Fidelity Low-Priced Stock Fund

Joel Tillinghast has actively managed the Fidelity Low-Priced Stock Fund (FLPSX) since it was launched in 1989. He and Fidelity's analysts and researchers identify companies in and out of the fund's benchmark index that they believe are undervalued, or have the potential for greater than expected growth. That flexibility is at the core of Fidelity's belief that actively managed funds offer investors the opportunity to outperform the market over time.

27 years of adding value

Focus on undervalued companies

The fund takes an opportunistic approach, rooted in a strict valuation discipline, seeking to buy higher-quality companies that are undervalued by the market.

Small- and mid-cap exposure

The fund seeks small- and mid-cap companies—important portfolio diversifiers which have historically seen higher returns than large-cap stocks over time.

Over 27 years of success

Joel Tillinghast has over 27 years as manager of Fidelity Low-Priced Stock fund. Over his tenure Joel has demonstrated the power of active management by his strong relative performance against his benchmark.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate, so investors may have a gain or loss when shares are sold. Current performance may be higher or lower than what is quoted, and investors should visit Fidelity.com/performance for most recent month-end performance.

Expense Ratio after Reduction is the total annual operating expense from the fund's most recent prospectus after any fee waiver and/or expense reimbursements that will reduce any fund operating expenses for no less than one year from the effective date of the fund's registration statement. This number does not include any fee waiver arrangement or expense reimbursement that may be terminated without agreement of the fund's board of trustees during the one-year period.

The Russell Top 2000® Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 2000 Index is a subset of the Russell 3000® Index. It includes approximately 2000 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market. The Russell Top 2000 Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.