFDIVX Fidelity® Diversified International 41.60 78 Buy 2.72 4.84 17.18 14.30 5.98 5.01 0.95 15.63 0.75FEDDX Fidelity® Emerging Markets Discovery 14.02 67 Sell -3.11 5.33 22.34 3.82 0.98 5.54 1.19 20.73 1.25FEMEX Fidelity® EMEA 8.00 44 Sell -21.49 1.52 11.73 -16.38 -1.56 2.51 1.28 23.06 1.30FEMKX Fidelity® Emerging Markets 38.31 79 Sell 9.58 9.46 23.94 21.80 10.55 11.22 1.07 18.29 0.92FGILX Fidelity® Global Equity Income 15.42 90 Buy -0.49 5.29 12.56 11.70 7.87 7.01 0.96 0.87 14.65 1.08FHKCX Fidelity® China Region 48.42 81 Hold 22.46 9.25 24.60 39.91 15.64 12.86 1.04 20.55 0.95FICDX Fidelity® Canada 48.04 65 Hold -8.83 5.65 12.32 -4.11 1.58 3.40 1.02 18.10 0.87FIDI Fidelity® International High Div ETF 15.91 55 Sell -24.66 -1.85 2.49 -16.88 4.95 0.39FIENX Fidelity® International Enhanced Index 8.82 72 Sell -9.07 2.08 10.80 -1.55 -0.61 1.99 0.95 15.47 0.59FIEUX Fidelity® Europe 35.90 71 Sell -0.97 7.07 17.98 10.55 3.03 3.27 1.05 17.26 0.75FIGFX Fidelity® International Growth 16.22 88 Buy 1.82 4.65 14.55 13.37 8.74 7.44 0.89 14.83 0.99FIGRX Fidelity® International Discovery 46.09 84 Buy 1.50 4.73 17.04 12.44 4.78 4.64 0.96 15.85 0.76FIREX Fidelity® International Real Estate 11.90 76 Sell -8.53 3.66 7.89 1.98 5.73 5.75 1.57 0.71 13.85 1.01FISMX Fidelity® International Small Cap 24.58 74 Sell -12.50 3.19 11.12 -4.65 -1.03 4.14 1.05 17.42 1.18FIVA Fidelity® International Value Factor ETF 18.59 58 Sell -17.42 0.23 7.69 -9.91 3.59 0.39FIVFX Fidelity® International Capital Apprec 24.24 93 Strong Buy 5.67 7.07 19.00 14.54 10.27 9.21 0.89 15.24 1.00FIVLX Fidelity® International Value 7.13 56 Sell -14.51 1.57 12.28 -6.46 -4.22 -1.69 1.07 17.72 0.78FJPNX Fidelity® Japan 16.00 76 Hold -1.78 1.59 10.96 8.88 5.17 6.13 0.83 14.97 1.00FJSCX Fidelity® Japan Smaller Companies 15.42 60 Sell -10.50 -0.96 5.54 0.08 1.39 6.03 0.66 13.23 0.93FLATX Fidelity® Latin America 20.01 64 Sell -31.92 7.06 22.61 -23.76 -3.64 2.04 1.65 33.75 1.04FNMIX Fidelity® New Markets Income 14.48 85 Buy -1.37 2.67 12.74 -0.79 1.12 4.55 4.83 0.79 11.44 0.82FNORX Fidelity® Nordic 53.27 73 Sell 11.51 12.36 25.61 24.61 6.63 7.59 0.99 18.14 0.96FOSFX Fidelity® Overseas 51.90 84 Buy 0.23 5.21 15.82 9.90 5.33 6.03 0.93 15.39 0.89FPADX Fidelity® Emerging Markets Index 10.77 65 Sell -1.91 8.46 18.48 7.23 2.69 5.75 1.12 19.03 0.08FPBFX Fidelity® Pacific Basin 37.33 77 Hold 8.11 6.38 19.30 21.35 9.88 10.51 0.93 16.51 0.97FSCOX Fidelity® International Small Cap Opp 20.11 88 Strong Buy -2.38 4.47 13.23 11.00 5.84 7.15 0.94 15.91 1.19FSEAX Fidelity® Emerging Asia 58.59 85 Buy 28.91 10.28 31.52 44.99 17.07 15.34 1.00 19.25 1.11FSGGX Fidelity® Global ex US Index 12.46 69 Sell -6.95 4.09 13.27 1.40 1.36 3.29 1.00 16.07 0.06FSPSX Fidelity® International Index 39.08 62 Sell -9.03 2.06 10.99 -0.85 0.68 2.29 0.94 15.34 0.04

FIDELITY SELECT SECTOR FUNDS (continued)

% Return (3 and 5 Years Annualized)Yield %

Beta 3 Year

SD 3 Year

Expense RatioSymbol Name NAV Rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 Year


FIDELITY INTERNATIONAL FUNDS (continued)

FTEMX Fidelity® Total Emerg Mkts 13.26 69 Sell -1.34 6.59 20.44 6.48 3.62 7.08 1.35 1.02 17.46 1.14FTIEX Fidelity® Total International Equity 9.60 74 Buy -2.14 5.26 16.08 7.55 4.53 5.13 1.01 16.31 1.19FTIHX Fidelity® Total Intl Index 11.53 73 Sell -7.17 4.25 13.48 1.38 1.23 1.02 16.38 0.06FWWFX Fidelity® Worldwide 31.58 94 Strong Buy 11.35 6.29 20.03 20.12 14.39 10.85 0.96 16.89 0.98FZILX Fidelity ZERO International Index 9.67 62 Sell -7.20 3.64 13.10 1.46 0.00

