Muhlenkamp Fund

  • Symbol: MUHLX
  • No Transaction Fee No Transaction Fee 1
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Summary

Morningstar® Snapshot*

AS OF 03/31/2014; MORNINGSTAR CATEGORY: Large Blend
Returns 2 out of 5, Below Average Returns
LOWAVGHIGH
Expenses 4 out of 5, Above Average Fees
LOWAVGHIGH
Risk of this Category Category Risk Rating:6, where 1 is Lower and 10 is Higher
LOWERHIGHER

*All data provided by Morningstar. Please click on each indicator above to learn more about comparison groups and methodology.

Performance

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AS OF 3/31/2014 ; *YTD AS OF 4/15/2014
YTD (Daily)* 1 Yr 3 Yr 5 Yr 10 Yr
YTD (Daily)* -3.65% 1 Yr +19.40% 3 Yr +10.76% 5 Yr +17.79% 10 Yr +3.61%

Hypothetical Growth of $10,000

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AS OF 03/31/2014; MORNINGSTAR CATEGORY: Large Blend
Shows growth of hypothetical $10,000 investment in Muhlenkamp Fund compared to ,Large Blend over the selected time period
Muhlenkamp Fund
Large Blend

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The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Fund Manager(s)

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Jeffrey Muhlenkamp since 2/28/2014 Ronald Muhlenkamp since 11/1/1988

Fund Overview

Objective

The investment seeks to maximize total after-tax return to its shareholders through capital appreciation, and income from dividends and interest, consistent with reasonable risk.

Strategy

The fund principally invests in a diversified list of common stocks of companies of any capitalization, determined by the investment adviser to be highly profitable, yet undervalued. In pursuing its investment objectives, it may also invest in securities of foreign issuers. The fund may purchase fixed-income or debt securities from time to time as substitutes for stocks when the Adviser determines that market conditions warrant their purchase.

Risk

Value and growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile. Value stocks can continue to be undervalued by the market for long periods of time. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available.

Additional Disclosures

A mutual fund registered under Wexford Trust, and managed by Muhlenkamp & CO Inc. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund.

Details

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Morningstar Category Large Blend
Fund Inception 11/1/1988
NAV
4/15/2014
$65.55
Exp Ratio (Gross)Glossary definition opens in new window.
2/28/2014
1.27%
($12.70 per $1000)
Exp Ratio (Net)Glossary definition opens in new window.
2/28/2014
1.27%
($12.70 per $1000)
Minimum to Invest 5 $2,500.00
Turnover Rate
12/31/2013
26.21%
Net Assets ($M)
3/31/2014
$479.65
12 Month Low-High
3/31/2014
$56.81 - $69.89

Top 10 Holdings

6 More Information
AS OF 12/31/2013
Top 10 Holdings
Alliance Data Systems Corporation 8.58%
JPMorgan Chase & Co 4.85%
Sonic Automotive Inc 4.62%
State Street Corp 4.35%
Celgene Corporation 4.31%
Philip Morris International, Inc. 4.27%
Oracle Corporation 3.90%
Microsoft Corporation 3.74%
Delta Air Lines Inc 3.64%
American International Group Inc 3.38%
% of Total Portfolio 45.64%
out of 55 holdings

Quarter-End Average Annual Total Returns

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AS OF 3/31/2014; *FUND INCEPTION 11/1/1988

EXPENSE RATIO (GROSS):Glossary definition opens in new window.
1.27% AS OF 2/28/2014
1 Yr 3 Yr 5 Yr 10 Yr Life of Fund*
Before TaxesGlossary definition opens in new window.
Muhlenkamp Fund 19.40% 10.76% 17.79% 3.61% 10.11%
After Taxes on DistributionsGlossary definition opens in new window.
Muhlenkamp Fund 18.53% 9.85% 17.20% 2.98% 9.62%
After taxes on distributions and sale of fund sharesGlossary definition opens in new window.
Muhlenkamp Fund 11.71% 8.41% 14.48% 2.91% 8.91%

Read more about after-tax returns.

