2024-07-27 06:40:00 ET
Summary
- For the quarter, Fidelity Blue Chip Growth Fund's Retail Class shares gained 9.25%, outpacing the 8.33% advance of the benchmark, the Russell 1000 Growth Index.
- Large-cap growth stocks once again topped the performance leaderboard, adding to a strong year-to-date gain in what was a relatively quiet three months for asset markets.
- The biggest individual relative detractor was an underweight in personal electronics giant Apple, a sizable benchmark component.
- We're especially bullish on chipmakers we expect to benefit from the proliferation of AI and machine learning.
Investment Approach
- Fidelity® Blue Chip Growth Fund is a domestic equity growth strategy with a large-cap bias.
- Our investment approach focuses on companies we believe have above-average earnings growth potential with sustainable business models, for which the market has mispriced the rate and/or durability of growth.
- In particular, we look for events that might provide a business catalyst - such as product cycles, a change in management and turnaround situations - that could add to a stock's true value. We believe finding companies with a competitive advantage, pricing power and strong management teams will deliver superior earnings over the long term.
- We look to exploit inappropriate valuations in the market through bottom-up, fundamental analysis, working in concert with Fidelity's global research team.
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For further details see:
Fidelity Blue Chip Growth Fund Q2 2024 Quarterly Review