FIDELITY INCOME FUNDSFADMX Fidelity® Strategic Income 12.51 93 Strong Buy 1.98 2.92 7.60 4.24 3.34 0.70 6.66 0.68FAGIX Fidelity® Capital & Income 9.85 93 Strong Buy -1.65 4.22 11.49 2.43 4.33 5.32 4.37 0.62 12.26 0.67FBND Fidelity Total Bond ETF 55.18 81 Hold 8.22 2.51 4.96 10.95 6.14 5.08 1.49 0.98 3.77 0.36FBNDX Fidelity® Investment Grade Bond 8.85 91 Strong Buy 9.39 1.77 4.75 12.01 6.48 5.15 1.35 1.02 3.61 0.45FCBFX Fidelity® Corporate Bond 13.03 93 Strong Buy 9.08 2.98 7.33 12.75 7.38 6.42 1.90 1.52 7.10 0.45FCONX Fidelity® Conservative Income Bond 10.07 87 Strong Buy 0.94 0.15 0.80 1.93 2.03 1.58 0.51 0.10 1.13 0.35FCOR Fidelity Corporate Bond ETF 57.06 87 Strong Buy 9.43 3.10 8.35 13.16 7.32 6.45 2.33 1.52 7.39 0.36FCVSX Fidelity® Convertible Securities 35.20 96 Strong Buy 13.93 7.41 17.07 21.70 14.11 9.41 1.63 1.20 13.19 0.51FDHY Fidelity High Yield Bond Factor 54.35 85 Hold 4.76 5.90 10.42 10.45 4.73 0.45FFFAX Fidelity Freedom® Income 11.94 77 Sell 3.72 2.32 5.62 7.16 4.95 4.70 0.41 4.54 0.47FFRHX Fidelity® Floating Rate High Income 8.88 92 Strong Buy -4.03 1.90 6.63 -2.13 1.80 2.87 5.08 0.23 8.30 0.68FFXSX Fidelity® Limited Term Government 10.38 88 Strong Buy 4.22 0.16 0.32 5.21 2.89 1.95 0.38 1.81 0.45FGBFX Fidelity® Global Bond 10.02 77 Hold 5.51 2.61 6.62 9.10 6.05 5.16 2.48 1.33 7.57 0.75FGHNX Fidelity® Global High Income 9.25 81 Buy -0.97 4.18 11.67 2.02 3.18 4.74 5.33 0.70 10.54 1.00FGMNX Fidelity® GNMA 11.80 80 Hold 3.33 0.12 0.47 4.71 3.31 2.66 1.65 0.47 2.01 0.45FGOVX Fidelity® Government Income 11.27 80 Buy 8.35 0.89 0.77 9.96 5.13 3.62 0.47 0.89 3.63 0.45FHIFX Fidelity® Focused High Income 8.81 94 Strong Buy 1.18 4.21 7.43 4.76 4.80 5.19 3.86 0.64 7.27 0.78FHIGX Fidelity® Municipal Income 13.50 81 Hold 2.40 2.03 7.25 4.03 4.51 4.16 1.83 1.28 5.24 0.45FIPDX Fidelity® Inflation-Prot Bond Index 10.92 82 Strong Buy 8.54 2.27 3.97 10.41 5.63 4.13 0.99 3.65 0.05FJRLX Fidelity® Limited Term Bond Fund 12.00 88 Strong Buy 4.14 0.83 3.09 5.84 3.60 2.96 1.18 0.57 2.77 0.45FLDR Fidelity Low Duration Bond Factor 51.06 78 Buy 1.79 0.41 2.24 3.02 1.24 0.15FLTB Fidelity Limited Term Bond ETF 52.55 88 Strong Buy 4.41 0.60 3.11 6.06 3.67 3.01 1.01 0.59 2.95 0.36FLTMX Fidelity® Intermediate Municipal Income 10.80 82 Hold 2.90 1.39 5.41 4.01 3.83 3.38 1.22 0.93 3.75 0.35FMSFX Fidelity® Mortgage Securities 11.67 68 Hold 3.79 0.30 0.63 5.44 3.80 3.08 1.60 0.55 2.13 0.45FNBGX Fidelity® Long-Term Treas Bond Index 17.64 87 Buy 26.65 4.18 2.60 30.29 1.35 2.96 12.25 0.03FSAHX Fidelity® Short Duration High Income 9.31 91 Strong Buy 0.68 2.71 5.87 2.39 3.26 3.52 3.77 0.43 6.36 0.80FSHBX Fidelity® Short-Term Bond 8.88 89 Strong Buy 3.14 0.36 1.79 4.47 2.85 2.22 0.81 0.35 1.64 0.45FSTFX Fidelity® Limited Term Municipal Income 10.84 84 Strong Buy 2.34 0.88 3.67 2.98 2.54 2.11 0.92 0.56 2.37 0.45FSTGX Fidelity® Intermediate Government Income 11.19 65 Hold 6.11 0.35 0.54 7.20 3.85 2.70 0.06 0.58 2.59 0.45FTABX Fidelity® Tax-Free Bond 12.03 81 Hold 2.65 2.09 7.36 4.31 4.60 4.25 1.94 1.28 5.23 0.25FTBFX Fidelity® Total Bond 11.57 85 Buy 7.67 2.24 5.28 10.15 5.84 5.00 1.77 1.00 4.00 0.45FTHRX Fidelity® Intermediate Bond 11.60 82 Strong Buy 6.16 1.14 3.49 7.96 4.55 3.68 1.05 0.81 3.11 0.45FUAMX Fidelity® IntermediateTreas Bond Index 12.10 79 Buy 10.39 0.62 1.13 11.86 0.51 1.06 4.57 0.03FUMBX Fidelity® Shrt-Term Treas Bond Index 10.90 84 Strong Buy 4.40 0.19 0.40 5.62 0.21 0.36 1.84 0.03FXNAX Fidelity® US Bond Index 12.70 82 Strong Buy 8.04 1.42 2.52 10.23 5.71 4.45 1.36 1.00 3.33 0.03SPHIX Fidelity® High Income 8.51 93 Strong Buy -2.17 4.29 8.59 1.10 3.62 4.97 4.72 0.50 9.06 0.69

FIDELITY ASSET ALLOCATION FUNDSFAMRX Fidelity Asset Manager® 85% 20.54 86 Buy 2.29 4.90 14.11 10.93 8.02 7.92 1.51 15.65 0.71FASGX Fidelity Asset Manager® 70% 23.35 84 Hold 2.82 4.29 12.37 10.45 7.44 7.26 1.28 13.30 0.69FASIX Fidelity Asset Manager® 20% 14.03 80 Hold 3.76 2.01 5.52 7.31 4.93 4.45 0.60 0.47 5.10 0.51FASMX Fidelity Asset Manager® 50% 19.19 83 Hold 3.70 3.30 9.72 9.80 6.72 6.37 0.68 0.96 10.00 0.63FBALX Fidelity® Balanced 26.06 93 Strong Buy 6.86 4.82 12.35 14.75 10.41 9.09 1.14 1.25 13.08 0.53FFNOX Fidelity® Four-in-One Index 48.99 85 Buy 0.30 4.12 11.59 7.99 7.88 7.78 1.39 14.44 0.08FPURX Fidelity® Puritan® 24.57 93 Strong Buy 8.76 4.80 12.40 15.62 10.61 9.06 0.98 1.13 12.02 0.53FSANX Fidelity Asset Manager® 60% 13.46 82 Hold 3.46 3.86 11.15 10.29 7.14 6.87 0.62 1.13 11.68 0.69FSRRX Fidelity® Strategic Real Return 8.03 82 Hold -3.57 3.58 8.31 -1.06 1.60 1.93 0.11 0.76 8.94 0.83

NTF GROWTH FUNDSAAGPX American Beacon Lg Cap Value Inv 21.21 81 Buy -15.33 3.26 8.38 -8.30 1.41 3.65 1.17 20.67 0.96ACMVX American Century Mid Cap Value Inv 14.75 81 Hold -13.06 3.95 8.25 -5.57 1.30 5.44 1.64 1.08 19.26 0.98ADKSX Adirondack Small Cap 13.65 56 Sell -20.82 3.88 8.76 -17.44 -9.02 -2.22 1.37 26.54 1.35AMAGX Amana Growth Investor 50.51 95 Buy 13.17 6.90 18.24 23.40 19.75 15.61 0.36 0.88 15.67 1.08AMANX Amana Income Investor 52.72 80 Buy 0.45 3.41 10.04 11.17 9.97 9.28 1.08 0.87 15.82 1.10ARGFX Ariel Investor 54.00 65 Sell -16.99 3.79 11.48 -13.65 -1.02 2.14 1.43 25.61 1.02ARTLX Artisan Value Investor 12.02 67 Sell -10.70 4.89 11.81 -2.80 2.19 6.58 1.18 20.91 1.06AVPAX American Beacon Small Cp Val Inv 18.14 56 Sell -22.18 3.54 10.68 -16.85 -4.74 0.75 1.42 26.42 1.14BARAX Baron Asset Retail 98.78 95 Buy 14.50 7.42 21.05 18.35 17.97 14.71 1.79 1.05 19.13 1.30BEQGX American Century Equity Growth Inv 31.94 82 Buy 2.46 5.03 12.75 9.36 10.58 9.33 1.16 0.99 17.06 0.67BGRFX Baron Growth Retail 87.90 91 Buy 6.34 7.51 21.38 13.65 15.58 12.25 1.20 22.23 1.29BIOPX Baron Opportunity Retail 31.89 98 Strong Buy 39.44 7.05 30.27 50.25 31.24 21.51 1.03 20.49 1.34BPSCX Robeco Boston Partners Sm Cap Val II Inv 18.93 58 Sell -22.92 4.07 12.01 -17.08 -4.28 1.01 0.56 1.34 25.34 1.35BPTRX Baron Partners Retail 97.42 91 Buy 41.09 19.20 44.84 56.96 27.42 19.87 1.50 29.56 2.22BSCFX Baron Small Cap Retail 32.59 86 Buy 11.00 6.78 24.53 15.48 14.34 11.89 1.31 24.09 1.31BUFMX Buffalo Mid Cap 16.95 87 Buy 10.14 6.14 14.76 15.45 13.93 9.01 1.00 18.22CAAPX Ariel Appreciation Investor 38.12 69 Sell -14.55 3.93 10.17 -10.46 -0.89 1.62 1.27 22.87 1.14CAMSX Cambiar Small Cap Inv 14.72 65 Sell -10.84 4.18 14.29 -4.44 2.71 1.85 0.48 1.27 23.40 1.15CFIMX Clipper 113.43 74 Hold -7.59 4.98 8.89 0.11 4.05 7.05 0.60 1.17 20.78 0.71CHDEX Cullen High Dividend Equity Retail 14.37 83 Hold -15.03 2.30 6.02 -8.55 1.12 4.81 2.64 0.85 15.79 1.00


Beta 3 Year

SD 3 Year


8 AUGUST 2020 | PHONE: (888) 252-5372


NTF GROWTH FUNDS (continued)

