MUTUAL FUND Investor Guide THE Investor Guide TO FIDELITY … · 2016-08-04 · The Dow Jones...

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Market Perspective: Healthcare and Tech Rally to Move Markets Higher Investors head into August with moderate sentiment, as accommodative central banks and a healthy U.S. economy have created sound conditions for domes-tic assets. Analysts initially forecast a 5.6 percent decline in S&P 500 earnings from year-ago levels. However, more than 70 percent of companies beat their estimates, lifting the blended earnings growth estimate (reported earnings plus estimates of com-panies yet to report) to negative 3.8 percent. It is ex-pected this number will continue to improve, further boosting the market. The Dow Jones Industrial Average and S&P 500 Index both set new all-time highs in July. The Nas-daq and the small-cap Russell 2000 Index fared even better as investors headed back into the more volatile and growth-oriented sectors. Technology and bio-technology rallied, while energy pulled back amid falling oil prices. Economic data was consistently solid, with rising wages fueling consumer spending. The technology sector played a major role in lift-ing earnings above estimates. Apple (AAPL) con-tributed to the improving earnings picture, beating estimates by about 3 percent. Facebook (FB) beat profit estimates by 18 percent, offsetting weak guid-ance from Netflix (NFLX). Semiconductors were propelled by Japan’s Softbank acquisition of ARM Holdings (ARMHY). J.P. Morgan (JPM), Johnson & Johnson (JNJ) and other blue-chip heavyweights also boosted stocks in July. Energy’s earnings growth rate fell as Exxon (XOM) missed estimates amid rising inventories. In the sec-ond quarter, oil averaged $46 a barrel, well below the $58 a barrel it averaged in the second quarter of 2015. Prices fell in July as investors focused on rising gasoline inventory. Oil is likely to experience further volatility before returning to sustainable prices in the long term. The Federal Reserve acknowledged a stronger U.S. economy, an improving labor market and generally good financial market conditions. Despite positive data, it left rates unchanged with no hint of an inter-est rate hike in the near future. The data-dependent

Fed focused on inflation instead, noting that it re-mains below its 2 percent target. A factor working against rate hikes is headline economic growth, with second-quarter GDP growth coming in at 1.2 per-cent. Despite the weaker GDP report, consumers are spending more, with retail sales up 0.6 percent in the month of June and 2.7 percent over 2015. Wage growth is strong as well, rising to 3.6 percent in June, the biggest 12-month jump since January 2009. While the economic data warrants a Septem-ber rate hike, the ever-volatile futures market is not pricing in a hike until at least May 2017.Wage growth is also positively impacting the hous-ing market. Home builder stocks hit a new post-2006 high in July. The 30-year fixed mortgage interest rate is near its lowest point in history, currently less than 20 basis points away from its all-time low in 2012. New home sales are on the cusp of hitting 600,000. Healthcare recovered in July as the biotechnology sector rallied. Strong earnings from large-cap bio-tech firms such as Amgen (AMGN) and buyout ac-tivity among smaller firms pushed the sector to its highest level since April. Pharmaceuticals lagged early in the year but has already broken out to the up-side. With medical devices in a clear bull market and healthcare providers again rallying, the healthcare sector is set to outperform over the coming months. Dividend funds continued to fare well in July. The popularity of the asset class was made evident late in the month as Vanguard closed its Dividend Growth Fund (FDIGX) to new investors. Long-term govern-ment bond yields also remain near all-time lows, and U.S. interest rates will remain under pressure as Eu-ropean and Japanese investors buy far higher-yield-ing U.S. assets. The U.S. housing market, as well as dividend funds and rate-sensitive assets, will benefit as long as these trends are in effect. The upcoming election season and lower oil prices are keeping a lid on inflation, further helping dividend payers.We continue to be optimistic about the market over the coming months. Investors will remember the correction we experienced in August of last year, and it is possible we will see similar volatility again as trading volume is typically lower. We believe a

mutualfundinvestorguide.com

MUTUAL FUND Investor Guide

AUGUST 2016

Matthew D. SauerFounder & Chief Investment Officer

Matthew Sauer is the Founder and Chief Investment Officer of the Mutual Fund Investor Guide family of newsletters. Each month he analyzes and provides buy, sell and hold recommendations for hundreds of mutual funds and ETFs in three newsletters: The Investor Guide to Fidelity Funds, The ETF Investor Guide and The Investor Guide to Vanguard Funds.

Matthew is also the Founder and Chief Investment Officer of MDS Wealth Advisors, a Registered Investment Advisor that provides personalized investment solutions.

In ThIs Issue 1 Perspective

2 Portfolio Updates

3 Model Portfolios

5 Data & Rankings

11 Fund Spotlight:

Fidelity Contrafund

(FCNTX)

THE Investor Guide TO FIDELITY FUNDS

(continued on page 2)

2 AuGusT 2016 | PhOne: (888) 252-5372

The Investor Guide TO FIDeLITY FUNDS

Portfolio UpdatesThe Nasdaq and the Russell 2000 rallied soundly in July, even as the S&P 500 Index and Dow Jones hit new all-time highs. The Nasdaq led with a gain of 6.60 percent, while the Russell 2000 climbed 5.90 percent. The S&P 500 Index advanced 3.56 percent, and the Dow increased 2.80 percent. The MSCI EAFE Index gained 5.02 percent as Euro-pean equities rebounded from June’s Brexit panic.The Russell 2000 Index is leading the in-dexes year-to-date with a 7.40 percent return, followed by the S&P 500’s 6.34 percent advance. The Dow Jones Industrial Average is up 5.78 percent, and the Nasdaq is now positive for the year, up 3.09 percent. The MSCI EAFE Index is still in the red, down 1.58 percent. We made two changes to the Model Port-folios this month. In the Fidelity Balanced Growth Portfolio and the NTF Balanced Growth Portfolio we sold Fidelity High Income (SPHIX) and purchased Fidelity Corporate Bond Fund (FCBFX). SPHIX has a 9.76 percent allocation in the energy sector and given recent volatility, we prefer the higher quality debt held in FCBFX. The Fidelity Select Sector Portfolio climbed 4.12 percent in July. Technol-ogy (FSPTX) led the portfolio with an increase of 8.40 percent. Firms such as Alphabet (GOOG), Apple (AAPL), Micro-soft (MSFT), Facebook (FB) and Amazon (AMZN) all reported strong earnings re-sults. The portfolio is up 2.91 percent this year. Healthcare gained 7.06 percent on the month, indicating the sector is beginning to rebound.The Fidelity Straight Growth Portfolio increased 4.15 percent last month. It is up 2.53 percent in 2016. Blue Chip Growth (FBGRX) led the portfolio with a 6.57 percent gain on the back of strong tech-nology performance. Small-Cap Enhanced

(FCPEX) gained 5.84 percent, and Dividend Growth (FDGFX) saw a solid 2.91 percent gain on the month.The Fidelity Balanced Growth Portfolio increased 3.43 percent in July. Mega Cap Stock (FGRTX) rallied 4.78 percent to lead the portfolio after several positive earnings reports from mega-banks. Microsoft, Apple and Qualcomm (QCOM), all top 10 hold-ings, also performed very well following earnings reports. Contrafund (FCNTX) ad-vanced 4.48 percent, while the bond funds each gained more than 2 percent. The port-folio is up 6.09 percent this year.The Fidelity Global Portfolio increased 3.57 percent last month and is up 3.45 per-cent this year. International Small Cap Op-portunity (FSCOX) led with a 4.69 percent advance, while International Discovery (FIGRX) was close behind with a gain of 4.03 percent as international shares re-bounded from Brexit losses and emerging markets advanced on rising commodity prices.The Fidelity Conservative Income Portfo-lio increased 1.81 percent in July. Strategic Income (FSICX) gained 2.08 percent last month as bond prices climbed late in the month. Equity Dividend Income (FEQTX) led the portfolio with its gain of 2.58 percent for the month and is now up 8.77 percent in 2016. This portfolio is up 6.99 percent in 2016. The Diversified Sector Portfolio increased 5.80 percent last month; the portfolio is up 0.43 percent this year. Rydex Biotechnol-ogy (RYOIX) cut its losses nearly in half last month, rising 12.37 percent. Hennessy Small Cap Financial (HSFNX) finished the month with a gain of 3.63 percent. Both Fidelity Select Healthcare (FSPHX) and Fidelity Select Technology (FSPTX) saw sizable gains as well, rising 7.06 percent and 8.40 percent, respectively. The NTF Straight Growth Portfolio climbed 3.08 percent last month, and the

portfolio is up 6.24 percent in 2016. Janus Enterprise (JAENX) led with a 4.54 percent gain last month, and all holdings gained more than 2 percent as equities enjoyed a broad rally. FAM Value (FAMVX) and Parnassus Core Equity (PRBLX) chipped in gains of 3.24 percent and 2.84 percent, respectively.The NTF Balanced Growth Portfolio increased 2.83 percent last month; it is up 5.92 percent this year. Fidelity High Income (SPHIX) saw a great one-month return of 2.40 percent, but it was overshadowed by PIMCO Small Cap’s (PCKDX) 6.63 per-cent advance. Fidelity New Millennium (FMILX) rallied 4.52 percent, and Federal MDT Stock (FSTKX) climbed 3.58 percent.The Tax Advantage Portfolio increased 2.59 percent in July, bringing the 2016 gain to 3.57 percent. Fidelity Low-Priced Stock (FLPSX) led with a gain of 3.44 percent. Fi-delity Puritan (FPURX) rose 2.69 percent, a solid gain in light of the fund’s fixed-income exposure. The Aggressive Value Portfolio advanced 4.80 percent last month and is up 5.93 per-cent this year. Fidelity Select Biotechnology (FBIOX) rallied 11.68 percent, and ICON Information Technology (ICTEX) climbed 6.52 percent with broader tech shares. Fidel-ity Consumer Staples (FDFAX) slipped 0.48 percent as investors rotated out of defensive shares.The Absolute Return/Down Market Port-folio gained 1.53 percent last month and is up 9.05 percent for the year. Fidelity Select Gold (FSAGX) led the portfolio again with an 8.82 percent increase, pushing the gain this year to more than 100 percent. Central banks didn’t step up their intervention as ex-pected in July, but the weaker-than-expected GDP report caught the Federal Reserve off guard. As a result, Fidelity Corporate Bond (FCBFX) and DoubleLine Core Fixed In-come (DFLNX) both gained more than 1 percent last month.

conservative allocation, focused on select sectors for growth, is prudent. Avoiding volatile sectors such as energy and precious metals makes sense, despite run-ups this

year. There is a likelihood the energy sec-tor decline will continue. Precious metals, gold in particular, are ripe for a significant correction.

If you have any questions about your port-folio allocation for the remainder of 2016, please call us directly at (888) 252-5372.

Market Perspective: Healthcare and Tech Rally to Move Markets Higher (continued)

www.MutualFundInvestorGuide.com | AuGusT 2016 3

Fidelity Conservative inCome PortFoliosymBol Fund Price shares allocation 1 montH ytd total returnFFRHX Floating Rate High Income 9.45 3150.30 23.99% 1.40% 5.94% $29,770.35FSTFX Limited Term Muni 10.73 1544.84 13.36% 0.21% 1.78% $16,576.13FSICX Strategic Income 10.78 3768.39 32.73% 2.08% 8.41% $40,623.23FEQTX Equity Dividend Income 26.57 1397.37 29.92% 2.58% 8.77% $37,128.15

TOTAL 100.00% 1.81% 6.99% $124,097.86

Model Portfolios (Data provided as of 7/31/16)

User GuideRAnk: Our proprietary ranking system uses both technical and fundamental analysis to identify those funds expected to outperform over the following 6 months, on a risk adjusted basis. AdvIce: Based on technical and funda-mental indicators, we issue buy, hold and sell recommendations based upon expected future performance. We often avoid recommending funds that are extraordinarily volatile or are exposed to significant market risk.

PeRFORMAnce ReTuRns: YTD, 1-month, 3-month and 1-year returns are calculated each month based on the trailing returns. For 3-year and 5-year periods, returns are annualized.YIeld %: We use the 30-day SEC Yield to pro-vide the expected income generated by each fund, as reported by the fund in its most recent filing. BeTA: The 3-year Beta is the measure of the volatility, or systematic risk of the fund as compared to the market. A Beta of 1.3 will typ-ically be 30% more volatile than the market.

sTAndARd devIATIOn (sd): Also used to measure volatility, is determined from the monthly returns of the fund over the previous 3 years. Those funds with higher standard de-viations are more volatile as compared to those with a lower standard deviation. exPense RATIO: The expense ratio is the fee charged by the mutual fund. This charge is deducted from the return of the fund, impact-ing performance. Please note, funds may have different share classes with varying expenses associated with each class.

