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.

Nearly 30 years of success

Joel Tillinghast has been manager of Fidelity Low-Priced Stock fund for nearly 30 years. 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.

Gross Expense Ratio is the total annual fund or class operating expense ratio from the most recent prospectus (before waivers or reimbursements) and generally is based on amounts incurred during the most recent fiscal year.

The Russell 2000® Index is a market capitalization-weighted index designed to measure the performance of the small-cap segment of the U.S. equity market. It includes approximately 2,000 of the smallest securities in the Russell 3000® Index.