5
Morningstar FundInvestor
July 2
014
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
126.89
119.88
93.38
80.89
83.15
68.98
48.96
82.98
69.71
63.63
56.07
50.07
Total Return %
6.47
37.61
18.52
0.67
20.55
41.15
-40.90
19.89
9.56
13.50
12.12
41.36
+/-S&P 500
-0.67
5.22
2.52
-1.44
5.49
14.69
-3.90
14.40
-6.23
8.59
1.24
12.68
+/-Russ 1000Gr
0.16
4.13
3.26
-1.97
3.84
3.94
-2.46
8.08
0.49
8.24
5.82
11.61
Income Return %
0.00
0.22
0.24
0.06
0.00
0.24
0.09
0.00
0.00
0.02
0.14
0.00
Capital Return %
6.47
37.39
18.28
0.61
20.55
40.91
-40.99
19.89
9.56
13.48
11.98
41.36
Total Rtn % Rank Cat
20
17
17
24
12
23
53
18
26
10
14
6
Income $
0.00
0.21
0.19
0.05
0.00
0.12
0.08
0.00
0.00
0.01
0.07
0.00
Capital Gains $
0.70
8.12
2.28
2.71
0.00
0.01
0.01
0.59
0.00
0.00
0.00
0.00
Expense Ratio %
.
0.83
0.90
0.84
0.89
0.93
0.96
0.93
0.96
0.94
0.82
0.83
Income Ratio %
.
0.27
0.16
0.10
0.02
0.27
0.15
-0.08
-0.25
-0.32
0.15
-0.03
Turnover Rate %
.
26
33
36
36
64
55
49
54
50
. .
Net Assets $mil
24,079
23,381
22,700
23,529
28,622
28,159
21,563
37,073
30,070
27,415
25,180
22,609
Performance
06-30-14
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2010
2011
2012
2013
2014
6.02 -11.49 15.06 11.64 20.55
8.29 1.77 -15.20 7.74
0.67
21.16 -6.58
7.30 -2.41 18.52
8.49 3.89 13.04 8.01 37.61
2.58
. . . .
Trailing
Total
+/-
+/- Russ %Rank Growth of
Return% S&P 500 1000Gr
Cat
$10,000
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
3.79 -1.44
-1.34
68 10,379
6.47 -0.67
0.16
20 10,647
29.99 5.38
3.07
17 12,999
16.63 0.05
0.37
15 15,865
21.37 2.54
2.13
5 26,336
10.79 3.01
2.59
4 27,862
7.37 3.02
4.30
7 29,057
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
15.57
16
0.91
66
20.69
5
0.56
64
10.45
3
0.30
39
Potential Capital Gain Exposure: 49% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
29.99
3 Yr
16.63
+Avg
+Avg
5 Yr
21.37
High
+Avg
10 Yr
10.79
High
+Avg
Incept
13.32
Other Measures
Standard Index
Best Fit Index
S&P 500 M* U.S. Grwth TR
Alpha
-2.0
-1.1
Beta
1.15
1.10
R-Squared
81
94
Standard Deviation
15.70
Mean
16.63
Sharpe Ratio
1.06
Morningstar’s Take
by Katie Rushkewicz Reichart, CFA 06-26-14
Fidelity Growth Company keeps up the pace.
This closed fund placed in the large-growth
Morningstar Category’s top decile for the trailing one-,
three-, five-, 10-, and 15-year periods through June 20,
2014, speaking to its consistent success under
manager Steve Wymer. Despite managing more than
$50 billion in assets strategywide, Wymer has
continued executing well, seeking out firms where
strong pricing power or competitive edges provide
sustainable growth.
That approach has historically led to a heavy dose
of technology and health-care stocks, including an
above-average stake in biotechnology (13.4% of assets
as of April versus the category’s 9.6%). Fortunately,
Wymer’s stock-picking has proved especially adept in
those areas, according to Morningstar attribution.
Wymer works closely with select analysts in those
sectors who are familiar with his style of investing,
which helps him weed through the onslaught of
research produced by Fidelity’s large research team.
While the fund’s success in the health-care and
technology sectors stands out, that hasn’t precluded
Wymer from capitalizing on other types of growth
plays. In 2014’s first half, for instance, the fund got a
boost from several airlines that have benefited from
industry consolidation, including Delta Airlines DAL.
Those stocks helped pick up the slack for picks that
fell flat, including Lululemon LULU, Salesforce.com
CRM, and Amazon.com AMZN, and for the lackluster
performance across the fund’s technology holdings.