CHTTX ASTON/Fairpointe Mid Cap N 29.95 60 Sell -12.81 6.17 12.00 -13.85 -4.67 1.05 3.80 1.29 23.83 1.15CRMAX CRM Small/Mid Cap Value Inv 10.30 79 Buy -12.64 6.08 10.99 -8.06 3.14 4.07 1.15 20.80 1.15CRMSX CRM Small Cap Value Inv 11.21 66 Sell -26.59 -0.09 4.18 -23.84 -4.83 1.16 1.31 24.73 1.15CVSIX Calamos Market Neutral Income A LW 13.70 95 Strong Buy 2.18 1.18 3.00 3.81 3.81 3.68 0.43 0.12 3.33 1.24DGAGX Dreyfus Appreciation Investor 35.40 89 Buy 7.22 5.83 14.33 17.49 14.22 12.26 0.91 15.76 0.89DISSX Dreyfus Small Cap Stock Index 24.39 71 Sell -14.62 4.05 12.60 -8.96 1.16 5.00 1.27 23.54 0.50DREVX Dreyfus Fund Incorporated 13.52 95 Buy 9.94 6.71 16.43 17.94 14.44 11.61 0.96 16.63 0.72DSEFX Domini Impact Equity Inv 26.72 81 Buy 11.63 7.01 17.18 21.98 12.68 9.75 0.71 0.96 16.66 1.07EGFFX Edgewood Growth Retail 44.54 95 Strong Buy 21.13 5.65 19.63 32.68 20.06 17.90 0.93 17.11 1.40EXEYX Manning & Napier Equity 14.28 79 Buy 6.73 4.54 12.09 16.88 14.36 12.34 0.97 17.02 1.05FAMEX FAM Equity-Income Inv 37.43 91 Strong Buy -1.97 7.37 14.73 3.67 11.97 12.21 1.00 17.69 1.24FAMVX FAM Value Inv 75.11 91 Strong Buy -7.08 5.26 10.21 -0.01 7.88 8.03 1.00 17.67 1.18FMIEX Wasatch Large Cap Value Investor 6.54 74 Sell -17.46 2.35 5.27 -11.11 -1.50 2.32 2.73 0.98 16.72 1.10FMIHX FMI Large Cap 18.43 87 Buy -6.73 5.50 11.29 -1.57 6.10 7.29 0.89 15.84 0.82FSCFX Strategic Advisers® Small-Mid Cap 13.25 78 Buy -6.46 5.16 16.23 -1.20 4.81 5.92 1.29 22.97 0.40FSTKX Federated MDT Stock Svc 25.37 83 Strong Buy -8.75 4.15 8.72 -4.79 3.28 4.63 1.45 1.05 18.63 0.98FVSAX Strategic Advisers® Value 16.77 75 Sell -14.09 3.07 6.82 -6.06 2.66 5.07 1.08 19.09 0.20GABAX Gabelli Asset AAA 51.21 77 Hold -6.92 5.31 11.23 -1.16 4.21 5.64 1.01 17.69 1.36GABEX Gabelli Equity Income AAA 12.34 75 Sell -8.62 4.52 10.78 -1.74 1.81 3.53 0.99 17.46 1.45GABSX Gabelli Small Cap Growth AAA 42.08 79 Buy -10.43 4.81 14.10 -5.17 0.46 3.96 1.16 21.03 1.39GATEX Gateway A 34.43 72 Hold -0.20 2.47 5.99 3.83 3.08 3.85 0.83 0.44 7.74 0.94GTSIX Invesco Small Cap Growth Inv 40.59 85 Buy 12.29 6.56 22.16 14.44 12.50 9.64 1.26 23.07 1.13HCAIX Harbor Capital Appreciation Inv 92.21 95 Buy 27.79 8.13 26.13 39.57 22.72 17.04 1.07 19.67 1.03HFCGX Hennessy Cornerstone Growth Investor 18.51 61 Sell -11.56 6.99 24.40 -6.23 -1.75 -0.14 1.43 27.20 1.34HFCSX Hennessy Focus Investor 75.54 90 Buy -4.91 5.12 19.11 2.63 7.92 6.97 1.17 22.28 1.47HRSVX Heartland Select Value 21.23 71 Sell -16.75 3.01 6.42 -11.98 1.02 3.73 1.00 1.01 18.27 1.25HRTVX Heartland Value 33.93 62 Sell -11.96 4.50 16.08 -8.10 -0.98 1.86 0.92 1.24 23.67 1.10ICMAX Intrepid Small Cap 13.71 64 Sell -2.70 4.18 11.55 0.34 -0.18 0.99 0.60 12.70 1.38JAENX Janus Enterprise T 139.01 91 Strong Buy -1.28 5.57 13.89 3.84 13.13 12.56 1.09 19.69 0.91JAMRX Janus Research T 56.97 96 Strong Buy 14.33 6.37 17.54 23.85 17.67 13.46 1.02 18.00 0.77JATTX Janus Triton T 30.24 84 Buy -2.14 4.82 16.31 -0.93 9.43 9.38 1.25 22.57 0.90JAVTX Janus Venture T 81.40 85 Buy 0.21 4.20 17.17 4.12 10.01 8.47 1.21 22.07 0.91JENSX Jensen Quality Growth J 52.85 92 Strong Buy 2.68 5.85 10.53 11.48 13.67 13.41 0.88 15.43 0.86JMVSX JPMorgan Mid Cap Value Sel 32.64 72 Sell -16.67 3.55 7.76 -11.19 -0.89 2.68 1.16 20.97 0.98KAUFX Federated Kaufmann R 7.01 96 Strong Buy 16.83 5.57 17.62 20.79 20.95 14.49 1.01 19.12 1.95LCEIX Invesco Diversified Dividend Investor 17.97 85 Strong Buy -12.19 3.34 6.73 -4.44 1.70 3.98 2.70 0.83 15.05 0.74LCGRX Loomis Sayles Small Cap Growth Retail 25.24 85 Hold 5.34 6.68 21.35 8.16 13.62 9.70 3.69 1.21 22.50 1.19MCGFX ASTON/Montag & Caldwell Growth N 21.30 85 Buy 14.09 7.41 17.29 22.45 17.05 11.73 0.93 16.39 1.16MERFX Merger Investor 17.34 81 Hold 0.99 1.11 1.23 3.55 4.89 3.62 0.08 3.33 2.01MFLDX MainStay Marketfield I 18.09 58 Hold 7.17 7.10 15.08 13.85 4.90 3.42 0.74 14.40 2.44MFOCX Marsico Focus 24.37 97 Strong Buy 29.15 8.65 25.36 39.59 22.20 15.27 1.04 19.28 1.02MGRIX Marsico Growth 23.92 97 Strong Buy 29.37 8.73 25.63 38.87 22.60 15.21 1.02 18.86 1.31MGSEX AMG Managers Special Equity Service 119.62 81 Hold 7.62 5.98 21.55 6.82 12.66 9.71 4.83 1.23 23.17 1.36MUHLX Muhlenkamp 43.89 64 Sell -6.85 3.91 12.22 -2.37 -0.19 -0.27 1.03 18.35 1.12MXXIX Marsico 21st Century 38.45 90 Buy 14.64 6.81 22.88 15.90 17.63 12.56 1.09 20.10 1.30NBGEX Neuberger Berman Genesis Tr 61.68 80 Buy 5.18 6.71 18.62 8.87 11.57 10.44 1.10 19.80 1.10NESGX Needham Small Cap Growth 21.95 93 Buy 24.79 8.99 20.94 48.53 23.33 20.41 1.11 22.42 1.87NOLVX Northern Large Cap Value 15.37 73 Sell -15.13 4.06 6.29 -7.87 1.76 3.68 1.10 19.56 0.55NOSGX Northern Small Cap Value 15.81 63 Sell -23.22 2.07 4.77 -18.85 -5.03 1.01 1.20 22.61 1.00OAKLX Oakmark Select I 37.37 72 Sell -13.89 3.55 10.59 -8.03 -4.01 1.24 1.41 25.42 1.00OAKMX Oakmark I 70.72 83 Buy -11.56 3.33 9.61 -4.86 2.28 6.02 1.24 1.31 23.12 0.88PCKAX PIMCO StocksPLUS® Small 8.29 77 Buy -12.22 3.24 15.62 -6.45 1.75 4.80 1.37 25.26 1.15PEOPX Dreyfus S&P 500 Index 51.36 89 Buy 2.06 5.61 12.76 11.40 11.45 10.92 1.00 17.17 0.50PESPX Dreyfus MidCap Index 29.62 83 Buy -9.05 4.59 13.53 -4.03 3.13 5.63 1.24 22.03 0.50PIXAX PIMCO Fundamental IndexPLUS AR 5.33 75 Sell -13.64 4.10 10.75 -6.08 3.26 5.72 1.20 21.32 1.27PRBLX Parnassus Core Equity Investor 48.99 95 Strong Buy 4.60 6.80 14.27 11.62 13.62 11.51 1.47 0.86 15.10 0.86PTOAX PIMCO StocksPLUS Absolute Return 10.73 92 Strong Buy 0.74 6.13 15.13 10.35 11.07 10.83 1.13 19.58 1.12RYOCX Rydex NASDAQ-100® Inv 55.32 95 Buy 24.48 7.31 21.10 38.33 22.44 18.65 1.02 18.62 1.37RYPFX Royce Pennsylvania Mutual Svc 8.48 69 Sell -9.98 4.18 13.37 -4.70 3.95 6.36 1.26 22.84 1.30RYTFX Royce Total Return Svc 9.43 73 Sell -15.72 2.06 7.98 -10.71 -0.28 3.90 1.13 20.76 1.49RYVFX Royce Small Value Svc 6.87 60 Sell -27.99 0.15 7.18 -23.00 -4.06 -1.84 1.29 25.60 1.49RYVPX Royce Small Growth Plus Svc 8.52 73 Hold 6.63 4.41 18.99 6.29 7.62 6.09 1.20 22.92 1.49SCSAX Wells Fargo Advantage Common Stock A 17.41 74 Hold -11.44 3.32 12.54 -7.43 3.78 5.02 1.26 22.86 1.26SDVSX Sit Dividend Growth S 13.93 89 Buy -1.63 4.34 11.05 8.01 8.81 8.84 0.95 16.45 0.95SENAX Wells Fargo Advantage Enterprise A 60.11 91 Buy 20.34 8.27 25.15 23.80 19.66 14.24 1.14 21.06 1.18SLASX Selected American Shares S 34.28 76 Hold -7.90 4.19 9.52 0.43 4.49 6.82 0.16 1.18 20.92 0.98SOPVX Wells Fargo Advantage Opportunity A 43.60 92 Strong Buy -0.43 4.71 13.07 6.17 9.71 9.05 1.03 17.91 1.19SSHFX Sound Shore Investor 37.00 80 Buy -12.23 5.44 10.32 -7.48 0.12 3.33 2.77 1.16 20.30 0.91TAVFX Third Avenue Value Instl 30.77 59 Sell -23.44 5.49 15.46 -17.47 -10.56 -3.84 0.80 1.62 27.58 1.15TGCNX TCW Select Equities N 29.41 96 Strong Buy 22.85 6.33 20.58 31.04 22.26 15.33 1.02 18.47 1.01TGDVX TCW Relative Value Large Cap N 10.61 68 Sell -14.16 4.22 10.98 -9.45 -1.40 2.33 1.61 1.23 21.74 0.95TGIGX TCW Relative Value Dividend Apprec N 15.17 80 Buy -14.33 3.83 9.60 -9.79 -0.48 2.75 2.33 1.11 19.79 0.96TOPHX Tocqueville Phoenix 16.97 56 Sell -19.54 5.01 13.89 -12.40 -5.05 -0.64 1.39 25.97 1.25


