4
Morningstar Analyst Rating
06-26-14
„
Morningstar Pillars
Process
Performance
People
Parent
Price
Positive
Positive
Positive
Positive
Positive
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which
its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ˇ ¨
Pillar Spectrum
Positive
§
Negative
¶
Neutral
NAV
51.88
49.46
39.50
35.73
38.38
31.94
23.12
41.13
43.54
40.84
40.25
34.98
Total Return %
4.89
34.31
18.50
-0.06
20.70
39.08
-36.17
3.16
17.76
8.65
22.24
40.85
+/-S&P 500
-2.25
1.92
2.50
-2.17
5.64
12.62
0.83
-2.33
1.97
3.74
11.36
12.17
+/-Russ MV
-6.25
0.85
-0.01
1.32
-4.05
4.87
2.27
4.58
-2.46
-4.00
-1.47
2.78
Income Return %
0.00
1.01
1.40
0.75
0.47
0.53
0.43
1.32
0.84
0.66
0.35
0.08
Capital Return %
4.89
33.30
17.10
-0.81
20.23
38.55
-36.60
1.84
16.92
7.99
21.89
40.77
Total Rtn % Rank Cat
90
48
26
17
68
28
29
62
19
56
20
54
Income $
0.00
0.39
0.49
0.28
0.15
0.12
0.17
0.57
0.33
0.26
0.12
0.02
Capital Gains $
0.00
2.91
2.28
2.21
0.01
0.08
4.11
3.18
3.78
2.62
2.09
0.44
Expense Ratio %
.
0.79
0.88
0.83
0.99
0.98
0.98
0.96
0.87
0.94
0.97
1.01
Income Ratio %
.
1.14
1.00
0.61
0.21
0.67
0.68
1.36
0.72
0.57
0.15
0.05
Turnover Rate %
.
11
19
15
20
31
36
11
26
24
.
23
Net Assets $mil
31,698
31,079
23,433
23,444
27,094
24,672
18,351
35,231
39,340
36,721
35,976
26,725
Performance
06-30-14
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2010
2011
2012
2013
2014
8.36 -9.97 11.53 10.93 20.70
6.20 2.21 -15.81 9.36 -0.06
13.97 -5.65
6.77 3.21 18.50
10.38 4.45
8.01 7.86 34.31
2.02
. . . .
Trailing
Total
+/-
+/- Russ %Rank Growth of
Return% S&P 500
MV
Cat
$10,000
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
2.81 -2.42
-2.81
95 10,281
4.89 -2.25
-6.25
90 10,489
22.20 -2.41
-5.56
81 12,220
15.41 -1.17
-2.15
51 15,372
20.11 1.28
-2.86
62 24,997
10.41 2.63
-0.25
12 26,921
12.19 7.84
2.22
3 56,145
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
13.75
54
1.43
70
19.00
62
0.93
70
9.06
16
1.22
62
Potential Capital Gain Exposure: 45% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
22.20
3 Yr
15.41
Avg
-Avg
5 Yr
20.11
Avg
-Avg
10 Yr
10.41
+Avg
Avg
Incept
14.66
Other Measures
Standard Index
Best Fit Index
S&P 500 Mstr Lft Mod 2040
Alpha
-2.0
2.6
Beta
1.07
1.06
R-Squared
93
95
Standard Deviation
13.64
Mean
15.41
Sharpe Ratio
1.12
Morningstar’s Take
by Katie Rushkewicz Reichart, CFA 06-26-14
Fidelity Low-Priced Stock colors outside the lines.
Longtime manager Joel Tillinghast created this fund
in 1989 as a way to invest in out-of-favor small- and
mid-cap stocks that boast strong competitive
advantages. For over a decade the fund landed in the
small-value category before moving to small-blend in
2003, mid-blend in 2005, and most recently mid-value
in 2014. The shift into the mid-cap range years ago
was no surprise, as the fund’s surge in assets made it
more difficult to traffic in small-cap names. Its most
recent move isn’t entirely surprising either, as the
fund’s portfolio has often landed near the value/blend
border and has recently featured price metrics closer to
the average mid-value peer.
No category can really capture the essence of this
fund, though, which makes peer and benchmark
comparisons difficult. While by prospectus he’s
required to mostly buy stocks trading under $35 per
share at purchase, Tillinghast casts a wide net,
spreading the fund’s $47 billion across nearly 900
stocks. Foreign stocks comprise more than a third of
assets, for instance, where Morningstar attribution
indicates he’s added value over the past decade.
While the smallest-cap stocks have been a
particular area of strength for the fund over the past
decade and reflect this fund’s roots, Tillinghast has
capitalized on larger-cap plays as well. Microsoft
MSFT and Oracle ORCL have been strong contributors
in 2014’s first half, for instance. As stock valuations
have ticked up in recent years--particularly for
small-caps--the fund’s average market cap has inched
up to its highest level on record (it remains in mid-cap
territory, though). Cash is also on the higher end of its
normal range at 14% of assets, which has dragged on
recent returns relative to its new category.
