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.

Adding value since 1989

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.

30 years of success

Joel Tillinghast has been manager of Fidelity Low-Priced Stock fund for 30 years. Over his tenure, Joel has demonstrated the power of active management by his strong relative performance against his benchmark.

A hypothetical $10,000 investment made in the fund at time of inception. Figures show monthly returns and include reinvestment of dividends and capital gains but do not reflect the effect of any applicable sales charges or redemption fees, which would lower these figures. This chart is not intended to imply any future performance of the fund.

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

Click here for most up to date fund performance for the Fidelity Low Priced Stock Fund.

It is not possible to invest in an index. All market indices are unmanaged. Index performance is not meant to represent that of any Fidelity mutual fund.

Source: Fidelity Investments.

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Joel Tillinghast of Fidelity® Low-Priced Stock Fund named Morningstar's 2021 "Outstanding Portfolio Manager".1 The Outstanding Portfolio Manager category for Morningstar’s annual awards recognizes portfolio managers who have delivered exceptional long-term performance while demonstrating excellent investment skill, the courage to differ from the consensus to benefit investors, and an alignment of interests with the strategies’ investors. See additional award information here.