Beta 3 Year

SD 3 Year



NTF GROWTH FUNDS (continued)TWCIX American Century Select Inv 93.20 95 Buy 16.21 6.70 17.87 28.04 18.80 15.48 1.00 17.59 0.97TWCUX American Century Ultra® Inv 65.13 96 Strong Buy 24.87 8.71 23.96 36.34 23.06 17.56 1.09 19.38 0.97TWHIX American Century Heritage Inv 23.58 85 Buy 13.75 8.07 23.33 17.18 16.50 11.40 1.15 20.80 1.00TWVLX American Century Value Inv 6.95 68 Sell -16.94 2.36 4.91 -9.16 0.43 3.84 2.35 1.11 20.07 1.00UMBMX Scout Mid Cap 19.40 83 Buy 2.05 6.53 19.83 4.97 7.68 9.55 1.15 20.39 0.98WBGSX William Blair Growth N 10.86 93 Strong Buy 14.92 6.68 18.30 20.93 20.46 14.15 0.95 16.95 1.20WFDAX Wells Fargo Advantage Discovery A 37.33 88 Buy 20.42 7.86 24.56 19.28 19.65 13.82 1.21 23.00 1.20WOGSX White Oak Select Growth 107.49 90 Buy 5.08 6.17 11.81 11.78 12.56 11.61 1.03 18.22 0.95WPVLX Weitz Partners Value Investor 27.81 81 Hold -8.79 4.71 11.21 -2.54 2.54 2.82 1.14 20.43 1.24WVALX Weitz Value Investor 47.06 82 Buy 3.23 6.98 13.05 11.20 10.79 7.48 0.60 0.97 17.21 1.20YAFFX AMG Yacktman Focused Service 17.19 86 Buy -5.81 2.81 9.14 0.51 7.42 9.00 0.74 13.98 1.24

NTF SECTOR FUNDSBGEIX American Century Global Gold Inv 15.89 74 Sell 43.71 16.50 30.29 58.71 23.35 25.46 0.95 32.62 0.67CSRSX Cohen & Steers Realty Shares 57.73 74 Hold -9.46 4.06 9.23 -3.05 5.47 6.35 2.23 0.75 17.22 0.92FSTEX Invesco Energy Inv 11.14 12 Sell -39.49 -4.05 -3.05 -39.08 -19.94 -14.98 1.85 36.08 1.45FTCHX Invesco Technology Investor 62.09 96 Strong Buy 25.18 7.85 23.88 36.04 20.93 17.49 1.09 19.84 1.09GABUX Gabelli Utilities AAA 7.46 65 Sell -9.82 4.87 4.46 -5.21 1.71 5.02 0.60 12.86 1.37GASFX Hennessy Gas Utility Index Investor 24.73 71 Sell -12.45 4.21 2.04 -7.92 0.16 3.06 2.86 0.63 14.37 1.00HSFNX Hennessy Small Cap Financial Investor 14.82 67 Sell -32.54 -3.20 -2.50 -28.85 -10.72 -1.60 1.73 1.25 24.92 1.58ICBMX ICON Materials S 11.29 64 Sell -13.69 6.01 14.97 -6.24 -0.70 1.87 1.19 1.25 21.80 1.50ICFSX ICON Financial S 9.05 69 Sell -23.17 3.31 9.43 -16.58 -1.10 1.53 1.45 1.47 26.09 1.50ICLEX ICON Consumer Staples S 6.74 82 Strong Buy -0.59 8.89 15.02 3.03 1.33 3.85 0.83 0.84 16.35 1.50ICTEX ICON Information Technology S 18.61 94 Strong Buy 12.11 7.02 19.83 23.25 15.43 17.05 1.38 1.14 20.84 1.49ICTUX ICON Utilities S 9.19 73 Sell -7.01 7.11 8.28 -0.07 5.32 9.53 2.25 0.61 14.32 1.22JAGLX Janus Global Life Sciences T 65.16 89 Strong Buy 6.77 2.20 9.84 19.37 13.27 5.99 0.85 16.97 0.91JAGTX Janus Global Technology T 48.86 97 Strong Buy 26.25 7.27 24.67 40.19 27.14 24.97 1.06 19.07 0.92MRESX AMG Managers Real Estate Securities 10.06 70 Sell -7.72 3.60 8.24 -4.00 3.35 4.75 2.57 0.74 16.54 1.10NBRFX Neuberger Berman Real Estate Tr 13.82 77 Hold -4.27 4.62 7.98 2.23 7.52 7.76 0.64 15.11 1.04PCRAX PIMCO Commodity Real Ret Strat 4.93 21 Sell -14.42 6.94 18.05 -11.17 -4.64 -4.35 0.87 16.29 1.78PETAX PIMCO Real Estate Real Return Strategy 7.06 67 Hold -12.59 5.69 10.53 -8.07 2.05 3.98 0.88 19.52 2.50REINX Invesco Real Estate Investor 18.09 76 Hold -11.21 3.85 8.73 -6.10 3.25 4.79 1.72 0.79 17.59 1.22RYEIX Rydex Energy Inv 36.17 13 Sell -41.35 -2.61 -1.23 -41.38 -19.52 -14.09 2.11 40.49 1.48RYHRX Rydex Real Estate H 36.26 59 Sell -16.51 2.66 7.41 -11.32 -0.96 2.11 0.94 20.07 1.72RYMIX Rydex Telecommunications Inv 50.75 57 Sell 2.71 4.73 8.05 1.86 4.57 5.05 0.75 14.49 1.48RYOIX Rydex Biotechnology Inv 92.28 92 Strong Buy 9.84 0.30 10.94 24.54 9.43 2.22 1.04 22.94 1.48RYTIX Rydex Technology Inv 141.30 95 Buy 20.68 6.26 22.60 29.91 22.45 19.67 1.13 20.30 1.47