Fidelity seleCt seCtor Fund PortFoliosymBol Fund Price shares allocation 1 montH ytd total returnFPHAX Pharmaceuticals 20.09 930.24 10.34% 5.79% -2.33% $18,688.46FSPTX Technology 126.82 410.73 28.81% 8.40% 7.39% $52,089.02FIDSX Financial Services 84.15 399.01 18.57% 2.94% 0.15% $33,576.68FSPHX Healthcare 206.17 103.56 11.81% 7.06% -4.02% $21,350.29FDFAX Consumer Staples 98.12 561.54 30.47% -0.48% 8.72% $55,097.88

TOTAL 100.00% 4.12% 2.91% $180,802.33

Fidelity straigHt growtH PortFoliosymBol Fund Price shares allocation 1 montH ytd total returnFBGRX Blue Chip Growth 69.46 217.64 8.22% 6.57% 0.71% $15,116.99FDGFX Dividend Growth 31.51 1841.94 31.58% 2.91% 4.03% $58,039.44FCNTX Contrafund 101.38 338.52 18.67% 4.48% 3.20% $34,319.29FLPSX Low-Priced Stock 49.57 592.00 15.97% 3.44% 8.90% $29,345.27FVDFX Value Discovery 24.16 605.61 7.96% 3.65% 2.55% $14,631.58FCPEX Small Cap Enhanced 12.50 2587.88 17.60% 5.84% 7.20% $32,348.51

TOTAL 100.00% 4.15% 2.53% $183,801.08

Fidelity gloBal PortFoliosymBol Fund Price shares allocation 1 montH ytd total returnFSCOX International Small Cap Opp 15.17 2753.42 28.01% 4.69% 1.68% $41,769.41FIGRX International Discovery 38.44 359.10 9.26% 4.03% -2.46% $13,803.67FGBLX Global Balanced 23.36 1249.90 19.58% 2.73% 6.18% $29,197.71FGILX Global Equity Income 12.21 3865.97 31.66% 3.28% 3.12% $47,203.46FGHNX Global High Income 9.26 1849.83 11.49% 2.75% 9.61% $17,129.39

TOTAL 100.00% 3.57% 3.45% $149,103.64

Fidelity BalanCed growtH PortFoliosymBol Fund Price shares allocation 1 montH ytd total returnFGRTX Mega Cap Stock 16.43 1860.72 19.29% 4.78% 5.19% $30,571.67FFIDX Fidelity Fund 43.54 696.96 19.15% 3.57% 3.64% $30,345.57FSICX Strategic Income 10.78 3202.56 21.79% 2.08% 8.41% $34,523.62FCBFX Fidelity Corporate Bond 11.70 2599.86 19.20% N/A N/A $30,418.33FCNTX Contrafund 101.38 321.54 20.57% 4.48% 3.20% $32,597.63

TOTAL 100.00% 3.43% 6.09% $158,456.82

4 AuGusT 2016 | PhOne: (888) 252-5372


ntF straigHt growtH PortFoliosymBol Fund Price shares allocation 1 montH ytd total returnJAENX Janus Enterprise 94.50 264.70 15.49% 4.54% 10.29% $25,013.93FDGFX Dividend Growth 31.51 1184.67 23.12% 2.91% 4.03% $37,328.96FEQTX Equity Dividend Income 26.57 1406.42 23.15% 2.35% 4.48% $37,368.52FAMVX FAM Value 65.30 466.05 18.85% 3.24% 8.72% $30,433.10PRBLX Parnassus Core Equity 39.07 800.99 19.38% 2.84% 6.04% $31,294.53

TOTAL 100.00% 3.08% 6.24% $161,439.04

tax advantage PortFoliosymBol Fund Price shares allocation 1 montH ytd total returnPRBLX Parnassus Core Equity 39.07 553.81 14.94% 2.84% 6.04% $21,637.50FPURX Puritan 21.00 1830.83 26.55% 2.69% 3.80% $38,447.35PSHDX PIMCO Short-Term 9.72 2204.94 14.80% 0.36% 0.81% $21,432.02FLPSX Fidelity Low-Priced Stock 49.57 873.77 29.91% 3.44% 3.81% $43,312.99FCVSX Convertible Securities 27.08 737.10 13.79% 2.77% 3.04% $19,960.80

TOTAL 100.00% 2.59% 3.57% $144,790.65

aBsolute return/down market PortFoliosymBol Fund Price shares allocation 1 montH ytd total returnCVSIX Calamos Market Neutral 13.09 1963.15 23.84% 1.24% 3.13% $25,697.64PSSDX PIMCO Short Strategy 9.84 938.98 8.57% -2.86% -5.75% $9,239.55FSAGX Fidelity Select Gold 27.76 547.32 14.09% 8.82% 100.68% $15,193.47MWLDX MetWest Low Duration 8.76 3514.62 28.56% 0.10% 1.14% $30,788.03FCBFX Fidelity Corporate Bond 11.70 451.57 4.90% 1.83% 9.01% $5,283.42DLFNX DoubleLine Core Fixed Inc 11.16 1935.68 20.04% 1.04% 6.27% $21,602.23

TOTAL 100.00% 1.53% 9.05% $107,804.35

aggressive value PortFoliosymBol Fund Price shares allocation 1 montH ytd total returnFDFAX Fidelity Consumer Staples 98.12 461.08 29.89% -0.48% 8.34% $45,240.86ICTEX ICON Info Technology 17.15 1450.22 16.43% 6.52% 6.85% $24,871.34FCPGX Fidelity Sm Cap Growth 19.82 999.48 13.09% 5.54% 5.99% $19,809.67FBIOX Fidelity Select Biotech 188.68 187.41 23.36% 11.68% 14.82% $35,359.95FSRBX Fidelity Select Banking 24.43 1066.63 17.22% 3.52% -4.50% $26,057.85

TOTAL 100.00% 4.80% 5.93% $151,339.67

diversiFied seCtor PortFoliosymBol Fund Price shares allocation 1 montH ytd total returnFSPHX Fidelity Select Healthcare 206.17 254.19 28.61% 7.06% -0.48% $52,405.91FSPTX Fidelity Select Technology 126.82 390.26 27.02% 8.40% 7.39% $49,493.33FDFAX Fidelity Consumer Staples 98.12 432.56 23.17% -0.48% 8.76% $42,443.14HSFNX Hennessy Sm Cap Financial 22.29 784.55 9.55% 3.63% 7.37% $17,487.62RYOIX Rydex Biotechnology 77.50 275.63 11.66% 12.37% -12.06% $21,361.64

TOTAL 100.00% 5.80% 0.43% $183,191.63

ntF BalanCed growtH PortFoliosymBol Fund Price shares allocation 1 montH ytd total returnFMILX Fidelity New Millennium 35.87 402.69 10.37% 4.52% 7.20% $14,444.37FDGFX Fidelity Dividend Growth 31.51 720.15 16.29% 2.91% 4.03% $22,692.07FCBFX Fidelity Corporate Bond 11.70 2479.07 20.82% N/A N/A $29,005.09FSTKX Federated MDT Stock 26.31 1081.41 20.42% 3.58% 6.44% $28,451.82PCKDX PIMCO Small Cap 8.36 1687.66 10.13% 6.63% 9.00% $14,108.85MWLDX MetWest Low Duration 8.76 3495.99 21.98% 0.10% 1.14% $30,624.88

TOTAL 100.00% 2.83% 5.92% $139,327.08


FIDELITY GROWTH FUNDSFARNX Fidelity® Event Driven Opportunities 11.66 84 Hold 6.84 4.76 6.45 6.60 1.04FBCVX Fidelity® Blue Chip Value 16.19 86 Buy 3.19 3.92 1.57 -2.08 8.15 10.11 0.95 10.99 0.82FBGRX Fidelity® Blue Chip Growth 69.46 89 Buy 0.71 6.57 5.95 -2.47 12.32 13.10 1.06 13.17 0.88FCNTX Fidelity® Contrafund® 101.38 96 Strong Buy 3.23 4.48 4.62 0.99 11.35 12.35 0.93 11.20 0.70FCPEX Fidelity® Small Cap Enhanced Index 12.50 81 Hold 7.20 5.84 7.67 -0.19 8.06 11.71 1.06 14.25 0.67FCPGX Fidelity® Small Cap Growth 19.82 88 Buy 5.99 5.54 9.68 -1.56 10.18 11.74 0.94 14.55 0.90FCPVX Fidelity® Small Cap Value 18.22 89 Strong Buy 8.84 3.64 3.58 4.83 7.99 12.61 0.94 12.33 1.12FDCAX Fidelity® Capital Appreciation 32.67 86 Hold 0.86 5.76 2.77 -3.93 8.78 12.59 1.05 12.89 0.82FDEGX Fidelity® Growth Strategies 34.43 90 Buy 3.46 3.02 4.46 -1.02 11.36 10.26 0.96 11.35 0.91FDEQX Fidelity® Disciplined Equity 32.96 82 Buy 3.91 3.84 4.01 -0.12 9.79 11.59 1.00 11.22 0.89FDFFX Fidelity® Independence 34.81 80 Sell -3.25 5.01 3.05 -9.97 8.10 9.27 1.15 14.99 0.86FDGFX Fidelity® Dividend Growth 31.51 91 Strong Buy 4.03 2.91 4.37 -0.01 8.95 10.17 0.99 10.83 0.68FDGRX Fidelity® Growth Company 139.13 81 Hold 1.90 7.14 8.33 0.06 12.75 13.68 1.14 14.35 0.87FDSCX Fidelity® Stock Selector Small Cap 24.42 84 Buy 5.90 4.45 6.45 0.05 6.89 9.45 1.04 13.61 0.76FDSSX Fidelity® Stock Selec All Cp 35.52 87 Buy 5.90 4.07 5.65 1.21 9.69 11.47 1.03 11.73 0.71FDSVX Fidelity® Growth Discovery 25.69 80 Sell 1.66 4.99 6.16 -0.22 11.84 11.96 0.93 12.22 0.77FDVLX Fidelity® Value 104.60 88 Strong Buy 9.23 4.70 4.30 -0.20 8.35 11.91 1.04 12.56 0.78FEQIX Fidelity® Equity-Income 54.46 79 Strong Buy 9.08 3.24 5.03 2.78 6.87 10.06 2.64 0.91 10.50 0.63FEQTX Fidelity® Equity Dividend Income 26.57 86 Strong Buy 8.93 2.35 4.71 4.52 8.57 11.03 2.52 0.94 10.56 0.62FEXPX Fidelity® Export & Multinational 21.47 74 Buy 6.50 2.53 3.77 1.24 9.03 10.16 0.92 10.43 0.76FFIDX Fidelity Fund 43.54 89 Buy 3.64 3.57 5.17 -0.09 10.43 10.97 0.68 1.00 11.62 0.52FGRIX Fidelity® Growth & Income Portfolio 30.48 85 Buy 6.35 4.56 4.72 0.61 8.00 12.57 2.07 1.07 12.29 0.63FGRTX Fidelity® Mega Cap Stock 16.43 93 Strong Buy 5.19 4.78 4.78 0.39 8.59 12.89 0.83 1.08 12.42 0.67FLCEX Fidelity® Large Cap Core Enhanced Index 12.20 87 Buy 6.52 4.18 5.35 3.67 10.36 13.05 0.99 11.11 0.45FLCSX Fidelity® Large Cap Stock 27.44 87 Buy 6.77 5.62 4.81 -0.32 8.70 13.14 1.11 12.98 0.77FLGEX Fidelity® Large Cap Growth Enhanced Idx 15.40 92 Strong Buy 5.77 5.19 5.55 3.53 12.36 13.36 1.01 11.55 0.45FLPSX Fidelity® Low-Priced Stock 49.57 90 Strong Buy 3.81 3.44 3.12 -0.97 7.42 10.78 0.83 9.87 0.79FLVCX Fidelity® Leveraged Company Stock 40.64 75 Hold 2.08 4.69 1.22 -7.14 4.05 9.19 1.13 14.19 0.78FLVEX Fidelity® Large Cap Value Enhanced Index 11.29 81 Buy 7.71 3.48 4.93 3.55 9.26 13.05 0.98 11.07 0.45FMAGX Fidelity® Magellan® 90.64 85 Hold 2.30 3.80 3.41 -0.41 11.24 11.30 1.06 12.03 0.83FMCSX Fidelity® Mid-Cap Stock 33.94 85 Strong Buy 9.53 3.89 5.22 1.82 8.65 11.33 0.94 11.64 0.72FMEIX Fidelity® Mid Cap Enhanced Index 13.54 81 Buy 7.55 5.04 5.21 2.24 10.59 12.67 0.97 11.67 0.60FMILX Fidelity® New Millennium 35.87 84 Strong Buy 7.74 4.52 4.36 0.81 8.11 11.38 0.99 11.87 0.71FNCMX Fidelity® Nasdaq Composite Index® 68.05 84 Hold 3.84 6.64 8.43 2.26 14.03 14.65 1.13 13.62 0.29FOCPX Fidelity® OTC Portfolio 85.15 86 Hold 2.06 9.35 11.91 3.62 14.57 14.69 1.21 16.17 0.83FSCLX Fidelity Mid Cap Index Investor 17.87 85 Buy 10.19 4.56 6.73 4.42 10.39 1.00 11.74 0.22FSCRX Fidelity® Small Cap Discovery 28.79 82 Buy 8.97 4.43 3.52 1.34 6.79 12.69 1.00 13.17 1.00FSDIX Fidelity® Strategic Dividend & Income® 14.98 95 Strong Buy 11.51 2.25 7.01 9.69 9.14 10.95 2.84 1.08 8.02 0.75FSEMX Fidelity Extended Market Index Inv 53.73 80 Hold 8.01 5.39 7.14 0.32 8.13 11.22 1.07 13.55 0.10FSLCX Fidelity® Small Cap Stock 17.85 82 Strong Buy 5.17 3.48 4.51 0.49 8.90 8.21 1.01 12.70 0.99FSLSX Fidelity® Value Strategies 43.60 84 Strong Buy 5.01 3.29 2.28 -2.41 6.46 9.69 1.08 12.64 0.66FSLVX Fidelity® Stock Selec Lg Cp Val 17.62 86 Buy 8.23 2.44 3.46 2.78 8.55 12.08 0.93 10.47 0.80FSMVX Fidelity® Mid Cap Value 23.58 91 Strong Buy 5.55 3.51 3.10 -1.72 9.45 12.92 1.01 11.96 0.85FSSMX Fidelity Advisor® Stock Selector Mid Cp 33.10 76 Hold 4.47 3.96 3.73 -1.97 7.09 1.03 12.24 0.74FSSPX Fidelity Small Cap Index Inv 16.59 82 Buy 8.35 5.94 8.28 0.83 6.97 1.11 15.09 0.23FSTMX Fidelity Total Market Index Inv 62.87 91 Buy 7.67 3.99 6.04 4.27 10.49 12.87 1.01 11.30 0.10FTQGX Fidelity® Focused Stock 19.01 78 Strong Buy 5.79 3.82 4.51 -0.43 8.62 11.25 0.98 12.43 0.72FTRNX Fidelity® Trend 87.16 83 Hold 3.60 5.18 5.27 1.95 12.58 12.54 1.03 12.32 0.76FUSEX Fidelity 500 Index Inv 76.51 85 Buy 7.60 3.18 5.80 5.29 11.08 13.28 1.00 11.11 0.10FVDFX Fidelity® Value Discovery 24.16 91 Strong Buy 4.59 3.65 2.55 0.29 8.88 12.00 0.92 10.54 0.84ONEQ Fidelity® Nasdaq Composite Tr Stk ETF 203.12 86 Hold 3.78 6.80 8.58 1.69 13.66 14.68 1.06 1.13 13.59 0.21