Even so, the fund’s long-term record speaks for
itself. The fund is leaps and bounds ahead of all
current and former categories and relevant
benchmarks during Tillinghast’s tenure, even on a
risk-adjusted basis. The fund may not fit neatly into a
style box or be as flexible as it once was, but it
remains a worthy pick.
Address:
Fidelity Puritan Trust
Boston, MA 02109
800-544-8544
Web Address:
Inception:
12-27-89
Advisor:
Fidelity Management & Research Company
Subadvisor:
FMR Co., Inc. (FMRC)
NTF Plans:
Fidelity Retail-NTF, CommonWealth NTF
Minimum Purchase:
$2500
Add: $0 IRA: $500
Min Auto Inv Plan:
$200
Add: $200
Sales Fees:
No-load, 1.50%R
Management Fee:
0.35%
Actual Fees:
Mgt:0.62% Dist:
.
Expense Projections:
3Yr:$255
5Yr:$444 10Yr:$990
Income Distribution:
None
Data through June 30, 2014
Fidelity Low-Priced Stock
Ticker
Status Yield Total Assets
Mstar Category
FLPSX Open
0.7% $48,429 mil
Mid-Cap Value
90% 89% 87% 89% 89% 95% 92% 87%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 06-14
Historical Profile
Return
Risk
Rating
Average
Below Avg
Neutral
Investment Style
Equity
Stock %
Manager Change
Partial Manager Change
Growth of $10,000
Investment Values of
Fund
Investment Values of
S&P 500
Performance Quartile
(within Category)
History
10.0
17.0
24.0
31.0
Portfolio Analysis
04-30-14
Share change since 01-14 Total Stocks:894 Sector
PE Tot Ret% % Assets
Next PLC
Cnsmr Cyc 18.4 26.66 3.69
UnitedHealth Group Inc
Hlth care 14.6 6.12 3.54
Seagate Technology PLC
Technology 12.0 -2.80 3.42
Microsoft Corporation
Technology 15.4 10.93 2.55
Best Buy Co Inc
Cnsmr Cyc 9.1 -30.22 1.68
Ross Stores, Inc.
Cnsmr Cyc 17.3 -8.38 1.46
Metro Inc.
Cnsmr Def 14.4 1.58 1.35
Barratt Developments PLC
Cnsmr Cyc 46.5 5.70 1.13
Unum Group
Finan Svs 10.5 -0.09 1.13
Oracle Corporation
Technology 17.7 10.45 1.10
Aegon NV
Finan Svs 15.9 -2.87 1.08
Eni SpA
Energy
13.6 7.17 0.98
AutoZone Inc
Cnsmr Cyc 17.2 11.42 0.96
Bed Bath & Beyond, Inc.
Cnsmr Cyc 11.9 -24.22 0.91
Safeway Inc.
Cnsmr Def 91.7 18.40 0.88
Gildan Activewear, Inc.
Cnsmr Cyc 20.1 2.60 0.87
Lincoln National Corp (R
Finan Svs
9.8 -6.47 0.87
Ansys, Inc.
Technology 27.9 -15.77 0.85
Hon Hai Precision Ind. C
Technology 20.0 0.00 0.84
DCC PLC
Industrl
23.6 24.54 0.81
Current Investment Style
Market Cap %
Giant
11.7
Large
21.5
Mid
36.7
Small
21.6
Micro
8.5
Avg $mil:
5,149
Value Blnd Growth
Large Mid Small
Value Measures
Rel Category
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
12.68
1.57
0.59
6.93
1.82
0.90
0.98
0.64
1.07
0.87
Growth Measures
% Rel Category
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
10.05
2.65
5.66
3.37
3.43
1.01
0.61
1.69
0.62
0.57
Profitability
% Rel Category
Return on Equity
Return on Assets
Net Margin
19.12
8.12
9.05
1.53
1.79
0.95
Sector
Weightings
% of
Stocks
Rel
S&P 500 High
3 Year
Low
Cyclical 44.54 1.55
BasicMat 3.40 1.11
. .
CnsmrCyc27.73 3.23
. .
FinanSvs 12.86 0.82
. .
Real Est 0.55 0.38
. .
Sensitive 35.44 0.81
CommSrvs 0.27 0.07
. .
Energy 4.91 0.46
. .
Industrl 10.04 0.88
. .
Technlgy 20.22 1.15
. .
Defensive20.02 0.73
CnsmrDef10.05 0.83
. .
Hlthcare 9.72 0.82
. .
Utilities 0.25 0.07
. .
h
r
t
y
u
j
i
o
p
a
k
s
d
f
Composition - Net
(% of Stock)
Cash 14.8
Stocks 85.2
Bonds 0.0
Other
0.1
Foreign 39.9
©
2014Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted tobeaccurate, correct, completeor
timely. Pastperformance is no guarantee of future results.Access updated reportsat
Toorder reprints, call312-696-6100.
mfb.morningstar.com.
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