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

2012 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

Performance & Risk

Average Annual Total Returns

7, 3, 2 More Information
AS OF 3/31/2014; *FUND INCEPTION 11/1/1988
1 Yr 3 Yr 5 Yr 10 Yr Life of Fund*
Muhlenkamp Fund 19.40% 10.76% 17.79% 3.61% 10.11%
Large Blend 21.17% 13.09% 20.02% 6.92% --
Rank in Morningstar Category 74% 86% 86% 98% --
# of Funds in Morningstar Category 1577 1361 1219 806 --

Hypothetical Growth of $10,000

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AS OF 03/31/2014; MORNINGSTAR CATEGORY: Large Blend
Muhlenkamp Fund
Large Blend
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
This Fund 24.51% 7.88% 4.08% -9.66% -40.39% 31.49% 6.14% -4.74% 12.52% 34.43% -0.63%
Category 10.02% 5.88% 14.17% 6.16% -37.79% 28.17% 14.01% -1.27% 14.96% 31.50% 1.69%
+/- Category 14.49% 2.00% -10.09% -15.82% -2.60% 3.32% -7.87% -3.47% -2.44% 2.93% -2.32%

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The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Quarter-End Average Annual Total Returns

3, 2 More Information
AS OF 3/31/2014; *FUND INCEPTION 11/1/1988

EXPENSE RATIO (GROSS):Glossary definition opens in new window.
1.27% AS OF 2/28/2014
1 Yr 3 Yr 5 Yr 10 Yr Life of Fund*
Before TaxesGlossary definition opens in new window.
Muhlenkamp Fund 19.40% 10.76% 17.79% 3.61% 10.11%
After Taxes on DistributionsGlossary definition opens in new window.
Muhlenkamp Fund 18.53% 9.85% 17.20% 2.98% 9.62%
After taxes on distributions and sale of fund sharesGlossary definition opens in new window.
Muhlenkamp Fund 11.71% 8.41% 14.48% 2.91% 8.91%

Read more about after-tax returns.

Cumulative Total Returns

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AS OF 3/31/2014; *YTD (DAILY) AS OF 4/15/2014
YTD (Daily)* YTD (Monthly) 1 Month 3 Months 6 Months
Muhlenkamp Fund -3.65% -0.63% 0.31% -0.63% 8.43%
Large Blend -- 1.69% 0.74% 1.69% 11.62%

Fund Risk and Return

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AS OF 3/31/2014; MORNINGSTAR CATEGORY: Large Blend

Risk

Value and growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile. Value stocks can continue to be undervalued by the market for long periods of time. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or other product materials, if available.

Volatility Measures

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Sharpe Ratio 0.82
AS OF 3/31/2014

The Sharpe ratio is a measure of historical adjusted performance calculated by dividing the fund's excess returns (fund's average monthly returns minus the average monthly return of the Salomon Smith Barney 3-Month T-Bill Index) by the standard deviation of those returns. The higher the ratio, the better the fund's return per unit of risk.

Standard Deviation 13.50
AS OF 3/31/2014

Statistical measure of how much a return varies over an extended period of time. The more variable the returns, the larger the standard deviation. Investors may examine historical standard deviation in conjunction with historical returns to decide whether an investment's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how an investment actually performed, but it does indicate the volatility of its returns over time. Standard deviation is annualized. The returns used for this calculation are not load-adjusted.

Volatility measures are based on the variability of historical returns of the portfolio. In the case of annuity funds, this is before the effect of annuity charges. Relative Volatility, Beta, and R2 compare a portfolio's total return to those of a relevant market, represented by the benchmark index. Standard Deviation is calculated independent of an index.

Historical Fund Performance

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Current year's data as of: 3/31/2014
Year Total Returns Capital Gains Dividends Net Assets ($M)
2014 -0.63% -- -- $479.65
2013 34.43% -- -- $488.51
2012 12.52% -- -- $428.19
2011 -4.74% -- -- --
2010 6.14% -- -- --
2009 31.49% -- -- --
2008 -40.39% -- -- --
2007 -9.66% -- -- --
2006 4.08% -- -- --
2005 7.88% -- -- --

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

2012 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

Ratings

Morningstar Ratings

AS OF 03/31/2014; MORNINGSTAR CATEGORY: Large Blend
Overall
2 out of 5 stars
Out of 1,361 funds
3 Yr
2 out of 5 stars
Out of 1,361 funds
5 Yr
2 out of 5 stars
Out of 1,219 funds
10 Yr
1 out of 5 stars
Out of 806 funds

An overall rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Metrics as of the date stated. The number of funds in the Large Blend category tracked by Morningstar was 1361 for the 3 year period and Overall Ranking; 1219 for the 5 year period; and 806 for the 10 year period. Please click on the question mark above for additional Morningstar information.

Past performance is no guarantee of future results.