To be sure, there’s ample risk built into this fund’s
growth-fueled approach, particularly as valuations
have crept up in a rising market. That could lead to a
steeper decline than the category norm in a market
pullback, which has historically been the case: The
fund has lost 107% as much in down markets. The
fund has more than made up for that on the upside,
gaining 118% as much as its average peer. But its
dollar-weighted returns during the past 15 years lag
its total returns by 3 percentage points. Investors need
to hold on through the good times and bad to reap its
full benefits.
Address:
Fidelity Mt Vernon Street Trust
Boston, MA 02109
800-544-8544
Web Address:
Inception:
01-17-83
Advisor:
Fidelity Management & Research Company
Subadvisor:
FMR Co., Inc. (FMRC)
NTF Plans:
Fidelity Retail-NTF, CommonWealth NTF
Minimum Purchase:
Closed
Add:
.
IRA:
.
Min Auto Inv Plan:
Closed
Add:
.
Sales Fees:
No-load
Management Fee:
0.30%
Actual Fees:
Mgt:0.65% Dist:
.
Expense Projections:
3Yr:$265
5Yr:$460 10Yr:$1025
Income Distribution:
Annually
Data through June 30, 2014
Fidelity Growth Company
Ticker
Status Yield Total Assets
Mstar Category
FDGRX Closed 0.1% $43,060 mil
Large Growth
100% 99% 99% 100% 100% 100% 100% 100% 100%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 06-14
Historical Profile
Return
Risk
Rating
High
Above Avg
Highest
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
38.0
Portfolio Analysis
05-31-14
Share change since 04-14 Total Stocks:362 Sector
PE Tot Ret% % Assets
Apple Inc
Technology 15.2 13.96 4.59
Salesforce.com Inc
Technology
.
-4.64 3.79
Google Inc Class A
Technology 31.3 1.92 2.46
Google Inc Class C
Technology 30.6
.
2.44
Facebook Inc Class A
Technology 84.0 15.83 2.24
Regeneron Pharmaceutical
Hlth care 87.7 11.52 2.04
NVIDIA Corp
Technology 22.2 19.66 1.98
Gilead Sciences Inc
Hlth care 30.1 8.14 1.67
Alexion Pharmaceuticals
Hlth care 95.2 17.58 1.45
Keurig Green Mountain In
Cnsmr Def 31.9 49.96 1.34
Qualcomm Inc
Technology 21.6 8.82 1.28
Monsanto Co
Basic Mat 24.6 5.29 1.19
Union Pacific Corp
Industrl
20.4 19.15 1.18
Microsoft Corp
Technology 15.4 10.93 1.14
Amazon.com Inc
Cnsmr Cyc
.
-18.56 1.14
Alkermes PLC
Hlth care
.
23.78 1.13
Visa Inc Class A
Finan Svs 25.4 -3.17 1.03
Comcast Corp Class A
Comm Svs 19.1 0.89 0.99
Lululemon Athletica Inc
Cnsmr Cyc 26.0 -24.39 0.98
Philip Morris Internatio
Cnsmr Def 17.1 2.70 0.98
Current Investment Style
Market Cap %
Giant
37.3
Large
31.2
Mid
21.2
Small
8.2
Micro
2.2
Avg $mil:
32,602
Value Blnd Growth
Large Mid Small
Value Measures
Rel Category
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
20.86
3.52
2.12
10.55
1.41
1.16
1.23
1.17
1.06
1.07
Growth Measures
% Rel Category
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
13.75
10.37
8.71
12.19
13.10
1.02
1.00
1.09
0.94
0.59
Profitability
% Rel Category
Return on Equity
Return on Assets
Net Margin
16.11
7.41
11.38
0.77
0.76
0.81
Sector
Weightings
% of
Stocks
Rel
S&P 500 High
3 Year
Low
Cyclical 20.61 0.72
BasicMat 2.68 0.88 4 2
CnsmrCyc12.62 1.47 17 13
FinanSvs 5.15 0.33 7 5
Real Est 0.16 0.11 0 0
Sensitive 47.97 1.10
CommSrvs 1.61 0.40 2 0
Energy 5.93 0.55 9 4
Industrl
8.91 0.78 8 6
Technlgy 31.52 1.79 37 31
Defensive31.41 1.14
CnsmrDef12.15 1.00 13 10
Hlthcare 19.26 1.63 21 14
Utilities 0.00 0.00
. .
h
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Composition - Net
(% of Stock)
Cash
0.0
Stocks 99.7
Bonds 0.0
Other
0.3
Foreign 6.2
©
2014Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted tobe accurate, correct, completeor
timely.Pastperformance isnoguaranteeof future results.Accessupdated reports at
To order reprints, call 312-696-6100.
mfb.morningstar.com.
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