FIDELITY SELECT SECTOR FUNDSFBIOX Fidelity® Select Biotechnology Portfolio 188.68 91 Buy -17.31 11.68 9.93 -26.14 12.45 23.72 1.25 29.46 0.73FBMPX Fidelity® Select Multimedia Portfolio 72.60 76 Buy 1.88 2.64 1.78 -9.03 7.53 14.97 1.18 15.64 0.80FBSOX Fidelity® Select IT Services Portfolio 41.18 91 Strong Buy 3.03 5.19 3.13 2.32 14.21 16.93 1.00 14.67 0.80FCYIX Fidelity® Select Industrials Portfolio 31.40 84 Hold 7.50 3.32 2.98 5.40 9.05 12.09 1.02 13.26 0.76FDCPX Fidelity® Select Computers Portfolio 72.37 76 Hold 6.26 8.47 13.45 -1.60 5.27 7.99 1.08 16.41 0.79FDFAX Fidelity® Select Consumer Staples Port 98.12 89 Strong Buy 8.34 -0.48 3.44 7.39 10.10 12.94 0.75 11.67 0.76FDLSX Fidelity® Select Leisure Portfolio 133.47 86 Hold 2.72 4.06 3.96 -5.06 10.33 12.42 0.79 11.71 0.78FIDSX Fidelity® Select Financial Services Port 84.15 92 Strong Buy 0.15 2.94 3.07 -6.24 5.69 9.70 0.97 12.78 0.75FNARX Fidelity® Select Natural Resources Port 27.27 40 Hold 15.77 -0.11 0.85 -0.62 -5.45 -4.27 1.21 21.39 0.85FPHAX Fidelity® Select Pharmaceuticals Port 20.09 87 Strong Buy -2.33 5.79 7.38 -12.84 14.37 16.16 0.78 13.91 0.77FSAGX Fidelity® Select Gold Portfolio 27.76 65 Sell 107.96 8.82 19.19 110.46 7.83 -10.31 0.24 41.08 0.93FSAIX Fidelity® Select Air Transportation Port 62.75 74 Sell 0.74 4.08 -1.15 -1.50 12.06 16.24 0.92 14.94 0.82FSAVX Fidelity® Select Automotive Port 36.53 80 Hold -6.78 9.34 -0.44 -9.45 2.48 7.03 1.30 18.13 0.86FSCGX Fidelity® Select Industrial Equip Port 39.29 77 Hold 7.70 2.75 2.72 10.11 8.53 10.87 1.04 13.47 0.82FSCHX Fidelity® Select Chemicals Portfolio 142.51 77 Hold 8.95 2.72 3.36 8.28 7.93 10.67 1.23 16.40 0.79FSCPX Fidelity® Select Consumer Discret Port 35.66 88 Buy 4.47 4.61 3.75 1.31 11.12 14.60 1.00 13.28 0.76FSCSX Fidelity® Select Software & Comp Port 130.88 95 Strong Buy 8.47 8.25 10.71 13.32 16.82 17.68 1.02 15.30 0.76FSDAX Fidelity® Select Defense & Aero Port 123.32 83 Hold 8.00 3.48 6.08 8.75 10.84 13.98 0.92 13.04 0.79FSDCX Fidelity® Select Comms Equip Port 30.33 76 Hold 9.77 7.55 10.13 1.71 8.14 6.69 1.02 15.56 0.89FSDPX Fidelity® Select Materials Portfolio 72.43 64 Sell 5.51 3.52 2.04 -1.63 2.72 4.53 1.25 16.26 0.80

Data & Rankings (Data provided as of 7/31/16)% return (3 and 5 years annualized)

yield %Beta

3 yearsd

3 yearexpense

ratiosymbol name nav rank advice ytd 1 month 3 month 1 year 3 year 5 year

6 AuGusT 2016 | PhOne: (888) 252-5372


FSELX Fidelity® Select Electronics Portfolio 83.30 91 Buy 14.05 10.04 17.94 19.41 22.51 16.29 0.99 17.28 0.74FSENX Fidelity® Select Energy Portfolio 40.42 50 Hold 15.21 -0.98 -0.22 -0.51 -4.83 -2.47 1.20 20.96 0.79FSESX Fidelity® Select Energy Service Port 43.93 36 Sell 7.07 -1.61 -6.03 -10.98 -13.31 -10.29 1.29 24.96 0.81FSHCX Fidelity® Select Medical Delivery Port 86.98 92 Strong Buy 4.06 1.00 3.19 -2.73 14.86 14.16 0.57 11.50 0.77FSHOX Fidelity® Select Construction & Hsg Port 63.22 82 Hold 8.92 5.88 8.96 10.13 12.88 18.54 0.84 14.82 0.80FSLBX Fidelity® Select Brokerage & Invmt Mgmt 58.78 77 Hold -8.30 6.72 -1.77 -17.97 0.63 7.26 1.24 17.99 0.78FSLEX Fidelity® Select Envir and Alt Engy Port 20.80 65 Hold 10.09 5.37 3.02 6.43 6.68 7.54 1.08 13.79 0.95FSMEX Fidelity® Select Medical Equip & Systems 42.58 99 Strong Buy 19.69 6.45 14.49 15.24 22.27 18.77 0.75 13.54 0.75FSNGX Fidelity® Select Natural Gas Portfolio 24.52 39 Hold 22.55 -1.49 0.12 -7.29 -9.50 -5.86 1.50 27.53 0.88FSPCX Fidelity® Select Insurance Port 68.84 80 Buy 3.78 0.97 2.39 -0.04 9.95 14.68 0.96 13.50 0.80FSPHX Fidelity® Select Health Care Portfolio 206.17 92 Strong Buy -0.48 7.06 8.95 -9.16 18.29 20.80 0.89 16.32 0.72FSPTX Fidelity® Select Technology Portfolio 126.82 90 Buy 7.39 8.40 10.79 7.60 13.90 12.07 1.04 14.92 0.76FSRBX Fidelity® Select Banking Portfolio 24.43 84 Buy -4.50 3.52 -1.69 -9.57 4.61 10.64 0.98 15.99 0.79FSRFX Fidelity® Select Transportation 78.49 62 Hold 7.59 6.54 2.28 -2.43 11.10 13.58 0.87 15.04 0.80FSRPX Fidelity® Select Retailing Portfolio 110.84 90 Buy 5.36 5.34 5.78 10.67 17.12 19.16 0.92 13.69 0.80FSTCX Fidelity® Select Telecommunications Port 72.61 74 Hold 20.15 2.86 9.17 21.28 10.41 11.41 0.71 11.11 0.81FSUTX Fidelity® Select Utilities Portfolio 77.02 73 Hold 20.18 -0.95 7.63 15.93 10.82 11.91 0.45 11.83 0.78FSVLX Fidelity® Select Consumer Finance Port 11.96 89 Buy 0.87 6.03 0.84 -8.07 3.69 11.91 0.95 14.25 0.89FWRLX Fidelity® Select Wireless Portfolio 8.76 74 Hold 7.35 4.53 7.75 0.34 7.89 8.95 0.85 11.90 0.85

FIDELITY SECTOR ETFSFCOM Fidelity® MSCI Telecommunication Svc ETF 32.13 87 Buy 21.57 2.65 8.28 22.48 0.08FDIS Fidelity® MSCI Consumer Discret ETF 32.00 88 Buy 5.09 5.02 3.57 1.12 0.08FENY Fidelity® MSCI Energy ETF 19.01 51 Sell 12.77 -2.01 -0.36 -0.80 0.08FHLC Fidelity® MSCI Health Care ETF 35.65 96 Strong Buy 3.96 5.44 8.56 -2.86 0.08FIDU Fidelity® MSCI Industrials ETF 30.14 78 Hold 11.71 3.93 4.88 9.63 0.08FMAT Fidelity® MSCI Materials ETF 27.72 70 Hold 15.34 5.72 4.93 9.41 0.08FNCL Fidelity® MSCI Financials ETF 28.61 94 Strong Buy 2.44 4.00 3.78 -1.49 0.08FSTA Fidelity® MSCI Consumer Staples ETF 32.80 98 Strong Buy 9.66 -0.52 5.50 11.11 0.08FTEC Fidelity® MSCI Information Tech ETF 34.95 90 Buy 7.21 7.94 10.86 8.37 0.08FUTY Fidelity® MSCI Utilities ETF 33.60 75 Hold 22.37 -0.77 8.56 23.80 0.08

FIDELITY REAL ESTATE, COMMODITY & UTILITY FUNDS FFGCX Fidelity® Global Commodity Stock 10.58 28 Sell 20.36 3.42 1.34 -2.02 -5.42 -7.97 1.23 19.17 1.11FIUIX Fidelity® Telecom and Utilities 26.26 72 Hold 21.26 0.23 8.14 17.07 11.29 12.39 2.36 0.60 10.27 0.74FREL Fidelity® MSCI Real Estate Index ETF 25.87 82 Buy 16.62 4.06 13.02 19.36 0.08FRESX Fidelity® Real Estate Investment Port 47.35 85 Buy 17.21 4.16 13.96 24.22 14.74 13.37 2.41 0.50 15.43 0.78FRIFX Fidelity® Real Estate Income 12.31 80 Buy 11.11 2.84 7.28 11.77 8.09 9.40 4.47 0.25 5.70 0.82FRXIX Fidelity Real Estate Index Inv 17.26 80 Buy 15.38 4.35 13.22 20.87 13.85 0.50 15.48 0.23

