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.

In November 2021, Morgen Peck and Sam Chamovitz joined Joel as co-lead portfolio managers on the fund in preparation for Joel to transition into an advisor role at the end of 2023.

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.

An experienced team

Morgen and Sam have been integral members of the small cap equity team, working alongside Joel for nearly 15 years. They follow a disciplined process and are confident in the future of active management.

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.

Joel Tillinghast Retirement from Portfolio Management - 2023

health-care-manager Joel Tillinghast, Morgen Peck, Sam Chamovitz, and Naveed Rahman share an important update on the Fidelity Low Priced Stock portfolio management team.

Read the Q&A | Watch the video