NTF INTERNATIONAL FUNDSAAIPX American Beacon Intl Equity Inv 15.05 62 Sell -17.80 1.76 10.01 -10.05 -4.47 -1.68 1.09 17.89 1.05AEMGX Acadian Emerging Markets Instl 19.46 62 Sell -6.13 7.34 16.18 3.49 -0.73 4.04 0.71 1.11 19.15 1.40ARTIX Artisan International Investor 32.47 85 Buy -2.38 6.18 16.25 6.27 6.10 4.42 3.87 0.94 15.54 1.19BJBIX Aberdeen Select International Eq A 25.77 70 Sell -4.09 5.83 17.94 4.50 1.54 3.74 1.03 17.08 2.99CIVVX Causeway International Value Inv 12.69 62 Sell -18.18 -0.08 10.06 -8.67 -4.54 -1.65 1.19 19.93 1.14DREGX Driehaus Emerging Markets Growth 41.85 72 Sell 5.87 9.67 22.84 15.89 7.72 8.49 1.03 17.74 1.40EGINX Invesco European Growth Investor 36.00 68 Sell -9.91 4.80 14.36 -2.66 -0.54 1.44 1.05 17.29 1.29EMSQX Shelton Emerging Markets Institutiona 15.14 66 Hold -7.96 9.00 19.49 1.19 -0.09 2.77 1.65 1.17 20.13 1.56FILFX Strategic Advisers® International 10.35 69 Sell -4.77 3.19 13.61 5.08 2.41 3.34 0.97 15.74 0.19HIINX Harbor International Investor 35.29 60 Sell -11.20 3.04 10.80 -1.44 -2.87 -0.63 1.00 16.58 1.12HLEMX Harding Loevner Emerging Markets Advisor 54.02 63 Sell -8.73 7.72 16.57 -0.62 0.20 4.85 1.23 20.92 1.37HLMNX Harding Loevner International Eq Inv 24.12 75 Buy 1.34 6.40 19.11 10.82 5.18 6.67 0.95 15.71 1.13ICHKX Guinness Atkinson China & Hong Kong 23.09 68 Sell -1.70 8.51 12.25 14.58 5.49 7.76 1.04 20.07 1.69JAOSX Janus Overseas T 31.98 73 Buy -6.13 5.23 14.46 6.87 2.26 2.20 1.10 18.04 0.87LISOX Lazard International Strategic Eq Open 14.24 76 Sell -8.25 3.87 12.57 -1.64 2.37 2.00 0.97 15.98 1.06MACSX Matthews Asian Growth & Inc Investor 15.36 74 Sell -1.64 5.71 12.44 3.61 2.22 3.35 0.84 14.53 1.08MAKOX Matthews Korea Investor 4.53 65 Sell 3.42 7.86 21.77 15.42 -3.03 2.87 1.06 19.86 1.15MAPIX Matthews Asia Dividend Investor 17.95 77 Sell 3.80 6.59 18.94 10.63 3.60 5.83 0.89 15.44 1.02MAPTX Matthews Pacific Tiger Investor 30.48 73 Sell 6.05 11.32 23.90 11.76 5.84 7.02 0.92 17.19 1.05MCHFX Matthews China Investor 23.65 79 Hold 23.69 10.15 25.93 37.93 14.40 13.70 1.10 23.42 1.09MGLBX Marsico Global 22.02 94 Strong Buy 26.84 8.10 27.36 31.94 18.62 14.31 1.01 19.36 1.41MINDX Matthews India Investor 20.63 75 Hold -11.38 9.91 16.75 -7.63 -5.28 -0.06 1.04 24.81 1.11MTRAX Mainstay Income Builder 18.94 86 Buy -2.04 3.36 7.45 3.83 4.44 4.91 1.96 0.93 9.88 1.02NMIEX Northern Multi-Manager Intl Equity 10.20 63 Sell -7.44 4.19 16.04 2.64 1.83 2.68 1.06 17.27 0.85NMMEX Northern Multi-Manager Emerging Mkt Eq 18.93 64 Sell -3.57 9.30 18.98 5.52 1.17 5.16 1.14 19.22 1.10NMMGX Northern Multi-Manager Glbl Real Estate 10.04 71 Sell -12.89 4.04 8.79 -7.16 1.70 3.01 0.78 16.16 0.94OAKEX Oakmark International Small Cap I 13.13 62 Sell -19.94 4.04 12.51 -8.69 -6.19 -0.18 3.21 1.47 24.95 1.38OAKGX Oakmark Global I 23.97 69 Sell -18.39 3.63 11.75 -9.86 -2.15 1.38 1.40 23.59 1.17OAKIX Oakmark International I 19.49 62 Sell -21.88 1.46 12.99 -11.93 -7.53 -1.20 0.31 1.48 24.71 0.98QFFOX Pear Tree PanAgora Dyn Emerg Mkts Ord 24.54 53 Sell 6.70 10.84 23.07 16.78 5.75 5.14 1.10 18.75 1.48SSEMX SSgA Emerging Markets N 5.52 62 Sell -8.46 5.95 7.81 -4.18 -2.26 0.27 2.85 0.82 14.21 1.25TAREX Third Avenue Real Estate Value Instl 20.58 64 Sell -18.62 3.05 3.47 -10.52 -5.23 -0.92 1.13 20.76 1.15TWIEX American Century International Gr Inv 13.36 79 Hold 4.83 5.95 19.18 14.96 6.96 5.45 0.97 16.23 1.18UMBWX Scout International 16.24 64 Sell -13.39 2.27 11.39 -2.70 -0.78 2.07 1.08 1.14 18.53 1.10WBIGX William Blair International Growth N 31.97 74 Sell 7.72 7.43 23.01 19.19 7.55 6.28 1.03 17.40 1.45WWNPX Kinetics Paradigm No Load 43.59 72 Sell -18.34 -0.84 0.16 -18.86 4.69 7.36 1.31 27.16 1.64