FIDELITY INTERNATIONAL FUNDSFDIVX Fidelity® Diversified International 34.73 73 Hold -0.94 4.42 1.43 -7.73 3.98 4.41 0.88 12.46 0.99FEDDX Fidelity® Emerging Markets Discovery 11.85 55 Hold 12.75 5.61 6.66 3.68 1.08 0.89 14.27 1.44FEMEX Fidelity® EMEA 8.09 47 Sell 22.39 6.59 3.45 3.51 -0.08 -1.41 1.10 17.71 1.38FEMKX Fidelity® Emerging Markets 23.96 69 Hold 10.16 3.54 6.54 2.25 2.42 -1.30 0.98 14.70 1.03FGBLX Fidelity® Global Balanced 23.36 82 Buy 6.18 2.73 3.09 3.00 4.16 4.71 1.09 7.75 0.99FGILX Fidelity® Global Equity Income 12.21 83 Strong Buy 3.12 2.69 2.76 -0.86 7.34 1.08 0.72 10.14 1.14FHKCX Fidelity® China Region 24.69 74 Sell -2.87 5.29 7.11 -10.23 4.61 3.22 1.16 21.83 0.96FICDX Fidelity® Canada 48.51 66 Hold 17.26 2.97 1.23 2.92 1.08 -0.05 0.85 13.92 1.14FIENX Fidelity® International Enhanced Index 8.16 74 Hold 0.31 4.21 1.24 -6.54 3.31 3.92 0.94 12.78 0.62FIEUX Fidelity® Europe 35.55 70 Hold -1.71 5.08 -1.14 -6.83 2.54 4.17 0.96 13.80 1.01FIGFX Fidelity® International Growth 11.45 80 Buy 2.78 3.62 3.81 -2.23 5.43 6.08 0.81 11.58 0.96FIGRX Fidelity® International Discovery 38.44 78 Hold -2.46 4.03 1.18 -7.66 3.01 4.11 0.87 12.34 0.98FIREX Fidelity® International Real Estate 10.58 72 Hold 5.59 4.34 2.03 2.61 5.34 7.35 1.42 0.80 11.07 1.12FISMX Fidelity® International Small Cap 23.79 81 Strong Buy 7.55 4.62 4.20 2.90 7.67 6.75 0.79 11.55 1.31FIVFX Fidelity® International Capital Apprec 17.47 85 Buy 5.18 3.50 4.49 1.49 8.11 7.67 0.82 11.70 1.11FIVLX Fidelity® International Value 7.83 63 Sell -2.49 3.71 -0.25 -9.34 0.69 1.70 0.89 12.52 1.01FJPNX Fidelity® Japan 12.13 68 Sell 2.71 3.68 6.68 -0.44 2.92 3.88 0.78 13.20 0.79FJSCX Fidelity® Japan Smaller Companies 15.32 81 Strong Buy 10.69 3.65 8.73 10.37 8.59 11.90 0.60 12.93 0.97FLATX Fidelity® Latin America 21.07 37 Hold 29.03 4.88 9.57 6.42 -8.97 -10.64 1.28 23.38 1.12FNMIX Fidelity® New Markets Income 16.00 85 Strong Buy 13.88 1.27 5.60 12.39 5.96 6.27 5.78 0.88 7.68 0.84FNORX Fidelity® Nordic 48.10 78 Hold 2.62 4.16 -1.35 6.63 10.71 9.72 0.86 13.07 0.99FOSFX Fidelity® Overseas 41.23 77 Hold 0.91 4.33 1.58 -3.20 6.34 6.14 0.86 12.14 1.03FPBFX Fidelity® Pacific Basin 28.77 82 Hold 9.31 3.75 8.24 6.61 9.21 7.26 0.82 12.39 1.17FPEMX Fidelity Emerging Markets Index 8.70 64 Hold 12.69 4.82 5.33 -1.73 -0.22 1.07 16.80 0.31FSCOX Fidelity® International Small Cap Opp 15.17 88 Strong Buy 1.68 4.69 1.68 -0.54 7.60 8.45 0.71 10.84 1.22FSEAX Fidelity® Emerging Asia 32.47 75 Sell 8.20 5.11 7.16 0.31 5.37 1.59 0.96 15.32 1.09FSGUX Fidelity Global ex US Index 11.06 68 Sell 4.14 4.24 2.22 -5.02 1.10 0.97 12.95 0.22FSIIX Fidelity International Idx Inv 36.14 61 Hold 0.73 4.18 1.26 -6.90 1.89 2.96 0.95 12.74 0.20FTEMX Fidelity® Total Emerg Mkts 10.97 62 Sell 13.09 4.48 6.61 6.41 3.60 2.10 0.81 12.39 1.39FTIEX Fidelity® Total International Equity 7.80 67 Hold 2.77 3.86 3.04 -3.47 3.01 3.25 0.87 11.94 1.06FTIGX Fidelity® Total Intl Index Investor 10.04 72 Hold 4.26FWWFX Fidelity® Worldwide 22.54 81 Hold 1.49 3.87 3.39 -3.67 6.22 8.04 0.79 11.82 0.95

FIDELITY INCOME FUNDSFAGIX Fidelity® Capital & Income 9.51 94 Strong Buy 6.44 4.04 3.97 1.70 5.61 5.98 4.76 0.36 6.34 0.74FBIDX Fidelity US Bond Index Investor 12.01 70 Hold 5.94 0.68 2.36 6.20 4.08 3.41 1.89 1.07 2.85 0.22FBND Fidelity Total Bond ETF 50.94 78 Hold 7.97 1.50 3.23 5.95 0.45FBNDX Fidelity® Investment Grade Bond 8.02 84 Strong Buy 7.41 1.32 2.92 5.82 4.01 3.73 2.83 1.02 3.01 0.45

FIDELITY SELECT SECTOR FUNDS (continued)

% return (3 and 5 years annualized)yield %

Beta 3 year

sd 3 year

expense ratiosymbol name nav rank advice ytd 1 month 3 month 1 year 3 year 5 year


FIDELITY INCOME FUNDS (continued)

FCBFX Fidelity® Corporate Bond 11.70 89 Strong Buy 8.99 1.99 3.98 8.13 5.51 5.46 3.02 1.26 4.09 0.45FCONX Fidelity® Conservative Income Bond 10.03 84 Buy 0.55 0.06 0.19 0.80 0.43 0.60 0.71 0.00 0.17 0.40FCOR Fidelity Corporate Bond ETF 51.36 87 Strong Buy 10.53 2.02 4.24 8.59 0.45FCVSX Fidelity® Convertible Securities 27.08 86 Strong Buy 3.42 3.94 4.42 -3.00 3.89 6.06 3.09 1.32 10.26 0.56FFFAX Fidelity Freedom® Income 11.53 74 Hold 5.26 1.98 2.56 3.52 3.80 3.65 0.48 3.56 0.49FFRHX Fidelity® Floating Rate High Income 9.45 87 Strong Buy 5.90 1.49 2.01 2.44 2.17 3.14 4.38 0.12 3.10 0.70FFXSX Fidelity® Limited Term Government 10.14 85 Strong Buy 1.99 -0.03 0.61 1.73 1.32 1.04 0.63 0.44 1.37 0.45FGBFX Fidelity® Global Bond 9.40 75 Hold 9.58 1.81 2.38 7.61 1.61 1.88 0.93 4.84 0.75FGHNX Fidelity® Global High Income 9.26 77 Buy 9.56 3.06 3.35 4.36 4.13 5.10 5.67 0.38 6.00 1.00FGMNX Fidelity® GNMA 11.70 67 Buy 2.85 0.24 1.03 3.62 3.65 2.80 2.06 0.68 2.25 0.45FGOVX Fidelity® Government Income 10.70 56 Hold 4.84 0.40 2.11 4.93 3.51 2.94 1.28 1.01 2.76 0.45FHIFX Fidelity® Focused High Income 8.42 93 Strong Buy 7.98 2.80 3.57 3.62 3.68 4.92 4.88 0.48 5.37 0.85FHIGX Fidelity® Municipal Income 13.84 83 Strong Buy 4.93 -0.11 2.41 7.81 6.71 5.70 1.49 1.12 2.98 0.48FIBIX Fidelity Interm Treas Bond Index 11.40 63 Buy 6.59 0.31 2.57 7.31 4.35 3.77 1.21 1.58 4.45 0.20FINPX Fidelity® Inflation-Protected Bond 12.41 60 Buy 6.89 0.91 2.09 4.82 2.00 1.58 4.71 1.46 4.45 0.45FJRLX Fidelity® Limited Term Bond Fund 11.62 84 Strong Buy 3.37 0.38 1.17 3.18 1.38 0.49 1.54 0.45FLBIX Fidelity Long Term Treas Bond Idx Inv 14.82 74 Hold 17.82 2.25 9.45 18.90 11.82 9.67 2.05 3.67 10.68 0.20FLTB Fidelity Limited Term Bond ETF 51.11 85 Strong Buy 3.77 0.38 1.59 3.35 0.45FLTMX Fidelity® Intermediate Municipal Income 10.72 80 Buy 3.48 0.01 1.65 5.53 4.42 3.90 1.25 0.81 2.21 0.36FMSFX Fidelity® Mortgage Securities 11.49 63 Hold 3.52 0.41 1.30 4.22 3.97 3.20 2.08 0.71 2.16 0.45FSAHX Fidelity® Short Duration High Income 9.29 87 Strong Buy 6.70 1.87 2.62 0.83 5.27 0.80FSBIX Fidelity Short Term Bond Index Inv 10.58 76 Strong Buy 2.25 0.07 0.80 2.14 1.31 1.05 0.66 0.47 1.42 0.20FSHBX Fidelity® Short-Term Bond 8.66 86 Strong Buy 1.80 0.19 0.67 1.79 1.33 1.26 0.89 0.24 0.77 0.45FSICX Fidelity® Strategic Income 10.78 89 Strong Buy 8.38 2.26 3.34 5.36 3.89 4.05 3.73 0.68 4.23 0.71FSIQX Fidelity nfl-Protect Bond Index 10.03 76 Buy 7.19 0.91 2.26 5.19 2.27 5.06 1.50 4.54 0.20FSTFX Fidelity® Limited Term Municipal Income 10.73 78 Strong Buy 1.77 0.20 0.81 2.68 1.93 1.80 0.71 0.38 1.22 0.48FSTGX Fidelity® Intermediate Government Income 10.85 55 Hold 3.35 0.09 1.15 3.19 2.24 1.94 0.87 0.73 2.09 0.45FTABX Fidelity® Tax-Free Bond 12.03 83 Strong Buy 5.12 -0.09 2.38 8.04 6.79 5.88 1.56 1.13 3.02 0.25FTBFX Fidelity® Total Bond 10.85 79 Hold 7.54 1.42 2.85 6.37 4.47 4.09 3.04 0.97 2.97 0.45FTHRX Fidelity® Intermediate Bond 11.11 72 Buy 4.82 0.61 1.86 4.75 3.12 2.94 1.51 0.74 2.07 0.45SPHIX Fidelity® High Income 8.48 94 Strong Buy 10.23 2.74 3.40 2.61 3.15 4.95 6.70 0.50 6.18 0.73

FIDELITY ASSET ALLOCATION FUNDSFAMRX Fidelity Asset Manager® 85% 16.38 79 Hold 5.20 4.73 4.26 0.20 7.03 8.01 1.45 10.26 0.74FASGX Fidelity Asset Manager® 70% 19.60 76 Sell 5.43 4.09 3.87 1.17 6.42 7.23 1.23 8.69 0.71FASIX Fidelity Asset Manager® 20% 13.23 78 Hold 5.12 1.70 2.46 3.65 3.90 4.03 2.10 0.45 3.33 0.52FASMX Fidelity Asset Manager® 50% 16.82 76 Hold 5.73 3.16 3.41 2.52 5.72 6.24 1.99 0.93 6.52 0.65FBALX Fidelity® Balanced 22.21 81 Buy 5.50 3.95 4.15 2.56 8.30 9.17 1.62 1.12 8.10 0.55FDYSX Fidelity® Global Strategies 8.87 72 Hold 5.99 3.53 3.65 2.69 4.58 4.10 1.01 7.25 0.38FFNOX Fidelity® Four-in-One Index 38.09 78 Hold 5.74 4.82 4.30 1.77 7.38 9.00 1.37 9.68 0.08FPURX Fidelity® Puritan® 21.00 84 Strong Buy 4.19 3.89 4.25 2.09 8.56 9.14 1.71 1.09 8.12 0.55FSANX Fidelity Asset Manager® 60% 11.17 79 Sell 5.68 3.62 3.71 1.97 6.12 6.77 1.88 1.07 7.51 0.71FSRRX Fidelity® Strategic Real Return 8.82 79 Strong Buy 8.01 0.20 2.88 2.12 0.19 0.68 3.00 0.48 5.13 0.79

NTF GROWTH FUNDSAAGPX American Beacon Lg Cap Value Inv 24.00 81 Hold 4.64 3.85 2.56 -3.50 5.61 10.72 1.08 12.41 0.93ACMVX American Century Mid Cap Value Inv 16.50 93 Strong Buy 13.66 2.74 5.98 11.06 12.04 14.35 1.13 0.88 10.40 1.00ADKSX Adirondack Small Cap 20.37 86 Hold 5.65 6.82 6.04 3.04 4.94 8.88 0.99 13.94 1.32AMAGX Amana Growth Investor 34.49 79 Buy 8.63 4.33 7.58 5.43 11.11 10.36 0.48 0.98 11.51 1.08AMANX Amana Income Investor 46.68 84 Buy 10.81 2.84 5.87 8.88 9.14 10.65 1.20 0.95 11.02 1.12ARGFX Ariel Investor 61.76 82 Hold 3.92 6.35 3.31 -3.20 8.62 11.43 1.34 16.19 1.02ARTLX Artisan Value Investor 12.82 66 Buy 18.59 3.55 3.30 9.31 7.27 9.47 1.00 14.33 1.00AVPAX American Beacon Small Cp Val Inv 23.64 77 Sell 8.72 5.07 5.33 2.90 6.63 10.53 1.07 13.96 1.15BARAX Baron Asset Retail 60.07 82 Buy 5.17 4.02 6.83 -0.24 9.99 11.12 1.79 1.02 12.71 1.31BEQGX American Century Equity Growth Inv 28.72 88 Buy 6.29 4.66 5.97 0.57 8.55 12.07 1.31 1.02 11.49 0.67BGRFX Baron Growth Retail 67.63 76 Hold 6.98 3.28 5.67 -1.73 6.94 10.56 0.93 12.13 1.29BIOPX Baron Opportunity Retail 16.65 70 Sell 0.06 5.05 7.56 -6.91 4.24 6.68 1.18 16.90 1.38BPSCX Robeco Boston Partners Sm Cap Val II Inv 21.51 85 Hold 10.31 6.17 6.64 3.40 7.08 11.16 0.56 1.04 13.49 1.35BPTRX Baron Partners Retail 37.62 78 Sell 5.61 5.20 7.52 -4.38 9.18 12.65 1.29 17.37 1.32BSCFX Baron Small Cap Retail 29.95 76 Hold 6.24 4.21 6.96 -2.49 5.66 8.56 1.07 13.94 1.30BUFMX Buffalo Mid Cap 16.00 81 Hold 4.37 5.75 7.31 -5.04 6.74 8.11 0.96 12.76 1.01CAAPX Ariel Appreciation Investor 48.14 78 Hold 6.79 5.34 1.99 -2.66 7.45 11.02 1.25 14.96 1.12CAMSX Cambiar Small Cap Inv 17.14 73 Sell 4.58 8.00 4.83 -6.25 2.57 6.54 0.36 1.20 16.00 1.30CFIMX Clipper 104.70 74 Hold 5.58 -1.01 4.73 4.54 10.04 12.11 0.68 1.06 12.74 0.72CHDEX Cullen High Dividend Equity Retail 17.87 87 Buy 9.35 1.77 6.81 10.68 9.32 11.53 0.86 10.25 1.00CHTTX ASTON/Fairpointe Mid Cap N 37.31 76 Hold 8.68 8.18 4.01 0.60 5.96 11.46 3.80 1.19 15.44 1.11CRMAX CRM Small/Mid Cap Value Inv 13.23 79 Hold 9.07 3.28 5.08 -1.95 5.60 9.01 1.02 12.77 1.08CRMSX CRM Small Cap Value Inv 16.47 85 Buy 8.57 3.85 5.44 4.14 7.51 9.07 1.09 14.06 1.09CVSIX Calamos Market Neutral Income A LW 13.09 96 Strong Buy 3.13 1.24 2.08 2.16 2.98 3.57 1.99 -0.05 3.48 1.11DEFIX Delafield Fund 26.77 73 Sell 11.77 6.40 5.06 -0.11 -0.59 5.02 1.29 17.30 1.25DGAGX Dreyfus Appreciation Investor 38.81 75 Hold 6.84 2.81 4.00 2.66 6.93 8.66 1.00 11.45 0.92DISSX Dreyfus Small Cap Stock Index 28.32 86 Buy 11.21 5.04 7.27 6.40 9.39 12.66 1.03 13.83 0.50DREVX Dreyfus Fund Incorporated 11.18 86 Buy 5.24 3.52 4.85 2.51 9.99 11.13 1.02 11.56 0.75DSEFX Domini Social Equity Inv 41.51 70 Sell 5.14 5.70 4.30 -2.48 7.42 9.19 0.71 1.03 12.05 1.16EGFFX Edgewood Growth Retail 21.93 84 Buy 2.91 7.82 7.39 2.75 14.84 15.34 1.08 14.12 1.39EXEYX Manning & Napier Equity 12.39 64 Sell 10.33 5.45 4.73 3.34 8.58 10.11 1.07 12.73 1.05FAMEX FAM Equity-Income Inv 26.94 93 Strong Buy 12.36 3.30 6.64 12.77 9.32 12.85 0.84 10.62 1.27FAMVX FAM Value Inv 65.30 94 Strong Buy 8.72 3.24 4.40 4.53 9.77 11.99 0.92 11.02 1.18FMIEX Wasatch Large Cap Value Investor 9.07 78 Buy 8.50 2.37 4.59 2.49 5.54 8.32 2.73 1.00 11.53 1.10FMIHX FMI Large Cap 20.28 84 Hold 8.97 3.47 3.68 2.88 9.22 11.90 0.88 10.35 0.93


