(PUB) Investing 2016

390 / 708

4
Data through August 31, 2016 FINRA members: For internal or institutional use only.
Fidelity® Puritan® Ticker
FPURX
Yield
1.6%
Total Assets
$25,776 mil
Mstar Category
Allocation--50% to 70%
Equity
Benchmark 1: Morningstar Mod Tgt Risk TR USD
Benchmark 2: Morningstar Mod Tgt Risk TR USD
Morningstar Analyst Rating 08-29-16
„
Morningstar Pillars
Process ∞ Positive
Performance ∞ Positive
People ∞ Positive
Parent ∞ Positive
Price ∞ 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 „ ´ ‰ Á
Pillar Spectrum
∞ Positive § Negative ¶ Neutral
10.0
12.5
15.0
17.5
20.0
Historical Profile
Return
Risk
Rating
High
Above Avg
QQQQQ
Highest
7 7 7 7 7 7 7 7 Investment Style
Equity
Growth of $10,000
Investment Values of
Fund
Investment Values of
Benchmark 1
& * ( * & * & & & & ) Performance Quartile
(within Category)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 08-16 History
19.97 19.03 13.06 16.06 17.91 17.69 19.41 21.23 21.49 20.33 21.08 NAV
14.78 6.17 -29.16 26.69 14.04 0.67 13.79 20.34 10.75 1.77 4.58 Total Return %
1.82 -2.46 -6.97 4.91 1.71 0.08 1.74 6.03 5.86 3.56 -3.16 +/- Bmark 1
1.82 -2.46 -6.97 4.91 1.71 0.08 1.74 6.03 5.86 3.56 -3.16 +/- Bmark 2
3.24 2.97 2.53 3.23 2.36 1.95 2.02 1.75 1.70 2.19 0.86 Income Return %
11.54 3.20 -31.69 23.46 11.68 -1.27 11.77 18.58 9.04 -0.42 3.72 Capital Return %
8 49 58 33 13 38 17 16 4 4 81 Total Rtn % Rank Cat
0.59 0.58 0.48 0.42 0.38 0.35 0.35 0.33 0.35 0.46 0.18 Income $
0.85 1.62 0.02 0.01 0.00 0.00 0.35 1.68 1.57 1.06 0.00 Capital Gains $
0.63 0.60 0.61 0.67 0.61 0.60 0.59 0.58 0.56 0.56 0.56 Expense Ratio %
3.97 2.91 2.72 3.30 2.48 1.96 2.03 1.79 1.68 2.13 1.77 Income Ratio %
78 70 115 116 104 154 141 229 160 106 . Turnover Rate %
25,810 25,414 14,893 16,792 16,688 14,841 15,209 17,308 18,754 19,230 19,765 Net Assets $mil
Performance 08-31-16
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total
2012 10.34 -2.09 5.16 0.15 13.79
2013 5.77 0.58 5.69 7.03 20.34
2014 2.31 4.01 1.00 3.04 10.75
2015 2.65 -0.28 -5.50 5.20 1.77
2016 -0.79 1.88 — — —
Trailing Total
Return%
+/- Bmark
1
+/- Bmark
2
%Rank
Cat
Growth of
$10,000
3 Mo 3.41 -0.46 -0.46 32 10,341
6 Mo 10.11 -0.64 -0.64 39 11,011
1 Yr 7.41 -0.82 -0.83 32 10,741
3 Yr Avg 9.19 3.05 3.05 4 13,019
5 Yr Avg 10.24 2.95 2.95 8 16,278
10 Yr Avg 6.63 0.82 0.81 12 18,999
15 Yr Avg 6.65 -0.01 -0.01 13 26,282
Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated) 6.73 12 2.26 84
5 Yr (estimated) 8.45 13 1.62 79
10 Yr (estimated) 5.07 17 1.46 86
Potential Capital Gain Exposure: 17% of assets
Rating and Risk
Time
Period
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
Morningstar
Risk-Adj Rating
1 Yr 7.41
3 Yr 9.19 High +Avg QQQQQ
5 Yr 10.24 High +Avg QQQQQ
10 Yr 6.63 +Avg Avg QQQQ
Incept 10.95
Other Measures Standard Index Best Fit Index
Alpha 2.4 0.5
Beta 1.08 0.67
R-Squared 86 96
Standard Deviation 8.01
Mean 9.19
Sharpe Ratio 1.13
Portfolio Analysis 07-31-16
Total Stocks: 256
Share change since 06-30-16 Sector YTD Ret % % Assets
Alphabet Inc C Technology — 3.24
TApple Inc Technology 2.38 2.23
TMicrosoft Corp Technology 5.52 1.85
Facebook Inc A Technology 20.50 1.82
Medtronic PLC Hlth Care 14.20 1.60
Amazon.com Inc Cnsmr Cyc 13.80 1.58
Visa Inc Class A Finan Svcs 4.86 1.51
Amgen Inc Hlth Care 6.61 1.47
Allergan PLC Hlth Care -24.95 1.23
Total Fixed Income: 832
Date of
Maturity Amount 000
Value
$000
%
Assets
US Treasury Bond 3% 11-15-45 225,720 265,635 1.14
Fannie Mae 3.5% 30 Year — 181,820 193,210 0.83
Equity Style
Style: Growth
Size: Large-Cap
Fixed-Income Style
Duration: Moderate
Quality: Low
Value Measures Rel Category