Lipper Ranking

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AS OF 3/31/2014; LIPPER PEER GROUP: Growth
1 Yr
#2,164 out of 2,814 funds
5 Yr
#1,698 out of 2,054 funds
10 Yr
#1,179 out of 1,198 funds

The fund is ranked based on total return. Each fund is ranked within a universe of funds with similar investment objectives. Rankings include the reinvestment of dividends and capital gains but exclude the effect of a fund's sales load, if applicable. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds.

Past performance is no guarantee of future results.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

2012 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

Composition

Major Market Sectors for Equities

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AS OF 12/31/2013
Portfolio Weight Large Blend
Financial Services 22.64% 16.00%
Industrials 20.15% 13.58%
Consumer Cyclical 18.46% 11.21%
Technology 14.98% 15.60%
Healthcare 10.24% 13.18%
Energy 7.75% 9.78%
Consumer Defensive 4.36% 10.04%
Communication Services 1.44% 3.30%
Basic Materials 0.00% 3.71%
Real Estate 0.00% 1.47%
Utilities 0.00% 2.13%

Top 10 Holdings

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AS OF 12/31/2013
Alliance Data Systems Corporation 8.58%
JPMorgan Chase & Co 4.85%
Sonic Automotive Inc 4.62%
State Street Corp 4.35%
Celgene Corporation 4.31%
Philip Morris International, Inc. 4.27%
Oracle Corporation 3.90%
Microsoft Corporation 3.74%
Delta Air Lines Inc 3.64%
American International Group Inc 3.38%
% of Total Portfolio 45.64%
out of 55 holdings

Asset Allocation

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AS OF 12/31/2013; MORNINGSTAR CATEGORY: Large Blend
Fund Category Average
Preferred Stock 0.00% 0.03%
Others 1.55% 0.41%
Foreign Stock 5.13% 5.73%
Cash 0.34% 1.85%
Domestic Stock 92.98% 91.69%
Domestic Bond 0.00% 0.25%
Convertibles 0.00% 0.01%
Foreign Bond 0.00% 0.03%

Portfolio Data

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Turnover Rate
26.21%
12/31/2013

Equity StyleMap®*

AS OF 12/31/2013
Capitalization
LG current
MD
SM
Value Blend Growth
Style
Current
Historical

Large Growth

Invest in companies with market values greater than $10 billion that fund managers believe are poised for growth. Growth can be based on a variety of factors, such as revenue or earnings growth. Growth funds are typically focused on generating capital gains rather than income.

*98.12%  Fund Assets Covered

Regional Diversification

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AS OF 12/31/2013
Africa
0.00%
Asia - Developed
0.00%
Asia - Emerging
0.00%
Australasia
0.00%
Canada
2.57%
Europe - Emerging
0.00%
United States
94.77%
Eurozone
0.00%
Japan
0.00%
Latin America
0.00%
Middle East
2.66%
United Kingdom
0.00%
Europe - ex Euro
0.00%

Please note Regional Diversification information is based on the equity components only.

Country Diversification

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AS OF 12/31/2013
Canada
2.57%
United States
94.77%
Israel
2.66%

Fund Facts

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Fiscal Year End
December
Fund Inception
11/1/1988
Net Assets ($M)
$479.65
3/31/2014
Fund Symbol
MUHLX
Order Cutoff Time
04:00 PM EST

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

2012 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

Fees and Distributions

Expenses & Fees

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1.27%
($12.70 per $1000)
2/28/2014
1.27%
($12.70 per $1000)
2/28/2014

You can receive a prospectus from Fidelity by mail

See prospectus for more information on Fees, Expenses & Loads.

See the Understanding Fees section and the fund prospectus for more information on Fees, Expenses & Loads.

Minimums

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Regular Initial Investment 5
$2,500.00
IRA Initial Investment
$2,500.00
Regular/IRA Additional Investments
$250.00

Features

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Simple IRA
yes

Pricing

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AS OF 3/31/2014
NAV
$65.55
4/15/2014
12 Month Low-High
$56.81 - $69.89
Monthly Low-High
$66.43 - $68.85
On 3/31/2014
$67.60

Price History By Month

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Actual Values: Mar. 2014 to Mar. 2013