Beta 3 Year

SD 3 Year


10 AUGUST 2020 | PHONE: (888) 252-5372


NTF INCOME FUNDSACITX American Century Infl-Adj Bond Inv 12.37 80 Buy 7.61 2.40 4.46 9.10 4.77 3.57 1.05 4.14 0.47ADFIX American Century Diversified Bond Inv 11.65 80 Hold 7.42 1.43 3.35 9.40 4.85 3.92 1.37 1.04 3.59 0.60AGIVX Invesco US Government Investor 7.44 54 Sell -12.50 2.47 12.62 -10.14 -2.05 -0.77 3.84 1.30 15.60 0.93BCOSX Baird Core Plus Bond Inv 12.81 86 Buy 7.71 1.92 4.47 10.20 5.82 4.89 1.65 1.08 4.11 0.55BEGBX American Century International Bd Inv 13.54 59 Sell 3.12 4.72 6.95 3.99 1.60 2.73 0.59 1.00 6.63 0.81BGNMX American Century Ginnie Mae Inv 10.75 67 Hold 3.35 -0.10 -0.03 4.66 3.36 2.46 1.98 0.52 2.25 0.55BJBGX Aberdeen Total Return Bond A 14.63 84 Buy 9.43 1.91 4.82 11.57 5.98 4.74 1.63 1.12 4.14 0.69BJBHX Aberdeen Global High Income A 8.51 83 Strong Buy -1.28 3.84 11.49 2.75 3.62 3.32 5.17 0.70 10.57 1.00BTTTX American Century Zero Coupon 2020 Inv 108.18 75 Hold 1.01 -0.02 -0.06 1.71 1.19 1.27 0.19 1.00 0.55CPTNX American Century Government Bond Inv 11.80 66 Hold 7.31 0.79 0.86 8.68 4.73 3.35 1.22 0.81 3.19 0.47DBMIX Dreyfus Bond Market Index Inv 11.23 74 Hold 7.74 1.43 2.54 9.69 5.29 4.04 1.12 0.98 3.28 0.40DIAVX Dreyfus Inflation Adjusted Sec Inv 13.31 82 Strong Buy 5.19 1.37 3.03 6.28 3.47 2.55 0.66 2.57 0.80DLFNX DoubleLine Core Fixed Income N 11.27 89 Strong Buy 3.51 1.77 4.97 5.17 3.93 3.55 2.45 0.94 4.71 0.66DLTNX DoubleLine Total Return Bond N 10.77 88 Strong Buy 3.25 0.83 3.22 4.53 3.66 3.20 2.94 0.79 3.43 0.73EXCPX Manning & Napier Unconstrained Bond S 10.70 79 Sell 3.62 2.39 6.11 5.44 3.16 2.89 3.66 0.41 3.61 0.75FHYTX Federated High Yield Service 6.45 89 Strong Buy -1.57 4.41 10.34 2.23 3.06 4.52 4.78 0.49 10.36 0.97FIGIX Federated US Govt 2-5 Yr Svc 11.42 70 Hold 5.69 0.25 0.59 6.85 3.28 2.10 0.54 2.52 0.82FPCIX Strategic Advisers® Core Income 11.48 86 Buy 7.88 2.07 4.73 10.25 5.85 4.92 1.04 3.86 0.03FPIOX Strategic Advisers® Income Opportunities 9.20 89 Strong Buy -0.97 4.38 9.60 2.52 3.73 4.75 0.58 9.42 0.09FTGSX Federated Total Return Govt Bd Svc 11.93 78 Buy 9.32 1.03 1.06 10.68 5.39 3.69 0.45 0.91 3.83 0.66FULBX Federated Ultrashort Bond Svc 9.16 82 Strong Buy 1.14 0.55 2.03 2.12 2.01 1.59 1.30 0.28 2.46 0.81HYFIX Harbor High-Yield Bond Inv 9.71 86 Strong Buy 0.03 4.41 9.08 3.16 3.56 4.12 4.21 0.57 8.34 1.01HYINX Invesco High Yield Investor 3.83 86 Buy -3.06 4.61 11.51 -0.19 2.25 3.52 5.83 0.59 10.30 1.01JAFIX Janus Flexible Bond T 11.36 89 Buy 9.17 2.19 5.46 12.03 5.93 4.45 1.62 1.09 4.24 0.69JAHYX Janus High-Yield T 8.08 89 Strong Buy -1.91 4.46 9.92 1.88 3.55 4.55 6.22 0.67 9.84 0.89JASBX Janus Short-Term Bond T 3.08 84 Strong Buy 3.28 0.81 3.54 4.28 2.71 2.05 1.28 0.36 2.56 0.71LSBRX Loomis Sayles Bond Retail 13.17 82 Hold -2.71 3.44 7.95 0.48 1.65 3.23 2.73 0.50 7.56 0.91LSGLX Loomis Sayles Global Bond Retail 18.07 67 Hold 8.01 3.85 7.88 9.72 4.19 4.31 1.42 0.98 5.26 0.95MBFAX Wells Fargo Advantage Core Bond A 14.51 80 Hold 8.21 1.66 3.45 10.26 5.33 4.11 1.05 1.04 3.52 0.78MGFIX AMG Managers Bond Service 27.71 79 Sell 4.11 3.47 7.82 7.23 4.73 4.71 2.68 0.89 5.48 0.72MWCRX Metropolitan West Unconstrained Bond M 11.87 86 Buy 1.33 1.35 4.98 2.88 3.06 2.96 3.43 0.57 4.78 1.03MWHYX Metropolitan West High Yield Bond M 10.32 95 Strong Buy 6.37 3.86 7.59 8.63 6.11 5.49 3.63 0.59 5.89 0.85MWLDX Metropolitan West Low Duration Bond M 8.88 91 Buy 2.36 0.44 1.85 3.70 2.65 2.01 1.16 0.38 1.78 0.62MWTRX Metropolitan West Total Return Bond M 11.71 95 Strong Buy 8.16 1.77 3.37 10.53 5.82 4.35 1.21 1.04 3.52 0.67NHFIX Northern High Yield Fixed Income 6.43 90 Buy -1.46 4.93 12.59 2.43 3.90 4.54 6.71 0.59 11.04 0.78NOFIX Northern Fixed Income 10.86 81 Hold 6.62 2.17 4.97 9.12 5.36 4.29 2.03 1.07 4.37 0.45PAEMX PIMCO Emerging Markets Bond 10.54 79 Sell 0.88 3.83 13.72 3.37 4.14 5.61 3.50 1.07 10.67 1.25PAGNX PIMCO GNMA 11.40 66 Hold 4.01 -0.13 0.19 5.63 3.52 2.75 1.10 0.49 2.33 1.23PASAX PIMCO All Asset 11.46 76 Buy -2.83 3.34 9.88 1.02 2.25 3.97 2.91 0.89 9.92 0.53PBDAX PIMCO Investment Grade Corp Bd 11.23 95 Strong Buy 4.81 2.91 6.82 8.66 5.93 5.60 1.92 1.38 7.17 1.25PDVAX PIMCO Diversified Inc 11.13 93 Buy 1.86 2.98 7.50 3.98 4.77 5.58 2.09 0.85 6.67 1.19PFOAX PIMCO Foreign Bond (USD-Hedged) 10.92 88 Buy 2.82 1.22 2.75 3.11 4.56 4.31 0.86 0.60 3.31 1.00PFUAX PIMCO Foreign Bond (Unhedged) 9.96 48 Sell 3.37 5.06 9.80 5.65 2.02 3.54 0.93 0.81 7.76 1.03PGSAX PIMCO Global Advantage Strategy Bd 11.32 67 Hold 2.89 2.19 5.70 4.28 4.12 4.25 1.29 0.66 4.80 1.26PHDAX PIMCO High Yield 8.81 94 Strong Buy 0.12 4.40 8.37 3.56 3.97 4.95 3.59 0.58 8.12 0.92PONAX PIMCO Income 11.61 93 Strong Buy -0.50 1.41 5.54 1.44 3.19 4.46 2.48 0.45 5.56 1.49PRTNX PIMCO Real Return 12.15 74 Buy 8.72 2.58 4.70 10.38 5.26 3.68 0.99 3.98 0.93PSHAX PIMCO Short-Term 9.83 82 Strong Buy 1.76 0.18 2.25 2.28 2.15 2.01 1.35 0.12 2.37 0.80PTLAX PIMCO Low Duration 9.92 83 Strong Buy 2.35 0.21 1.29 3.69 2.37 1.86 0.53 0.32 1.58 1.16PTTAX PIMCO Total Return 10.97 84 Strong Buy 7.54 1.47 3.45 9.60 5.17 4.10 1.29 0.98 3.45 1.04PUBAX PIMCO Unconstrained Bond 10.66 82 Strong Buy 1.68 1.00 4.63 2.59 3.06 3.12 1.52 0.22 3.95 1.25PYEMX Payden Emerging Markets Bond 13.34 79 Sell -0.20 3.94 15.24 1.68 3.97 5.60 5.05 0.99 12.17 0.72PYSBX Payden Low Duration Fund 10.21 86 Strong Buy 2.29 0.42 2.81 3.53 2.54 2.05 1.07 0.39 2.48 0.43SADAX Wells Fargo Advantage Ultra S/T Inc A 8.59 79 Buy 1.57 0.49 2.22 2.56 2.25 1.77 1.57 0.20 2.08 0.70SGVDX Wells Fargo Advantage Government Sec A 11.73 70 Hold 6.58 0.62 0.85 7.99 4.40 3.12 1.08 0.84 3.07 0.85SNGVX Sit US Government Securities 11.28 61 Hold 3.86 0.26 0.45 4.87 3.17 2.30 2.29 0.35 1.48 0.80SNTIX Sit Tax-Free Income 9.86 82 Hold 1.71 2.12 7.15 3.15 4.11 4.22 2.19 1.09 4.73 0.80SSTVX Wells Fargo Advantage Short-Term Bd A 9.06 79 Buy 3.96 0.82 3.22 5.31 3.16 2.44 1.57 0.42 2.38 0.72STWRX Wells Fargo Advantage DJ Target Today A 9.26 56 Sell 2.62 2.43 5.63 6.27 4.88 3.82 0.56 6.12 0.63STYAX Wells Fargo Advantage Income Plus A 13.81 88 Buy 8.79 2.62 6.32 11.17 6.07 5.46 2.42 1.05 4.23 0.73TGFNX TCW Core Fixed-Income N 12.11 84 Hold 8.26 1.62 3.06 10.55 5.70 4.17 0.87 1.03 3.45 0.70TGINX TCW Emerging Markets Income N 10.43 78 Sell -1.94 4.58 17.71 -0.18 3.14 5.58 5.39 1.11 13.95 1.05TGMNX TCW Total Return Bond N 10.91 83 Buy 8.20 1.09 2.30 9.89 5.41 3.94 1.96 1.04 3.54 0.79THOPX Thompson Bond 10.55 95 Strong Buy -5.96 0.96 2.61 -4.24 0.63 2.46 5.08 0.42 6.23 0.71TWUSX American Century Short-Term Govt Inv 9.80 69 Hold 3.25 0.24 0.44 4.02 2.34 1.51 0.33 0.24 1.11 0.55WACIX Western Asset Core Plus Bond FI 12.58 82 Hold 6.66 2.56 5.87 10.36 5.79 5.37 1.52 1.19 5.10 0.82WAPIX Western Asset Core Bond FI 13.85 82 Hold 7.65 2.29 5.01 10.38 5.94 4.94 1.33 1.04 3.93 0.80WTIBX Westcore Plus Bond 11.44 80 Buy 7.77 2.18 4.42 9.81 5.82 4.77 2.99 1.08 4.05 0.55