Price/Earnings 22.27 1.25
Price/Book 2.95 1.34
Price/Sales 2.62 1.68
Price/Cash Flow 12.24 1.44
Dividend Yield % 1.74 0.66
Growth Measures % Rel Category
Long-Term Erngs 9.70 1.06
Book Value 5.56 2.64
Sales 2.68 -1.99
Cash Flow 3.02 2.23
Historical Erngs 3.76 -0.68
Market Cap %
Giant 50.2 Small 2.0
Large 35.4 Micro 0.5
Mid 12.0 Avg $mil: 64,257
Composition - Net
Cash 2.5
Stocks 72.6
Bonds 24.7
Other 0.2
Foreign 6.2
(% of Stock)
Avg Eff Duration1 4.9 Yrs
Avg Eff Maturity —
Avg Credit Quality BB
Avg Wtd Coupon 3.55%
1 figure provided by fund as of 07-31-16
Sector
Weightings
% of
Stocks
Rel
Bmark 1
h Cyclical 30.23 0.77
r BasicMat 2.58 0.49
t CnsmrCyc 13.59 1.19
y FinanSvcs 12.10 0.75
u Real Est 1.96 0.31
j Sensitive 41.58 1.13
i CommSrvs 4.60 1.08
o Energy 5.09 0.76
p Industrl 9.50 0.84
a Technlgy 22.39 1.55
k Defensive 28.19 1.17
s CnsmrDef 9.83 1.07
d Hlthcare 17.56 1.62
f Utilities 0.80 0.20
Morningstar's Take by Susan Wasserman 08-29-16
Lead manager Ramin Arani continues to demonstrate his
skill managing Fidelity Puritan, adding value in both the
overallassetallocationandequitysecurityselection.Plus,
the fund's two fixed-income managers run their sleeves
prudently. This combination has translated into peer-
beating results. The fund's Morningstar Analyst Rating
has been upgraded to Silver from Bronze.
Arani takes a comparatively aggressive tack. Like
many of its peers in the allocation--50% to 70% equity
Morningstar Category, this fund targets a 60%/40% mix
of equities and fixed income. However, Arani adjusts the
mix based on where he sees the best opportunity, and in
recent years that's been in equities. The portfolio's equity
exposure has hovered around 70% of assets the past
three years and reached 73% in May 2016. This position
reflects Arani’s optimistic view on finding growth
opportunities within a growth-constrained environment.
As for stock picks, Arani favors firms with strong free
cash flow, increasing returns on invested capital, and
catalysts that he expects to play out over an 18- to 36-
month period. As such, he gravitates to large-growth
stocks, as evidenced by the portfolio's above-average
growth and valuation measures.
The fund's bond exposure, which consists of
investment-grade and high-yield sleeves, acts as ballast
to the equity portfolio, but it also seeks to augment
results. Bond managers Michael Plage and Harley Lank
avoid interest-rate bets, but they don't shy away from
credit risk. The fund tends to hold more in securities rated
BBB and below than the Barclays U.S. Aggregate Bond
Index.
Thecombinationhasworked for investors.The fund's
overweighting in equities has been a tailwind in recent
years, and strong security selection has helped as well.
Since Arani joined the fund in February 2007, its 6.0%
annualized return has outpaced the typical peer by 180
basis points. The fund's equity-heavy allocation and
growth tilt could cause it to suffer more than most when
stocks tumble, but Arani has delivered over a full market
cycle.
Address: Fidelity Puritan Trust Minimum Purchase: $2500 Add: — IRA: $2500
Boston, MA 02109 Min Auto Inv Plan: — Add: —
800-544-8544 Sales Fees: No-load
Web Address: Management Fee: 0.15%
Inception: 04-16-47 Actual Fees: Mgt:0.40% Dist:—
Advisor: Fidelity Management & Research Company Expense Projections: 3Yr:$179 5Yr:$313 10Yr:$701
Subadvisor: FMR Investment Management (U.K.) Limited Income Distribution: Quarterly
©2016Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past
performance is no guarantee of future results.Access updated reports at . To order reprints, email ß® Mutual Funds A