Close Low High
Mar $67.60 $66.43 $68.85
Feb $67.39 $62.47 $67.60
Jan $64.20 $64.20 $67.94
Dec $68.03 $67.25 $69.89
Nov $68.78 $65.51 $68.78
Oct $66.32 $63.15 $67.15
Sep $64.33 $63.04 $66.06
Aug $62.73 $62.56 $65.41
Jul $64.46 $61.49 $64.51
Jun $61.08 $59.01 $62.98
May $62.29 $58.84 $63.20
Apr $59.67 $56.81 $59.67
Mar $58.42 $56.70 $59.28

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

2012 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

1. No Transaction Fee funds are available without paying a transaction fee. No Transaction Fee funds will also be offered without a load or on a load waived basis. However, the fund may charge a short term trading fee or a redemption fee. Other fees and expenses, including those which apply to a continued investment in the fund, are described in the fund's current prospectus. Fidelity Brokerage Services LLC ("FBS"), or its affiliates, may receive compensation in connection with the purchase and/or the ongoing maintenance of positions in certain No Transaction Fee mutual funds in your account. FBS may also receive compensation for such things as systems development necessary to establish a fund on its systems, a fund's attendance at events for FBS's clients and/or representatives, and opportunities for the fund to promote its products and services. This compensation may take the form of sales loads and 12b-1 fees described in the prospectus and/or additional compensation paid by the fund, its investment adviser or an affiliate. Additional information about the source(s) and amount(s) of this compensation as well as any other remuneration received by FBS or its affiliates will be furnished upon request.

Fidelity will charge a short term trading fee each time you sell or exchange shares of FundsNetwork No Transaction Fee (NTF) funds held less than 60 days (short-term trade). Money market funds, funds redeemed through the Personal Withdrawal Service, and shares purchased through dividend reinvestment are not subject to this short-term trading fee. As well, Fidelity reserves the right to exempt other funds from this fee, such as funds designed to achieve their stated objective on a short-term basis. The short-term trading fee will be based on the fee scheduled detailed in the Understanding Fidelity's FundsNetwork Fees section. Please be aware that certain FundsNetwork funds may be subject to separate and additional redemption fees imposed by the particular fund. Please refer to that fund's current prospectus for details.

2. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumulative if the fund is less than one year old. Total returns do not reflect the fund's [%] sales charge. If sales charges were included, total returns would have been lower.

3. The Morningstar Category Average is the average return for the peer group based on the returns of each individual fund within the group, for the period shown. This average assumes reinvestment of dividends.

4. This chart illustrates the performance of a hypothetical $10,000 investment made in this investment product (and a benchmark or category average, if shown) from the beginning date shown or on the inception date of the product (whichever is later). The inception date used for products with underlying funds, or multiple shares classes, or are offered as a separate account, strategy or sub account, may be the inception date of the underlying fund, the earliest share class of the product, or the date composite performance for the product was first made available. The product's returns may not reflect all its expenses. Any fees not reflected would lower the returns. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. It is not possible to invest in an index. Past performance is no guarantee of future results. This chart is not intended to imply any future performance of the investment product.

5. Initial minimum investments into group retirement accounts such as Fidelity Simplified Employee Pension-IRA, Keogh, Self-Employed 401(k), and Non-Fidelity Prototype Retirement accounts are $500 or higher. Additional investments into Regular, IRA, and Group accounts are $250 or higher.

6. Any holdings, asset allocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. Some breakdowns may be intentionally limited to a particular asset class or other subset of the fund's entire portfolio, particularly in multi-asset class funds where the attributes of the equity and fixed income portions are different.

Under the asset allocation section, international (or foreign) assets may be reported differently depending on how an investment options reports its holdings. Some do not report international (or foreign) holdings here, but instead report them in a "Regional Diversification" section. Some report them in this section as an to the equity, bond and other allocation shown. Others report international (or foreign) holding as a subset of the equity and bond allocations shown. If the allocation without the foreign component (or round to) 100%, then international (or foreign) is a subset of the equity and bond percentage shown.

7. Percent Rank in Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. % Rank in Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges.

Generally, data on Fidelity mutual funds is provided by FMR, LLC, Morningstar ratings and data on non-Fidelity mutual funds is provided by Morningstar, Inc. and data on non-mutual fund products is provided by the product's investment manager, trustee or issuer or the plan sponsor whose plan is offering the product to participants. Although Fidelity believes the data gathered from these third-party sources is reliable, it does not review such information and cannot warrant it to be accurate, complete or timely. Fidelity is not responsible for any damages or losses arising from any use of this third-party information.

Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fidelity for a free prospectus and, if available, summary prospectus containing this information. Read it carefully.