Beta 3 year

sd 3 year


8 AuGusT 2016 | PhOne: (888) 252-5372


NTF GROWTH FUNDS (continued)

FMLSX Wasatch Long/Short Investor 12.48 66 Buy 10.93 1.30 0.40 0.64 -1.33 3.03 2.20 0.77 11.06 1.30FSCFX Strategic Advisers® Small-Mid Cap 12.87 75 Buy 7.07 4.89 5.75 -0.50 6.57 9.27 1.05 13.40 0.46FSTKX Federated MDT Stock Svc 26.31 90 Buy 6.44 3.58 2.68 -0.57 8.83 13.62 1.57 1.04 12.01 0.99FVSAX Strategic Advisers® Value 17.52 78 Hold 5.95 0.00 3.64 0.84 8.49 11.83 1.01 11.32 0.33GABAX Gabelli Asset AAA 59.44 75 Sell 9.87 3.59 5.26 2.83 6.35 9.87 1.04 11.99 1.35GABEX Gabelli Equity Income AAA 27.17 80 Hold 8.09 2.30 4.25 2.04 6.32 9.59 0.99 11.09 1.37GABSX Gabelli Small Cap Growth AAA 49.74 86 Hold 9.10 4.41 6.03 3.49 6.96 10.55 1.00 12.52 1.38GATEX Gateway A 30.15 68 Hold 2.23 0.94 2.49 1.11 3.80 4.39 1.17 0.37 4.42 0.94GTSIX Invesco Small Cap Growth Inv 35.41 81 Hold 6.02 4.39 7.43 -4.20 9.05 11.37 1.05 13.98 1.20HCAIX Harbor Capital Appreciation Inv 58.73 81 Sell -0.93 6.41 5.67 -3.20 12.27 11.89 1.10 14.04 1.01HFCGX Hennessy Cornerstone Growth Investor 20.04 86 Hold 4.81 4.65 7.92 -0.69 10.67 12.46 0.35 0.95 12.56 1.15HFCSX Hennessy Focus Investor 73.12 87 Buy 5.74 4.25 3.54 0.47 10.47 14.62 0.99 12.28 1.46HRSVX Heartland Select Value 29.15 78 Hold 7.64 3.08 5.88 2.61 6.06 8.68 1.02 1.00 12.66 1.20HRTVX Heartland Value 37.48 70 Hold 4.17 6.00 3.97 -0.58 2.53 4.38 0.47 0.96 14.62 1.06ICMAX Intrepid Small Cap 14.49 71 Buy 7.89 1.12 3.13 5.42 2.62 4.82 0.29 4.67 1.40ICNZX ICON Fund S 14.08 70 Sell -0.49 5.94 3.07 -9.86 1.89 6.47 1.09 14.44 1.09JAENX Janus Enterprise T 94.50 93 Strong Buy 10.29 4.54 6.95 6.81 12.33 13.69 0.88 10.93 0.91JAMRX Janus Research T 43.14 88 Buy 3.58 5.37 6.28 1.66 12.36 12.75 1.03 12.09 0.99JATTX Janus Triton T 23.82 87 Buy 8.37 5.26 7.44 2.30 11.71 13.08 1.03 13.58 0.91JAVTX Janus Venture T 65.46 90 Buy 6.27 5.73 8.90 -0.98 10.40 12.70 1.11 15.24 0.91JENSX Jensen Quality Growth J 40.23 91 Strong Buy 10.79 2.68 5.07 11.07 12.18 13.25 0.93 10.89 0.87JMVSX JPMorgan Mid Cap Value Sel 36.70 84 Buy 9.13 2.54 4.47 3.82 10.06 13.83 0.94 10.97 0.98KAUFX Federated Kaufmann R 5.41 83 Hold 2.66 4.64 9.29 -4.16 11.33 11.27 1.12 15.32 1.95LCEIX Invesco Diversified Dividend Investor 19.28 99 Strong Buy 10.54 1.63 3.76 7.49 10.63 13.23 1.59 0.74 8.73 0.80LCGRX Loomis Sayles Small Cap Growth Retail 20.41 76 Sell 2.20 4.51 6.86 -7.65 5.62 9.50 3.69 1.05 16.15 1.19MCGFX ASTON/Montag & Caldwell Growth N 20.37 75 Hold 2.00 3.35 4.68 -0.43 8.76 10.42 0.35 0.85 10.43 1.05MERFX Merger Investor 15.50 73 Sell 1.24 0.32 1.17 -0.04 1.40 1.80 -0.04 2.98 1.34MFCFX Marsico Flexible Capital 15.66 85 Hold 3.43 3.98 6.24 -0.28 8.01 11.02 1.38 10.90 1.37MFLDX MainStay Marketfield I 14.43 57 Sell -3.09 3.74 2.41 -6.24 -6.06 1.68 0.35 6.87 1.56MFOCX Marsico Focus 15.85 80 Hold -2.22 3.46 3.80 -7.51 8.16 9.78 0.97 12.79 1.31MGRIX Marsico Growth 15.52 79 Sell -1.02 3.81 5.43 -5.52 7.39 9.08 0.99 12.54 1.35MGSEX AMG Managers Special Equity Service 93.10 73 Hold 6.01 6.39 8.05 -3.48 7.04 9.68 4.83 1.13 15.39 1.35MRVEX BMO Mid-Cap Value Y 14.13 89 Buy 6.05 4.59 4.98 -0.63 7.23 10.70 3.64 1.10 12.94 1.22MUHLX Muhlenkamp 47.65 67 Sell -5.32 3.74 3.00 -11.71 -0.70 5.09 1.00 11.91 1.21MXXIX Marsico 21st Century 21.90 80 Hold 1.39 3.84 6.26 -5.11 9.09 9.27 1.01 12.95 1.38NBGEX Neuberger Berman Genesis Tr 58.17 71 Buy 8.24 2.43 6.07 3.66 7.21 9.76 0.97 12.37 1.10NESGX Needham Small Cap Growth 14.19 79 Strong Buy 14.07 5.19 7.99 10.97 4.20 5.49 0.83 13.73 1.95NOLVX Northern Large Cap Value 13.69 78 Hold 6.37 3.24 3.40 -1.13 6.67 9.78 1.02 11.80 0.87NOSGX Northern Small Cap Value 21.33 83 Hold 10.63 4.10 6.86 6.17 8.00 11.26 1.03 13.94 1.00OAKLX Oakmark Select I 39.75 90 Buy 1.38 4.55 4.66 -1.87 8.50 12.65 1.19 13.98 0.95OAKMX Oakmark I 66.41 86 Buy 5.65 4.91 4.39 0.57 8.56 13.02 1.24 1.12 12.92 0.85PCKDX PIMCO StocksPLUS® Small D 8.36 82 Hold 9.00 6.63 9.00 -1.68 6.61 11.29 2.50 1.27 16.91 1.09PEOPX Dreyfus S&P 500 Index 51.97 87 Buy 7.30 3.65 5.67 4.83 10.61 12.83 1.00 11.11 0.50PESPX Dreyfus MidCap Index 36.23 84 Buy 12.30 4.26 7.03 5.45 9.67 11.76 0.99 12.20 0.50PIXDX PIMCO Fundamental IndexPLUS AR D 6.12 80 Hold 10.07 3.90 5.70 2.99 8.02 13.88 1.99 1.16 13.05 1.19PRBLX Parnassus Core Equity Investor 39.07 83 Buy 6.28 2.84 4.80 4.38 10.52 13.27 1.47 0.89 10.32 0.88PSTDX PIMCO StocksPLUS Absolute Return D 9.42 88 Buy 8.40 4.20 6.44 2.38 10.13 13.63 1.93 1.19 13.36 1.04RYLPX Royce Low Priced Stock Svc 8.06 48 Sell 4.00 6.61 4.27 -2.62 -1.09 -2.19 1.62 1.05 15.25 1.47RYOCX Rydex NASDAQ-100® Inv 27.18 86 Hold 3.03 7.05 9.03 3.41 15.56 14.97 1.15 14.13 1.25RYPFX Royce Pennsylvania Mutual Svc 10.49 65 Hold 12.31 4.48 5.32 3.27 4.00 6.98 1.08 14.17 1.23RYTFX Royce Total Return Svc 13.68 73 Hold 13.27 4.43 6.12 6.92 5.75 8.92 0.97 12.53 1.43RYVFX Royce Small Value Svc 9.45 62 Hold 8.62 5.12 2.27 -1.36 2.68 3.84 0.93 13.67 1.48RYVPX Royce Small Growth Plus Svc 11.23 70 Sell 0.27 3.89 3.89 -10.49 4.98 7.07 1.16 16.31 1.45SCSAX Wells Fargo Advantage Common Stock A 21.07 81 Hold 6.47 5.46 4.10 0.59 7.18 9.83 1.08 13.37 1.26SDVSX Sit Dividend Growth S 16.24 81 Buy 7.59 3.05 5.51 4.93 9.49 11.65 0.92 10.47 1.25SENAX Wells Fargo Advantage Enterprise A 42.40 79 Hold 5.63 4.18 8.50 -2.84 7.16 9.95 1.08 13.78 1.18SLASX Selected American Shares S 34.70 73 Sell 4.15 -5.55 4.94 1.75 8.03 10.23 0.32 1.09 13.01 0.95SMVAX Wells Fargo Advantage Small Cap Value A 19.72 82 Strong Buy 20.82 -2.18 11.39 17.20 4.50 6.33 0.97 14.81 1.28SOPVX Wells Fargo Advantage Opportunity A 41.40 88 Buy 6.92 4.23 4.23 1.27 7.80 9.13 1.06 12.40 1.22SSHFX Sound Shore Investor 43.80 82 Hold 6.69 4.31 4.39 -0.13 8.77 12.33 2.77 1.15 13.24 0.93TAVFX Third Avenue Value Instl 51.15 76 Buy 6.45 5.36 2.42 2.79 4.21 0.80 0.91 13.91 1.09TGCNX TCW Select Equities N 25.48 80 Sell -1.05 6.39 7.65 -2.66 10.93 11.15 0.37 1.15 14.91 1.14TGDVX TCW Relative Value Large Cap N 21.48 77 Sell 7.19 4.37 5.35 0.26 7.05 11.29 0.97 1.10 12.74 1.16TGIGX TCW Relative Value Dividend Apprec N 17.53 86 Buy 8.21 4.47 6.36 3.83 7.26 11.97 1.62 1.09 12.37 1.14TWCIX American Century Select Inv 59.16 82 Hold 4.12 5.51 6.69 2.79 12.62 11.69 1.01 11.91 0.99TWCUX American Century Ultra® Inv 36.33 87 Buy 3.74 5.73 5.52 -0.30 12.02 12.21 1.08 12.61 0.98TWGTX American Century All Cap Growth Inv 31.44 90 Buy 4.24 5.47 6.58 2.12 11.00 10.41 1.03 12.27 1.00TWHIX American Century Heritage Inv 22.33 74 Buy 5.18 4.44 7.05 -1.71 8.76 9.24 1.02 12.73 1.00TWVLX American Century Value Inv 8.35 80 Hold 10.97 2.83 5.04 6.93 8.79 12.44 1.49 0.93 10.73 0.98UMBMX Scout Mid Cap 15.65 76 Buy 9.23 3.92 7.95 6.05 9.08 10.26 0.91 11.18 1.04WBGSX William Blair Growth N 12.82 82 Buy 2.40 4.40 5.86 1.47 9.89 11.16 1.02 12.20 1.19WFDAX Wells Fargo Advantage Discovery A 29.79 75 Hold 5.12 4.45 7.66 -6.25 6.26 10.50 1.03 14.33 1.21WOGSX White Oak Select Growth 67.48 87 Buy 3.37 6.08 7.18 3.99 10.15 11.35 1.11 13.70 1.06WPVLX Weitz Partners Value Investor 28.54 83 Buy 4.97 4.27 1.96 -5.04 3.83 9.11 0.79 9.97 1.18WVALX Weitz Value Investor 39.46 74 Sell 2.39 3.16 1.00 -6.17 5.25 10.09 0.60 0.76 9.56 1.18YAFFX AMG Yacktman Focused Service 21.59 81 Hold 9.21 2.32 4.25 8.21 6.64 10.50 0.84 10.33 1.22


