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Fidelity Growth & Income a Spectator at the Tech Wreck

Tech-light portfolio helps the fund again in 2001.


Fidelity Growth & Income Fund's (FGRIX) continuing wager against technology paid off again in 2001's first half.

Manager Steve Kaye has long considered technology stocks overvalued, and his analysis has been spot-on in 2001. When the year began, the fund's tech weight was only two thirds as large as that of its benchmark, the S&P 500 index. Moreover, within technology, Kaye had little exposure to some of the sector's highest-flying stocks, including JDS Uniphase (JDSU) and Yahoo (YHOO). Those speculative issues fell especially hard during the first-quarter technology meltdown. For the year to date through June 29, the fund had lost 5.8%, but that was good enough to put it ahead of more than three fourths of its large-blend peers.

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Scott Cooley does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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