Fidelity Low Priced Stock: Time To Move On?

I wouldn't blame you if you decided to turn your back on actively managed funds altogether. After all, study after study has shown that 80% or more of actively managed funds have failed to beat their benchmark over just about any time frame that can be measured. If you do that, though, you're missing out on some high quality funds such as the Fidelity Low Priced Stock Fund (MUTF:FLPSX).

Low Priced Stock has always been a bit of an oddity to me. Narrowing down your universe of potential stocks by their share price, an essentially random and meaningless number, always struck me as curious. I've never spent a whole lot of time thinking about it, though, because the fund has one of the best in the business, Joel Tillinghast, behind the wheel. Tillinghast has been lead manager of Low Priced Stock since the fund's inception in 1989. During that time, the fund has delivered an average annual return of over 13%, far outpacing the 9% average annual return of its benchmark, the Russell 2000.

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