Beta 3 year

sd 3 year



NTF SECTOR FUNDSBGEIX American Century Global Gold Inv 12.62 65 Sell 119.48 8.23 19.17 118.72 6.17 -10.10 0.28 43.38 0.67CSRSX Cohen & Steers Realty Shares 78.07 79 Hold 14.52 4.44 13.08 19.88 13.90 12.05 1.65 0.55 15.22 0.98FSTEX Invesco Energy Inv 25.19 31 Sell 11.07 -3.30 -6.46 -8.86 -11.20 -8.43 1.45 25.94 1.26FTCHX Invesco Technology Investor 36.13 80 Buy -1.50 8.34 10.22 -2.08 9.68 8.42 1.09 16.10 1.30GABUX Gabelli Utilities AAA 9.78 63 Hold 18.52 -0.41 6.58 14.31 7.64 8.39 0.62 10.19 1.39GASFX Hennessy Gas Utility Index Investor 29.53 71 Hold 22.96 0.03 8.49 9.29 9.73 12.93 2.05 0.60 12.13 0.93HSFNX Hennessy Small Cap Financial Investor 22.29 94 Strong Buy 0.91 3.63 1.09 3.52 5.90 10.92 0.23 0.76 14.33 1.50ICBMX ICON Materials S 12.77 67 Buy 13.21 3.07 1.59 -1.14 3.11 4.11 1.19 1.30 17.22 1.42ICCCX ICON Consumer Discretionary S 13.93 77 Buy 3.80 3.34 -0.14 -2.67 7.79 13.00 1.42 0.95 13.06 1.43ICENX ICON Energy S 12.05 34 Sell 10.45 -1.71 -2.03 -5.07 -10.22 -5.03 0.01 1.20 20.25 1.42ICFSX ICON Financial S 7.48 85 Hold -5.79 4.18 -1.45 -14.39 1.20 6.31 1.45 1.03 14.82 1.49ICHCX ICON Healthcare S 15.84 86 Strong Buy 6.17 7.98 7.61 -6.13 15.94 18.34 3.50 0.83 13.87 1.36ICLEX ICON Consumer Staples S 8.15 93 Strong Buy 7.66 1.12 4.35 10.67 11.06 12.81 0.52 9.11 1.51ICTEX ICON Information Technology S 17.15 91 Buy 6.85 6.52 9.31 9.87 16.20 13.41 1.38 0.88 13.25 1.44ICTRX ICON Industrials S 12.46 74 Hold 11.65 4.88 7.14 3.99 7.28 9.01 1.91 0.94 12.44 1.50ICTUX ICON Utilities S 9.93 77 Hold 25.92 -0.90 8.05 28.95 11.88 13.45 1.77 0.37 13.63 1.50JAGLX Janus Global Life Sciences T 51.11 82 Sell -1.88 7.33 9.00 -14.28 18.86 21.71 0.89 17.28 0.95JAGTX Janus Global Technology T 23.32 88 Strong Buy 10.47 8.31 12.77 10.72 13.69 13.18 1.13 14.90 0.93MRESX AMG Managers Real Estate Securities 13.17 82 Hold 16.34 4.28 13.69 22.15 14.85 13.10 2.14 0.51 15.50 1.16NBRFX Neuberger Berman Real Estate Tr 15.66 73 Hold 14.15 3.09 11.78 19.44 12.04 10.70 0.54 13.59 1.04PCRDX PIMCO Commodity Real Ret Strat D 6.78 24 Sell 9.75 -4.91 -0.68 -9.56 -13.24 -12.71 5.11 0.85 15.41 1.19PETDX PIMCO Real Estate Real Return Strategy D 8.11 80 Hold 17.75 4.11 13.80 21.15 14.82 13.54 5.16 0.65 19.25 1.14REINX Invesco Real Estate Investor 26.12 83 Hold 15.19 4.19 12.07 18.85 12.57 11.61 0.91 0.53 14.25 1.25RYEIX Rydex Energy Inv 18.39 32 Sell 13.24 -1.45 -1.66 -10.24 -11.09 -6.83 1.45 24.50 1.35RYHRX Rydex Real Estate H 41.50 64 Hold 16.90 4.48 12.74 16.02 9.38 9.32 0.62 13.76 1.62RYMIX Rydex Telecommunications Inv 46.38 58 Hold 13.82 5.65 9.72 7.30 5.86 4.68 0.87 12.39 1.34RYOIX Rydex Biotechnology Inv 77.50 88 Buy -12.06 12.37 9.56 -23.91 12.23 21.33 1.17 26.40 1.32RYTIX Rydex Technology Inv 64.74 81 Buy 6.17 7.10 9.84 4.86 11.30 10.48 1.08 14.88 1.35

NTF INTERNATIONAL FUNDSAAIPX American Beacon Intl Equity Inv 17.25 67 Hold -1.55 3.60 -1.05 -10.31 0.31 2.62 0.97 13.04 1.03AEMGX Acadian Emerging Markets Instl 16.73 56 Sell 12.21 6.49 7.59 -1.84 -1.02 -2.68 0.98 16.06 1.51ARTIX Artisan International Investor 27.97 80 Hold -2.48 2.53 0.39 -8.61 1.49 4.73 3.87 0.89 12.70 1.17BJBIX Aberdeen Select International Eq A 22.59 60 Sell 9.66 2.54 4.53 -5.05 -2.20 -2.70 0.99 13.92 1.27CIVVX Causeway International Value Inv 13.64 66 Sell -2.50 3.73 -0.44 -10.35 -0.26 2.74 2.60 0.91 12.39 1.15DREGX Driehaus Emerging Markets Growth 29.37 64 Sell 10.70 4.33 6.49 -0.98 -0.39 -0.03 0.89 13.46 1.64EGINX Invesco European Growth Investor 34.08 68 Sell -1.25 3.81 -1.42 -5.17 2.62 5.36 0.82 11.74 1.35EXWAX Manning & Napier World Opportunities A 7.09 51 Sell 4.73 2.75 0.57 -2.92 -0.98 0.40 0.99 13.53 1.08FILFX Strategic Advisers® International 9.56 67 Hold 0.14 4.25 1.49 -6.53 2.14 3.65 0.89 12.16 0.20HIINX Harbor International Investor 60.60 64 Sell 2.83 4.21 0.38 -7.91 0.39 1.81 1.01 13.65 1.11HLEMX Harding Loevner Emerging Markets Advisor 45.02 58 Hold 14.79 4.07 6.58 1.73 1.93 1.08 1.04 15.64 1.45HLMNX Harding Loevner International Eq Inv 18.40 67 Hold 7.73 4.13 5.63 1.18 4.61 3.99 0.98 13.66 1.17ICARX ICON Emerging Markets S 14.09 79 Sell 7.97 4.14 4.22 1.15 2.22 0.96 1.65 0.74 11.75 1.55ICHKX Guinness Atkinson China & Hong Kong 19.59 64 Sell 0.46 5.21 8.35 -7.00 1.72 -3.18 1.10 20.00 1.53JAOSX Janus Overseas T 25.78 38 Hold -6.39 8.05 2.22 -15.31 -6.37 -6.44 1.28 19.27 0.66LISOX Lazard International Strategic Eq Open 13.53 75 Hold 0.67 2.42 0.37 -7.08 2.39 5.46 0.87 11.91 1.08MACSX Matthews Asian Growth & Inc Investor 17.47 79 Hold 9.94 2.70 5.28 2.27 1.74 3.97 0.74 11.26 1.09MAKOX Matthews Korea Investor 6.25 74 Sell 1.63 1.96 1.46 2.84 9.80 5.82 0.85 14.44 1.10MAPIX Matthews Asia Dividend Investor 16.51 76 Buy 8.81 2.17 5.64 2.99 4.95 5.91 0.79 11.65 1.05MAPTX Matthews Pacific Tiger Investor 25.38 88 Buy 7.82 3.63 6.59 3.34 7.31 4.56 0.87 14.43 1.07MCHFX Matthews China Investor 16.90 66 Sell -8.25 4.39 4.19 -12.63 0.64 -2.55 1.12 20.40 1.14MGLBX Marsico Global 11.94 82 Hold -0.33 5.01 4.65 -3.74 7.35 9.01 0.83 13.42 1.54MINDX Matthews India Investor 28.16 85 Strong Buy 6.55 4.68 8.39 0.73 22.41 7.84 0.73 21.02 1.11MNILX Litman Gregory Masters Intl Inv 15.02 63 Sell -6.24 4.67 -1.77 -16.93 -2.18 0.51 0.93 13.20 1.23NMIEX Northern Multi-Manager Intl Equity 9.58 61 Sell 0.95 4.59 1.38 -7.55 -0.19 0.69 0.95 12.75 1.20NMMEX Northern Multi-Manager Emerging Mkt Eq 16.50 60 Hold 13.71 5.84 5.91 0.11 -0.50 -1.90 1.04 16.13 1.35NMMGX Northern Multi-Manager Glbl Real Estate 12.92 73 Hold 12.70 4.70 9.37 11.48 7.51 7.16 0.66 12.07 1.11OAKEX Oakmark International Small Cap I 14.53 70 Hold 2.54 6.21 0.48 -5.52 2.03 4.42 3.21 1.02 14.49 1.35OAKGX Oakmark Global I 25.56 76 Sell -5.72 5.53 -1.16 -11.31 1.49 6.22 1.01 14.95 1.12OAKIX Oakmark International I 20.67 70 Sell -3.23 8.11 -2.36 -11.41 -0.93 4.65 0.31 1.10 15.71 0.95QFFOX Pear Tree PanAgora Dyn Emerg Mkts Ord 19.77 52 Sell 10.63 4.44 3.29 -2.87 -1.56 -3.27 1.00 15.48 1.31SSEMX SSgA Emerging Markets N 7.39 51 Sell 5.18 4.67 4.97 -7.12 -3.62 -5.26 1.45 0.99 15.32 1.25TAREX Third Avenue Real Estate Value Instl 30.81 81 Hold 7.24 5.77 6.24 0.42 7.47 9.45 0.86 11.99 1.10TAVIX Third Avenue International Value Instl 15.13 54 Hold 9.08 5.36 2.58 -3.13 -3.37 -0.19 1.17 17.41 1.40TWIEX American Century International Gr Inv 11.13 73 Hold -2.20 3.82 0.45 -8.30 1.58 3.10 0.88 12.52 1.17UMBWX Scout International 24.00 65 Sell 5.00 3.90 2.01 -2.62 0.87 2.43 1.08 0.90 12.34 1.02WBIGX William Blair International Growth N 24.89 79 Hold -0.20 3.75 1.88 -5.63 2.34 3.77 0.88 11.99 1.42WGRNX Wintergreen Investor 16.13 60 Hold 4.06 1.77 3.33 0.37 0.82 2.53 4.32 0.71 11.66 1.92WWNPX Kinetics Paradigm No Load 33.43 77 Sell 7.01 2.39 4.76 -1.62 4.08 7.70 1.05 13.57 1.64

NTF INCOME FUNDSACITX American Century Infl-Adj Bond Inv 11.96 58 Hold 7.09 1.18 2.19 5.02 1.83 1.50 4.42 1.41 4.41 0.47ADFIX American Century Diversified Bond Inv 11.12 75 Hold 5.89 0.91 2.40 5.98 4.08 3.52 1.70 0.95 2.60 0.60AGIVX Invesco US Government Investor 9.19 59 Hold 4.56 0.37 2.10 4.53 2.77 2.40 1.10 0.93 2.58 0.93BCOSX Baird Core Plus Bond Inv 11.89 79 Hold 7.02 1.03 2.93 6.53 4.66 4.27 2.36 1.01 2.81 0.55BEGBX American Century International Bd Inv 13.40 60 Buy 12.13 1.21 1.75 11.52 0.66 -0.53 0.24 0.82 6.43 0.81


Beta 3 year

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10 AuGusT 2016 | PhOne: (888) 252-5372


NTF INCOME FUNDS (continued)