ASSET ALLOCATIONAABPX American Beacon Balanced Inv 12.55 76 Sell -7.79 2.42 6.49 -2.06 3.20 4.27 1.66 1.28 13.59 0.97AOMIX American Century One Choice® Mod Inv 16.01 82 Hold 3.17 4.37 11.45 8.86 6.85 6.42 1.14 11.84 0.90EXBAX Manning & Napier Pro-Blend Mod Term S 14.63 76 Hold 6.93 2.96 7.09 11.80 6.94 5.68 0.66 7.32 1.09EXDAX Manning & Napier Pro-Blend Cnsrv Term S 14.60 80 Hold 5.12 2.38 5.65 8.79 5.88 4.99 0.51 5.63 0.87EXHAX Manning & Napier Pro-Blend Max Term S 22.76 82 Buy 6.16 4.60 13.47 13.80 10.47 9.15 1.38 14.65 1.10


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GLRBX James Balanced: Golden Rainbow R 20.52 69 Sell -3.19 2.19 3.22 0.59 0.30 0.78 3.04 0.73 7.94 1.06GRSPX Greenspring 18.88 66 Sell -13.81 3.55 8.56 -10.75 -0.51 3.01 1.63 1.49 16.31 1.04IOEZX ICON Equity Income S 16.00 82 Hold -14.85 5.40 8.63 -8.04 1.08 4.37 2.83 1.75 19.11 0.99JABAX Janus Balanced T 37.87 95 Strong Buy 3.62 3.81 9.50 10.83 11.04 9.25 1.07 0.96 10.27 0.82LCORX Leuthold Core Investment Retail 19.51 75 Sell 2.30 4.05 8.51 6.25 4.34 4.65 0.83 9.05 1.32MNBAX Manning & Napier Pro-Blend Extnd Term S 19.23 80 Hold 7.72 3.33 8.14 13.58 8.12 6.79 0.80 8.85 1.03NDMSX Nationwide Inv Dest Mod Agrsv Svc 8.97 80 Hold -3.12 4.42 12.85 4.04 5.39 6.01 1.50 15.58 0.58PAUAX PIMCO All Asset All Authority 7.75 69 Sell -6.15 3.20 10.05 -3.71 -1.09 1.42 2.88 0.93 11.41 1.89PAXWX Pax World Balanced Individual Inv 24.15 85 Hold 4.53 3.74 9.40 11.65 8.40 7.31 0.97 10.10 0.30PRPFX Permanent Portfolio 44.38 77 Hold 8.88 5.94 14.18 14.15 7.57 7.19 1.03 11.20 0.85TWBIX American Century Balanced Inv 19.97 84 Hold 5.05 3.63 8.84 10.02 8.57 7.29 0.82 0.98 10.30 0.90TWSAX American Century Strat Allc: Agrsv Inv 7.45 81 Hold 1.92 4.93 13.57 8.82 7.56 7.12 1.42 14.69 1.11TWSCX American Century Strat Allc: Cnsrv Inv 5.65 82 Hold 3.37 3.29 8.94 7.89 5.90 5.31 0.86 8.93 1.00TWSMX American Century Strat Allc: Mod Inv 6.25 80 Hold 2.55 4.34 11.50 8.42 6.87 6.36 1.17 12.16 1.06

BEAR MARKETBRPIX ProFunds Bear Inv 22.67 -12.47 -5.66 -12.84 -19.87 -13.78 -13.07 -0.90 15.87 1.77COMVX Comstock Capital Value AAA 3.78 -3.57 -0.26 1.89 -11.06 -11.43 -12.81 -0.59 15.77 5.80DXRSX Direxion Mthly Small Cap Bear 2X 10.57 -0.93 -5.64 -23.92 -12.91 -15.73 -18.97 -2.50 46.03 1.39DXSSX Direxion Mthly S&P 500 Bear 2X Inv 7.25 -16.22 -11.32 -23.03 -29.29 -24.36 -23.32 -2.00 34.43 1.37GRZZX Grizzly Short 11.53 -18.69 -7.91 -21.83 -26.32 -19.20 -16.21 -1.17 21.54 2.61PSSAX PIMCO StocksPLUS Short Strat 5.90 -10.37 -4.99 -10.64 -17.10 -11.48 -10.48 0.46 -0.79 14.38 1.49RYAIX Rydex Inverse NASDAQ-100® Strategy Inv 33.11 -27.93 -7.38 -18.77 -35.31 -22.51 -19.49 -0.88 17.32 1.54RYCWX Rydex Inverse Dow 2x Strategy H 6.09 -21.62 -5.58 -20.81 -32.19 -26.83 -27.16 -1.58 30.03 1.87RYIRX Rydex Inverse Russell 2000 2x Strategy H 27.31 -22.52 -6.70 -29.65 -33.18 -21.91 -22.64 -2.28 42.01 1.91RYJUX Rydex Inverse Government Lg Bd Strat Inv 21.75 -27.81 -5.48 -3.72 -30.47 -14.42 -10.47 3.57 -3.18 14.32 2.89RYSHX Rydex Inverse Russell 2000 Strategy H 17.63 -5.06 -3.13 -14.71 -11.20 -8.07 -9.46 -1.19 21.86 1.79RYTPX Rydex Inverse S&P 500 2x Strategy H 19.10 -30.32 -10.91 -24.60 -41.90 -29.10 -26.64 -1.66 30.40 1.84RYURX Rydex Inverse S&P 500® Strategy Inv 43.46 -11.86 -5.54 -12.57 -19.09 -13.18 -12.41 -0.90 15.79 1.51RYVNX Rydex Dyn Inverse NASDAQ-100 2X Strat H 8.63 -53.75 -14.55 -35.11 -63.50 -44.21 -38.79 -1.64 34.05 1.87SHPIX ProFunds Short Small Cap Inv 11.42 -5.78 -3.30 -15.03 -12.09 -9.01 -10.36 -1.19 21.78 1.78SOPIX ProFunds Short NASDAQ-100 Inv 20.90 -29.87 -7.73 -19.86 -37.32 -23.62 -20.67 -0.89 17.50 1.78UFPIX ProFunds UltraShort Latin America Inv 27.67 15.15 -16.28 -42.37 0.22 -11.49 -24.52 -1.97 58.96 1.78UHPIX ProFunds UltraShort China Inv 20.11 -42.58 -17.00 -39.46 -57.12 -27.99 -30.67 -1.87 44.66 1.78UIPIX ProFunds UltraShort Mid-Cap Inv 13.16 -24.45 -9.68 -29.25 -33.28 -21.91 -22.57 -2.18 39.57 1.78UKPIX ProFunds UltraShort Japan Inv 22.23 -13.64 3.20 -19.83 -31.26 -22.20 -18.65 -1.49 34.32 1.78URPIX ProFunds UltraBear Inv 10.90 -31.70 -10.95 -24.78 -43.20 -29.75 -27.03 -1.64 30.30 1.84UVPIX ProFunds UltraShort Emerg Mkt Inv 9.87 -29.85 -26.73 -41.94 -47.64 -23.02 -27.73 -1.86 39.41 1.78UWPIX ProFunds UltraShort Dow 30 Inv 10.01 -22.58 -5.57 -20.74 -33.21 -27.20 -27.22 -1.58 30.05 1.78UXPIX ProFunds UltraShort Intl Inv 10.52 -6.57 -4.45 -22.87 -21.67 -10.63 -13.16 -1.35 26.76 1.78

