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“Fidelity Select Pharmaceuticals, with a 4.2% gain, ranked third among Select funds and was among the top 20% of health care funds for the month, shooting up 13 places on the Sector Momentum Table,” said Don Dion, publisher of Sector Momentum Tracker.
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In the four weeks ended July 16, four Fidelity Select funds posted gains, led by Select Gold. The next four in terms of one-month returns were all tied to another defensive sector: health care.
Late last week, FPHAX, which had closed out June in worse year-to-date shape than the S&P 500, beat the large-cap index over every period from one week out to three years, including double-digit advantages for one-month and three-month returns.
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“The fund has rallied despite the troubles of recent No. 3 holding Merck (MRK), whose shares are off more than 36% year to date,” Dion noted.
Pharma stocks fell out of favor to start 2008, as the Amex Pharmaceutical Index (^DRG) fell more than 20% from mid-January to mid-June. “Thankfully, manager Andrew Oh doesn’t limit the fund to pharma stocks,” Dion said.
“While Fidelity recently said pharma stocks make up greater than 80% of the portfolio, that figure includes diversified companies such as recent No. 1 holding Abbott Laboratories (ABT) and No. 2 Johnson & Johnson (J&J),” Dion added. Abbott shares are up 12.9% over the last three months, while J&J shares are up 3.4% in a month, and many analysts view such broad-reaching firms as well-positioned.
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”Health care stocks generally perform well during times of economic uncertainty and recessions,”
Fidelity Independent Adviser’s Sector Momentum Tracker uses a time-tested formula to calculate relative strength. The Sector Portfolio has returned 43.85% net of fees since its inception in June 2004.
About Fidelity Independent Adviser- With more than 70,000 subscribers in the United States and 29 other countries, Fidelity Independent Adviser publishes four monthly newsletters and three weekly newsletters. Its flagship publication, Fidelity Independent Adviser, has been published monthly for 11 years and reaches 40,000 subscribers.
For information and subscription offers, go to http://store.fidelityindependentadviser.com/
Publisher Don Dion is also president and founder of Dion Money Management, a fee-based investment advisory firm to affluent individuals, families and nonprofit organizations, where he is responsible for setting investment policy, creating custom portfolios and overseeing the performance of client accounts. Founded in 1996 and based in Williamstown, Massachusetts, Dion Money Management manages more than $710 million in assets for clients in 49 states and 11 countries. A licensed attorney in Massachusetts and Maine, Mr. Dion has more than 25 years’ experience working in the financial markets, having founded and run two publicly traded companies before establishing Dion Money Management.
For more information, or a Free Portfolio Review, go to http://www.dionmm.com/