BGNMX American Century Ginnie Mae Inv 10.83 63 Hold 2.71 0.30 0.96 3.28 2.97 2.25 1.47 0.57 1.88 0.55BJBGX Aberdeen Total Return Bond A 13.94 78 Buy 6.45 1.15 2.68 6.13 3.82 3.37 2.31 0.96 2.76 0.69BJBHX Aberdeen Global High Income A 8.73 75 Sell 5.88 2.29 3.14 -3.06 0.31 2.94 5.75 0.42 5.64 0.99BTTTX American Century Zero Coupon 2020 Inv 105.54 74 Hold 4.61 0.14 1.59 4.69 3.43 4.32 0.67 1.38 3.94 0.55CPTNX American Century Government Bond Inv 11.45 60 Hold 4.39 0.32 1.87 4.65 3.09 2.47 1.10 0.85 2.35 0.47DBMIX Dreyfus Bond Market Index Inv 10.74 68 Hold 5.69 0.74 2.35 5.74 3.78 3.08 1.53 1.00 2.66 0.40DIAVX Dreyfus Inflation Adjusted Sec Inv 12.81 65 Hold 4.92 0.33 1.12 3.25 1.05 0.96 1.12 3.66 0.74DLFNX DoubleLine Core Fixed Income N 11.16 85 Buy 6.27 1.18 2.89 5.34 4.49 4.67 2.78 0.93 2.71 0.71DLTNX DoubleLine Total Return Bond N 10.95 83 Strong Buy 3.59 0.67 1.68 4.22 4.17 4.71 3.16 0.77 2.24 0.72EXCPX Manning & Napier Unconstrained Bond S 10.42 75 Sell 3.73 0.77 1.27 2.34 2.36 3.23 2.70 0.58 2.37 0.75FHYTX Federated High Yield Service 6.59 85 Buy 10.11 3.20 3.92 3.75 4.97 7.30 5.15 0.52 6.45 0.98FIGIX Federated US Govt 2-5 Yr Svc 11.13 66 Buy 2.58 0.02 0.73 2.03 0.99 0.74 0.84 0.61 1.82 0.81FPCIX Strategic Advisers® Core Income 10.75 79 Hold 6.31 1.17 2.71 5.68 4.07 3.82 0.93 2.68 0.06FPIOX Strategic Advisers® Income Opportunities 9.16 85 Hold 8.51 2.89 3.70 1.68 3.34 5.06 0.42 5.67 0.89FSISX Federated Short-Term Income Svc 8.54 79 Strong Buy 1.50 0.21 0.74 1.29 0.92 1.11 0.96 0.15 0.56 0.71FTGSX Federated Total Return Govt Bd Svc 11.29 72 Buy 4.99 0.48 2.35 5.02 2.80 2.45 1.13 0.95 2.70 0.65FULBX Federated Ultrashort Bond Svc 9.11 80 Buy 0.99 0.06 0.51 0.73 0.53 0.72 0.78 0.09 0.44 0.81HYFIX Harbor High-Yield Bond Inv 9.91 81 Buy 7.83 2.48 2.64 1.45 2.91 4.23 4.87 0.51 5.50 1.02HYINX Invesco High Yield Investor 4.11 83 Buy 8.13 2.47 2.65 2.73 3.42 5.31 5.40 0.40 5.76 1.01JAFIX Janus Flexible Bond T 10.68 83 Strong Buy 5.24 0.78 2.56 4.71 3.70 3.83 2.44 0.90 2.50 0.69JAHYX Janus High-Yield T 8.31 84 Buy 8.14 2.49 3.41 3.21 3.79 5.23 5.64 0.46 4.84 0.87JASBX Janus Short-Term Bond T 3.05 79 Strong Buy 1.96 0.42 0.59 1.45 1.18 1.37 1.03 0.25 1.00 0.74LSBRX Loomis Sayles Bond Retail 13.79 80 Hold 8.38 2.62 3.02 4.23 2.84 4.12 3.39 0.56 6.08 0.89LSGLX Loomis Sayles Global Bond Retail 16.17 64 Hold 10.38 1.57 2.41 8.82 1.73 1.07 1.57 0.94 4.80 1.00MBFAX Wells Fargo Advantage Core Bond A 13.58 75 Buy 5.72 0.78 2.45 5.80 4.07 3.71 1.32 1.04 2.78 0.78MGFIX AMG Managers Bond Service 27.57 77 Hold 7.29 1.65 2.63 6.08 4.20 4.51 2.70 0.76 3.25 0.99MWCRX Metropolitan West Unconstrained Bond M 11.88 82 Hold 2.67 0.70 1.30 2.14 2.66 2.41 0.17 1.18 1.04MWHYX Metropolitan West High Yield Bond M 9.32 87 Buy 4.64 1.21 1.94 1.60 2.04 3.81 4.03 0.43 4.21 0.85MWLDX Metropolitan West Low Duration Bond M 8.76 88 Strong Buy 1.14 0.11 0.65 0.92 1.17 2.21 1.16 0.14 0.55 0.62MWTRX Metropolitan West Total Return Bond M 11.05 88 Buy 5.09 0.71 2.22 4.89 4.02 4.68 1.68 0.86 2.34 0.66NHFIX Northern High Yield Fixed Income 6.62 85 Hold 5.74 2.52 2.72 0.63 2.74 4.89 6.31 0.33 5.44 0.80NOFIX Northern Fixed Income 10.49 82 Hold 6.06 0.99 2.78 5.73 4.34 4.03 2.27 1.00 2.89 0.45PASDX PIMCO All Asset D 11.31 71 Hold 11.76 3.01 3.14 3.41 1.46 2.52 3.00 1.00 8.27 0.45PBDDX PIMCO Investment Grade Corp Bd D 10.60 95 Strong Buy 9.05 2.12 4.30 7.45 5.97 5.84 2.83 1.30 4.11 0.90PDVDX PIMCO Diversified Inc D 10.71 89 Buy 9.38 2.25 4.71 6.88 4.80 4.78 3.69 0.84 5.01 1.15PEMDX PIMCO Emerging Markets Bond D 10.37 76 Hold 14.73 2.32 5.91 9.05 3.80 4.01 5.23 0.91 8.67 1.20PFBDX PIMCO Foreign Bond (Unhedged) D 10.06 43 Hold 12.26 1.49 2.26 10.87 1.82 0.59 2.06 0.98 6.64 0.90PFODX PIMCO Foreign Bond (USD-Hedged) D 10.53 83 Hold 6.94 1.18 3.83 7.33 6.29 6.28 1.38 0.84 3.05 0.90PGNDX PIMCO GNMA D 11.41 61 Hold 2.80 0.26 1.01 3.41 3.25 2.47 1.10 0.60 2.05 0.90PGSDX PIMCO Global Advantage Strategy Bd D 10.36 50 Sell 6.75 1.70 2.97 4.56 -0.07 -0.03 2.84 0.83 5.08 1.10PHYDX PIMCO High Yield D 8.70 89 Strong Buy 8.52 2.68 3.19 3.94 4.03 5.30 5.05 0.58 5.28 0.90PLDDX PIMCO Low Duration D 9.87 80 Strong Buy 1.14 0.29 0.37 0.72 1.00 1.32 2.62 0.21 1.40 0.75PONDX PIMCO Income D 11.98 95 Strong Buy 5.33 1.55 2.43 4.43 5.72 7.92 4.78 0.41 2.88 0.79PRRDX PIMCO Real Return D 11.19 69 Hold 6.77 1.22 2.13 3.45 1.55 1.45 5.61 1.54 5.07 0.85PSHDX PIMCO Short-Term D 9.72 78 Strong Buy 0.81 0.47 0.62 0.79 1.09 1.12 1.39 -0.12 1.05 0.70PTTDX PIMCO Total Return D 10.39 78 Hold 4.85 1.46 2.65 4.30 3.39 3.37 3.26 1.03 3.22 0.75PUBDX PIMCO Unconstrained Bond D 10.43 73 Sell 2.34 1.72 1.37 -0.88 0.31 1.41 3.25 0.13 3.17 1.30PYEMX Payden Emerging Markets Bond 13.93 82 Hold 12.73 2.49 5.81 10.22 5.57 5.18 4.89 0.95 6.44 0.76PYSBX Payden Low Duration Fund 10.11 83 Strong Buy 1.84 0.31 0.83 1.41 1.15 1.41 1.13 0.12 0.64 0.47SADAX Wells Fargo Advantage Ultra S/T Inc A 8.49 76 Strong Buy 1.17 0.21 0.50 1.27 0.64 0.72 1.08 0.02 0.37 0.70SGVDX Wells Fargo Advantage Government Sec A 11.56 65 Hold 4.53 0.44 1.96 4.56 3.30 2.64 1.10 0.92 2.52 0.85SNGVX Sit US Government Securities 11.10 57 Sell 1.82 0.10 0.77 2.35 1.70 1.22 2.51 0.14 0.69 0.80SNTIX Sit Tax-Free Income 10.01 93 Strong Buy 5.08 -0.05 2.54 8.87 8.22 6.70 2.47 1.33 3.54 0.80SSTVX Wells Fargo Advantage Short-Term Bd A 8.80 64 Buy 2.05 0.24 0.80 1.86 1.42 1.40 1.27 0.20 0.75 0.74STWRX Wells Fargo Advantage DJ Target Today A 10.92 53 Sell 5.20 1.30 2.15 4.42 2.80 2.39 0.33 2.88 0.77STYAX Wells Fargo Advantage Income Plus A 12.68 81 Hold 7.61 1.47 3.03 7.23 4.87 4.20 2.66 1.09 3.18 0.84TGFNX TCW Core Fixed-Income N 11.38 80 Buy 5.05 0.63 2.21 4.82 3.49 3.32 1.36 0.86 2.31 0.79TGINX TCW Emerging Markets Income N 10.63 78 Hold 13.52 2.07 5.69 11.23 3.58 3.91 4.78 0.86 6.74 1.16TGMNX TCW Total Return Bond N 10.79 83 Strong Buy 4.50 0.54 2.23 4.67 4.28 5.00 2.19 0.76 2.21 0.79THOPX Thompson Bond 11.13 85 Strong Buy 7.26 1.64 4.09 3.66 2.27 3.15 4.78 0.33 3.99 0.71TWUSX American Century Short-Term Govt Inv 9.67 66 Buy 1.08 -0.05 0.36 0.78 0.50 0.38 0.33 0.21 0.71 0.55WACIX Western Asset Core Plus Bond FI 11.98 75 Hold 6.55 1.35 3.06 6.78 5.24 4.66 2.63 1.01 3.01 0.84WAPIX Western Asset Core Bond FI 12.78 76 Hold 6.68 0.98 2.89 6.90 5.08 4.16 1.81 0.99 2.80 0.82WTIBX Westcore Plus Bond 11.04 73 Buy 6.64 1.00 2.92 6.18 4.33 3.89 2.58 0.98 2.69 0.55

ASSET ALLOCATIONAABPX American Beacon Balanced Inv 13.72 85 Hold 5.40 3.79 2.37 0.01 5.02 8.45 1.06 7.66 0.91AOMIX American Century One Choice® Mod Inv 14.53 80 Hold 5.86 4.08 3.99 1.88 5.97 7.20 1.25 1.10 7.80 0.88EXBAX Manning & Napier Pro-Blend Mod Term S 13.46 69 Sell 6.11 2.98 3.03 1.30 3.64 4.89 0.88 6.26 1.06EXDAX Manning & Napier Pro-Blend Cnsrv Term S 13.46 74 Hold 6.03 2.36 2.89 2.60 3.45 4.38 0.66 4.77 0.88EXHAX Manning & Napier Pro-Blend Max Term S 19.14 72 Hold 8.57 5.45 4.54 1.93 6.21 8.02 1.56 11.14 1.08GLRBX James Balanced: Golden Rainbow R 24.47 72 Hold 3.00 2.17 2.44 0.08 4.94 6.24 3.04 0.75 5.63 0.97GRSPX Greenspring 22.99 69 Hold 9.09 4.07 3.93 5.25 1.57 5.21 1.63 1.03 8.08 0.95IOEZX ICON Equity Income S 15.66 87 Strong Buy 11.32 4.83 3.53 4.95 7.78 10.08 2.63 1.37 10.08 1.20


Beta 3 year

sd 3 year



Fund Spotlight: Fidelity Contrafund (FCNTX)“One Up on Wall Street” by Peter Lynch was considered a stock investment bible during the Reagan-era bull market of the 1980s. As manager of Fidelity Magellan, Lynch gained guru status with his strategies and philosophies as Magellan emerged as one of the largest growth stock mu-tual funds in U.S. history. Lynch is still revered by many investors, and his modus operandi lives on at Fidelity with a number of managers who became his acolytes. One in particular is Will Danoff, who manages the gargantuan $105 bil-lion Fidelity Contrafund Fund (FCNTX). With holdings in well-known, publicly traded domestic and international growth-oriented companies and private corporations with huge future IPO potential, Fidelity Contrafund has weathered past storms to become an excellent long-term growth investment play, with the nec-essary adjustments now made to further appre-ciate during the latter part of 2016. Sporting a Morningstar Silver rating and a consistently high percentile Lipper rating, Fi-

delity Contrafund is one of Fidelity’s largest equity-oriented mutual funds. Among funds covered by Morningstar, it is presently the larg-est Fidelity fund and the second-largest fund in total AUM.