Fund Spotlight: Fidelity Growth & Income (FGRIX)Matt Fruhan, manager of Fidelity Growth & Income (FGRIX), has faced steep odds as value stocks have underperformed in 2020. FGRIX is down 7.92 percent for the year as of July 23. FGRIX avoided the catastrophic losses in airlines and cruise ships but histor-ically has a lower weight in growth stocks, mainly in the technology sector. Relative to the broader market, the only time technol-ogy outperformed by this much was in the late stages of the dotcom bubble. We expect the performance gap will narrow. Technology has powered the bull market for much of the past 11 years. Going back to the start in March 2009, SPDR Technology (XLK) has risen 834 percent. The S&P 500 Index has climbed 488 percent. Up until 2017, however, both technology and the S&P 500 Index had similar returns. Since then, technology has more than doubled the

return of the S&P 500 Index. Put another way, that large performance gap over the past 11 years was mostly generated in the past three years. Fruhan recently expressed his frustration on this score, noting that many stocks that lead the bull market are not delivering strong earnings. Instead, stocks are rising because valuations are climbing. This unsustainable trend will end because investors won’t pay higher and higher prices in perpetuity, and funds such as FGRIX will be market lead-ers.

MANAGEMENTFruhan began managing FGRIX in Febru-ary 2011, though he has helmed Mega Cap Stock (FGRTX) since 2009 and Fidelity Large Cap (FLCSX) since 2005. Under his tenure at FGRIX, the fund went from a perennial underperformer to a competitor with major dividend funds. His 146 percent cumulative return is ahead of Fidelity Divi-dend Growth’s (FDGFX) 101 percent return over the same period.

Many Fidelity funds have turned into clones as they upped their technology ex-posure throughout the bull market. FGRIX remained true to its mandate, though, with technology exposure limited, as the sector lacks a significant number of dividend-pay-ing companies. FGRIX lands in the Large Cap Blend category, but its sector exposure looks more like a value orientation. The fund’s mandate is not capital appreciation but a higher dividend yield and higher earnings growth than those of the S&P 500 Index. FGRIX looks for solid-earning, divi-dend-paying stocks that suffer short-term mispricing by the market. When the trend is to focus only on the short term, opportu-nity arises for investors with a longer time horizon. Following this mandate, Fruhan used the opportunity created by the coro-navirus pandemic. He picked up shares of Disney (DIS), upping the fund’s position by nearly 50 percent, to 0.47 percent of as-

ASSET ALLOCATION (continued)



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Fund Spotlight: Fidelity Growth & Income (FGRIX) (continued)

sets. He also initiated a position in NXP Semi-conductors (NXPI). He also bought Starbucks (SBUX) and various financial holdings. He cut the fund’s position in Walmart by 20 percent, as that stock rose to a new all-time high during the pandemic.

PORTFOLIOFGRIX has substantially underweighted tech-nology at 19.7 percent of assets compared with the S&P 500 Index, which has 27.5 percent. The communication services and consumer dis-cretionary sectors are also heavy in technology stocks, which FGRIX underweights as well. FGRIX substantially overweights healthcare, financials, energy and industrials. The top 10 holdings account for 35.1 percent of assets. In descending order, they are Microsoft (MSFT), General Electric (GE), ExxonMo-bil (XOM), Comcast (CMCSA), Altria Group (MO), Apple (AAPL), Bank of America (BAC), Wells Fargo (WFC), Qualcomm (QCOM) and Bristol-Myers Squibb (BMY).FGRIX has a beta of 1.01 compared with the S&P 500 Index. FGRIX has a standard devia-tion of 17.50, slightly higher than the 17.40 of the S&P 500 Index.

PERFORMANCEFGRIX has 1-, 3-, 5- and 10-year annualized returns of 2.46 percent, 5.98 percent, 6.87 per-cent and 11.68 percent, respectively. The fund has done well versus the large cap value cate-gory that has similar sector exposure, but it lags against the S&P 500 Index, which has substan-tial technology exposure. Although it lacked the heftier technology weighting of the S&P 500 Index, from the mar-

ket low through July 23, FGRIX gained 38.63 percent versus 45.50 percent for the S&P 500 Index. Adjusted for its exposure, the fund is performing extremely well.

INCOME AND EXPENSES FGRIX charges a 0.61 percent expense ratio.FGRIX has a 30-day SEC yield of 2.24 percent. The S&P 500 Index yields 1.99 percent.FGRIX paid capital gains in each of the past three years, but the largest capital gain equated to 41 percent of net asset value.

OUTLOOKInvestors often chase short-term performance. Until late 2018, the Matt Fruhan-led FGRIX was closely tracking the performance of the S&P 500 Index. The performance gap has wid-ened, as technology delivered a huge portion of market gains. Over the past five years, FGRIX trailed the S&P 500 Index by an annualized 4.16 percent. However, almost that entire gap was created over the past two years. In reality, the fund was the victim of circum-stance. It cannot overweight technology stocks such as Amazon (AMZN), Netflix (NFLX), Google (GOOGL), Tesla (TSLA) and Face-book (FB) that pay no dividends. Adjusted for that fact, the fund is performing extremely well versus its competition. When technology leadership ends, FGRIX will be ready for a sus-tained run of outperformance. Investors should be looking ahead instead of behind.Investors who currently overweight funds such as Contrafund (FCNTX) or technology sector funds that have led the market should con-sider rebalancing some assets into funds with value exposure. FGRIX is a good candidate for

DISCLOSURE: Mutual Fund Investor Guide, LLC (MFIG) is an independent company unaffiliated with any of the fund companies discussed in this newsletter, including Fidelity Investments. These results include the reinvestment of all dividends and capital gains. Model trading does not involve financial risk; model trading cannot completely duplicate the financial risk associated with actual trading. MFIG is not an investment advisor and does not provide specific investment advice. This newsletter has been prepared solely for informational purposes. PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. All investments involve risk including total loss of principal.

MDS Wealth Advisors: A Private Service from Matthew SauerOver the years it has been our pleasure to provide you with responsible and timely investment advice, and we genuinely appreciate your loyalty to our newsletter. Since we began publishing our investment recommendations, we have been frequently asked to provide dedicated wealth management.Due to the numerous inquiries and requests, I am incredibly pleased to offer private wealth management services through MDS Wealth Advisors. Our objective is simple. We want to help our subscribers tailor their portfolios to their specific investment objectives. I will personally work with each member to build an investment portfolio that is aligned with their goals and risk tolerances. If you are considering a wealth manager or are concerned about who will oversee your investments if you are unable, I would welcome the opportunity to discuss our services.If you are interested in utilizing our new service, call me directly at (844) 336-9878 and I will answer any questions you have. If email is more convenient, you can reach me anytime at: [email protected].

percent, meaning investors buying TIPS will break even if inflation is 1.31 percent next year. For now, income investors can stick with higher-yielding short-term bonds, the type found in floating-rate funds and Thompson Bond (THO-PX). These bonds benefit from government spending and Fed policies that support economic activity, but they’re also less sensitive to rising interest rates should inflation pick up. Tensions with China remain high. In late July, the Trump administration announced it would ban Chinese tech company ByteDance, maker of the TikTok social media app. The administration also said it could ban the popular WeChat app made by Tencent. The U.S. also put sanctions on Chinese and Hong Kong banks and companies that work with the Chinese gov-ernment.

Market Perspective: Technology & Healthcare Continues to Drive Stocks (continued)

mutual fund investor guide the investor guide to fidelity funds · 2020. 8. 11. · mutual fund...

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