Fidelity Investments is one of the oldest and most widely known wealth management companies, managing over $5 trillion of assets on behalf of its customers. With nearly 70 years of experience, Fidelity mutual funds represent a cost-efficient way for an individual or institutional investor to build a diversified portfolio of equities, fixed income and money market securities. Most Fidelity funds have highly competitive net expense ratios and enjoy high marks from fund-rating agencies for their long-tenured management with a proven track record of risk-adjusted returns.

Fidelity Contrafund

Assets under management (AUM): $111.2 billion

2010-2015 average annual net asset value (NAV) return: 13.87%

Net expense ratio: 0.64%

The Fidelity Contrafund (FCNTX) seeks primarily capital appreciation through investing in common stocks of firms whose value management believes is not fully recognized by the public. The fund invests in domestic and foreign companies whose stock could be classified as either growth or value, or both. The fund primarily relies on fundamental analysis of factors such as improving earnings, strong management and industry position to select its holdings. The fund has an overweight position in information technology stocks with about 31% allocation, while consumer discretionary equities account for 21% of the fund's assets. It is also known for investing in private companies, such as Uber. However, exposure to illiquid private common shares is extremely limited. The only drawback that can stop this fund from generating consistently high returns is its size.

The fund's manager is Will Danoff, who has served at the helm of the Contrafund for over 25 years and generated superior risk-adjusted returns. The fund has earned Morningstar's silver analyst rating and a five-star overall rating. It comes with no load fees and a minimum investment requirement of $2,500.

Fidelity Select Biotechnology Portfolio Fund

AUM: $15.1 billion

2010-2015 average annual NAV return: 34.67%

Net expense ratio: 0.74%

The Fidelity Select Biotechnology Portfolio Fund is one of the best-performing Fidelity mutual funds investing in companies engaged in the research, development, manufacture and distribution of biotechnological products and services. Almost 90% of the fund's assets represent domestic stocks, while the remainder is allocated to foreign equities. Biotechnology companies dominate the portfolio with about 90% allocation, and the remaining 10% is invested in pharmaceutical companies. The fund's top 10 holdings account for 41% of its assets and include Gilead Sciences, Biogen, Alexion Pharmaceuticals and Celgene.

Morningstar has given this fund a bronze analyst rating and a five-star overall rating. The fund charges no load fees and comes with a $2,500 minimum investment.

Fidelity Select IT Services Portfolio Fund

AUM: $2.1 billion

2010-2015 average annual NAV return: 19.83%

Net expense ratio: 0.81%

The Fidelity Select IT Services Portfolio Fund invests in common stocks of information technology companies with different market capitalizations. The fund has a somewhat high concentration in its portfolio, with its top 10 holdings accounting for about 60% of the fund's assets. Companies of about 60% of the fund's holdings are involved in data processing and outsourced services, while 27% of the companies provide IT consulting services. The top equities holdings include Visa, MasterCard, IBM, Cognizant Technology Solutions and Accenture.

The fund has been awarded a five-star overall rating by Morningstar. It comes with no load fees and requires a $2,500 minimum investment.

Fidelity Mid Cap Enhanced Index Fund

AUM: $837 million

2010-2015 average annual NAV return: 14.09%

Net expense ratio: 0.61%

The Fidelity Mid Cap Enhanced Index Fund invests in common stocks included in the Russell Midcap Index, which consists of companies whose stocks have medium market capitalizations. The fund heavily relies on quantitative analysis of historical valuation, growth and profitability to select holdings for its portfolio. The holdings are widely dispersed across different sectors, with financial stocks and consumer discretionary stocks having 22% and 18% allocation, respectively. No single holding in the fund's portfolio accounts for more than 2% of the fund's assets.

The fund has no load fees and requires investors to contribute at least $2,500. Morningstar awarded the fund a five-star overall rating.