FcnTx sTRATeGYChartered with a long-standing mandate to seek companies whose potential value has yet to be realized by the general public, Fidelity Con-trafund has large positions in the technology, finance, non-durables and retail sectors. The predominance of the portfolio’s presence in the technology sector should continue to reap ben-efits going into the third and fourth quarters of 2016. With Fidelity’s huge army of 135 analysts, Fi-delity Contrafund shuffles its portfolio among 300 to 500 different stocks. This includes about 8 percent in international holdings (past posi-tions have been as high as 20 percent) and thus it also features a forex component to its port-folio composition. Non-equity positions can vary but generally remain low, with roughly 98 percent in stocks and the remainder in cash

and high-yielding fixed income securities. The sheer size of Fidelity Contrafund means it has lower portfolio turnover due to its block posi-tions, which can impact market liquidity. While lower turnover is often advantageous, it would be very difficult for management to fully liqui-date a large position without causing a dramatic market impact. Will Danoff has developed par-ticular techniques and strategies that he deploys in order to avoid overpaying when building a position and spooking a bid when he looks to liquidate.Another component of the portfolio that differs a bit from its rivals is Fidelity Contrafund’s venture capital stakes in nonpublic technolo-gy-based companies that are pre-IPO. Airbnb, Uber and Pinterest are all part of the portfolio, albeit at a small percentage relative to the pub-licly traded equity securities.

cuRRenT PORTFOlIO AllOcATIOnNotably overweight with large technology po-sitions, Fidelity Contrafund has some sizable positions in the “usual suspects.” Twenty per-

JABAX Janus Balanced T 29.43 84 Hold 2.56 3.86 3.57 1.34 6.46 7.89 1.59 0.95 7.18 0.82LCORX Leuthold Core Investment Retail 18.11 71 Hold 2.90 3.60 1.97 -0.07 6.54 5.30 0.78 6.80 1.16MNBAX Manning & Napier Pro-Blend Extnd Term S 16.75 71 Hold 7.03 3.78 3.72 1.27 4.54 6.02 1.11 7.95 1.07NDMSX Nationwide Inv Dest Mod Agrsv Svc 10.62 75 Sell 6.32 4.63 4.21 1.27 5.50 7.27 1.32 9.23 0.58PAUDX PIMCO All Asset All Authority D 8.51 66 Hold 12.32 2.78 2.64 1.76 -1.33 0.43 3.70 0.94 8.71 0.55PAXWX Pax World Balanced Individual Inv 22.56 80 Hold 5.25 3.39 3.73 3.25 6.53 6.76 1.03 7.32 0.87PRPFX Permanent Portfolio 39.89 69 Buy 15.46 3.37 4.07 11.41 2.98 1.11 0.66 7.55 0.80TWBIX American Century Balanced Inv 17.67 78 Hold 6.16 4.12 4.45 2.67 6.47 8.41 1.26 0.96 7.03 0.90TWSAX American Century Strat Allc: Agrsv Inv 7.81 76 Sell 5.68 4.83 4.55 0.79 6.46 7.68 1.14 1.34 9.59 1.13TWSCX American Century Strat Allc: Cnsrv Inv 5.72 77 Hold 5.91 3.25 3.43 3.35 4.96 5.82 1.42 0.79 5.66 1.00TWSMX American Century Strat Allc: Mod Inv 6.73 75 Sell 5.91 4.18 4.11 1.92 5.72 6.92 1.22 1.10 7.80 1.06

BEAR MARKETBRPIX ProFunds Bear Inv 8.31 -9.18 -3.71 -6.21 -9.18 -12.91 -15.27 -0.96 10.67 1.62COMVX Comstock Capital Value AAA 6.90 -11.42 -5.22 -7.88 -8.61 -15.66 -16.60 -1.17 13.64 1.88DXRSX Direxion Mthly Small Cap Bear 2X 27.10 -20.64 -12.16 -16.36 -13.03 -20.76 -27.21 -2.21 30.06 1.35DXSSX Direxion Mthly S&P 500 Bear 2X Inv 23.03 -16.32 -7.40 -11.25 -16.28 -23.30 -27.04 -1.99 22.12 1.35GRZZX Grizzly Short 6.30 -14.40 -7.22 -11.14 -11.14 -10.41 -14.46 -1.12 15.07 1.55PSSDX PIMCO StocksPLUS Short Strat D 9.84 -5.75 -2.86 -4.56 -7.44 -10.61 -12.11 2.51 -0.78 8.76 1.04RYAIX Rydex Inverse NASDAQ-100® Strategy Inv 22.58 -5.80 -6.77 -9.17 -8.62 -17.25 -17.24 -1.10 13.52 1.44RYCWX Rydex Inverse Dow 2x Strategy H 23.53 -17.38 -5.84 -9.47 -20.43 -20.81 -26.04 -1.88 21.80 1.82RYIRX Rydex Inverse Russell 2000 2x Strategy H 21.51 -21.50 -11.37 -17.21 -14.58 -21.93 -30.05 -2.15 29.54 1.81RYJUX Rydex Inverse Government Lg Bd Strat Inv 30.81 -18.06 -2.68 -10.75 -19.91 -13.83 -12.42 3.57 -4.07 11.99 1.40RYSHX Rydex Inverse Russell 2000 Strategy H 27.72 -10.20 -5.81 -8.51 -5.84 -10.60 -14.70 -1.09 14.94 1.70RYTPX Rydex Inverse S&P 500 2x Strategy H 18.36 -17.48 -7.23 -12.11 -18.15 -24.15 -28.68 -1.89 20.99 1.76RYURX Rydex Inverse S&P 500® Strategy Inv 12.98 -8.33 -3.64 -5.87 -8.20 -12.30 -14.71 -0.96 10.66 1.41RYVNX Rydex Dyn Inverse NASDAQ-100 2X Strat H 13.48 -12.64 -13.14 -17.85 -19.86 -32.96 -33.38 -2.11 26.11 1.80SHPIX ProFunds Short Small Cap Inv 18.74 -10.85 -5.88 -8.90 -6.58 -11.19 -15.48 -1.09 14.93 1.78SOPIX ProFunds Short NASDAQ-100 Inv 15.01 -6.13 -6.83 -9.36 -10.28 -18.77 -18.85 -1.07 13.36 1.78UCPIX ProFunds UltraShort Small-Cap Inv 16.55 -21.64 -11.50 -17.33 -14.82 -21.94 -30.38 -2.15 29.65 1.78UFPIX ProFunds UltraShort Latin America Inv 14.82 -56.63 -13.03 -14.93 -34.40 -4.38 -1.15 -2.50 54.89 1.78UHPIX ProFunds UltraShort China Inv 14.06 -1.88 -8.22 0.36 -8.88 -26.56 -21.14 -2.50 40.45 1.78UIPIX ProFunds UltraShort Mid-Cap Inv 3.80 -25.78 -8.21 -14.61 -20.67 -24.24 -29.74 -1.88 23.45 1.78UKPIX ProFunds UltraShort Japan Inv 15.11 10.29 -7.81 -10.75 20.21 -26.82 -32.38 -1.92 36.62 1.78URPIX ProFunds UltraBear Inv 4.30 -17.47 -7.13 -12.07 -17.94 -24.14 -29.10 -1.88 20.92 1.69USPIX ProFunds UltraShort NASDAQ-100 Inv 8.74 -12.77 -13.12 -17.93 -19.67 -33.18 -33.61 -2.11 26.07 1.78UVPIX ProFunds UltraShort Emerg Mkt Inv 7.81 -30.02 -9.50 -11.95 -22.44 -13.15 -8.38 -2.37 38.10 1.78UWPIX ProFunds UltraShort Dow 30 Inv 4.90 -16.81 -5.77 -9.59 -19.67 -20.60 -25.96 -1.89 21.83 1.78UXPIX ProFunds UltraShort Intl Inv 21.68 -10.63 -7.98 -7.47 -0.32 -13.24 -18.38 -1.92 24.81 1.78

ASSET ALLOCATION (continued)

(continued on page 12)


Beta 3 year

sd 3 year


12 AuGusT 2016 | PhOne: (888) 252-5372


cent of the portfolio is made up of the following from its top 10 largest: Facebook (FB), Berkshire Hathaway (BRK), Amazon (AMZN), Alpha-bet (GOOG) and Apple (AAPL). All of these stocks have appreciated significantly over the past 3 years: FB has gained over 500 percent, GOOG has nearly doubled and AMZN has appreciated over 130 per-cent. AAPL has gained approximately 50 percent, an impressive return, albeit trailing a number of its competitors.

Fund MAnAGeMenTSince assuming the helm in 1990, Will Danoff has averaged 12.65 per-cent return annually versus his competitors, who have averaged 8.42 percent, and the S&P 500, which has gained 9.64 percent on average during the same time period. Danoff also manages or co-manages three other portfolios, totaling an additional $30.5 billion. In an interview discussing his strategies with Paul Katzeff of Investor’s Business Daily earlier this year, Danoff explained that due to the size of the Fidelity Contrafund portfolio, managing it marries the lessons learned from his mentor, Peter Lynch, with trying to prevent market disruption. With a fund of this size, acquiring new positions must be done patiently over time. Basing his growth projection targets on 3- to 5-year horizons instead of shorter-term trends, Danoff believes in the importance of superlative management, clear value propositions in a company’s goods and ser-vices, and global market potential. Companies that were previously in his top 10, such as Starbucks (SBUX) and Nike (NKE), share these same traits with FB, BRK, GOOG and AMZN, as Mark Zuckerberg, Warren Buffett, Howard Schwartz and Jeff Bezos are all renowned for their CEO vision, decisiveness and man-agement skills. Danoff is always on the prowl for bargain-priced stocks with significant upside, and likens his considerably large bets relative to his rival funds’ to playing poker, in which he has to utilize bluffing and other tactics to determine his market timing.In order to assist Danoff in handling the heavy workload and enormous amount of AUM across several Fidelity portfolios, which also include Fidelity Series Opportunistic Insights (FVWSX) and Fidelity Advi-sor New Insights (FNIAX), John Roth was named as the latter fund’s co-manager three years ago. However, at only age 55, Danoff shows no signs of either slowing down or naming a successor anytime in the near future.

FcnTx PeRFORMAnceFounded in 1967, FCNTX has been a consistent performer with a nearly 10-fold (1000 percent) growth performance over the past 30 years, averag-ing an annual 12.23 percent return historically. As of the end of the second quarter, the annualized returns for its 3-, 5- and 10-year periods were 11.53 percent, 11.45 percent and 8.16 percent, respectively. A sum of $10,000 invested 10 years ago would have doubled to a tad above $20,000 today. Performance has lagged a bit in 2016 due to the fund’s growth posi-tioning. The year-to-date return was 3.23 percent through July 31, ap-proximately half of the S&P 500 Index’s. This is due to the fund being underweight energy and utilities, two sectors that have been market leaders. Meanwhile, it has also been overweight the financial sector, which delivered modest returns due to low interest rates. Fidelity Con-trafund is also underweight telecom, a sector that performed very well in the first half of the year. Its beta is 0.93, slightly under the benchmark index, while its Sharpe ratio is 1.02. Turnover is a relatively low 35 percent, compared with nearly 100 percent for the average fund in its category.The minimum investment amount is $2,500 for a regular or IRA ac-count, and an initial group retirement minimum is $500. Dividends and capital gains distributions are payable in February and December.The most recent 12-month yield was 0.32 percent. FeesFidelity Contrafund has an expense ratio of 0.71 percent. There is a performance fee that operates on a sliding scale predicated on 3-year returns versus the S&P 500, and +/- 0.02 percent for every percentage point of performance differential, up to a maximum of 0.2 percent.

RecOMMendATIOn Fidelity Contrafund remains a great core holding for investors, but stock market performance in the first half of 2016 was choppy, with gains heavily concentrated in sectors such as utilities, telecom, energy and materials. FCNTX suffered due to the underweighting of these sectors, as well as pockets of weakness in the technology sector. This has begun to change recently; technology made significant gains last month, and the financial sector looks promising. As a result, Contrafund is well positioned for outperformance in the second half if these trends carry into late summer and early fall. Currently, we rate the fund as a Strong Buy with a ranking of 96.

Fund Spotlight: Fidelity Contrafund (FCNTX) (continued)

disClosure: Mutual Fund Investor Guide, LLC (MFIG) is an independent company unaffiliated with any of the fund companies discussed in this newsletter, including Fidelity Investments. These results include the reinvestment of all dividends and capital gains. Model trading does not involve financial risk; model trading cannot completely duplicate the financial risk associated with actual trading. MFIG is not an investment advisor and does not provide specific investment advice. This newsletter has been prepared solely for informational purposes. PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. All investments involve risk including total loss of principal.

Mds Wealth Advisors: A New Private Service from Matthew SauerOver the years it has been our pleasure to provide you with responsible and timely investment advice, and we genuinely appreciate your loyalty to our newsletter. Since we began publishing our investment recommendations, we have been frequently asked to provide dedicated wealth management.Due to the numerous inquiries and requests, I am incredibly pleased to announce we are now offering private wealth management services through MDS Wealth Advisors. Our objective is simple. We want to help our subscribers tailor their portfolios to their specific investment objectives. I will personally work with each member to build an investment portfolio that is aligned with their goals and risk tolerances. If you are considering a wealth manager or are concerned about who will oversee your investments if you are unable, I would welcome the opportunity to discuss our services.If you are interested in utilizing our new service, call me directly at (844) 336-9878 and I will answer any questions you have. If email is more convenient, you can reach me anytime at: [email protected].

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