Fidelity Management & Research Company's roots date back to 1943 when Edward Crosby Johnson II became associated with Fidelity Fund. Johnson founded Fidelity Management & Research Company, or FMR Co., in 1946, and FMR acted as an investment advisor to the Fidelity Fund. Fidelity has grown to a leading financial services company with $8.3 trillion in total customer assets and 30 million individual investors as of Dec. 31, 2019.
Fidelity offers various mutual funds that suit most investors' needs. One of its most popular mutual funds was the Fidelity Spartan 500 Index Fund - Investor Class (FUSEX), which allocated 80% of the fund to the S&P 500. In May 2016, the Spartan Index Funds were renamed to drop the word "Spartan" and replaced simply with the brand name "Fidelity."
In November 2018, FUXEX was merged--along with some other Investor Class mutual funds--into the current Fidelity® 500 Index Fund (FXAIX). It is considered one of the best S&P 500 index funds with regards to fees and liquidity.
As of November 2018, the mutual fund FUSEX no longer exists, having merged into the current FXAIX.
FUSEX Historical Information
As of July 2016, the fund required a minimum investment of $2,500. It had a low turnover rate of 4%, which allowed it to charge a low annual net expense ratio of 0.095%, or 95 cents per $1,000 invested. The Spartan 500 Index Fund - Investor Class has total net assets of $7.64 billion, and the entire fund, including all share classes, has total net assets of $101 billion.
Fidelity Spartan 500 Index Fund Investment Management Team
The fund's investment advisor and investment manager was Fidelity Management & Research Company, and its sub-advisors were Geode Capital Management LLC and FMR Co. Inc. Deane Gyllenhaal, who joined Geode in 2014, and Patrick Waddell, who has been with Geode for more than 10 years, served as senior portfolio managers for the fund. Louis Bottari served as a portfolio manager and had been with Geode for nearly eight years. Before assuming the role as portfolio manager to the Fidelity Spartan 500 Index Fund, Bottari was an employee of Fidelity since 1991. Peter Matthew has been an assistant portfolio manager to the fund since 2012.
The fund's top 10 holdings made up 17.6% of its portfolio. Its top five holdings included Apple Inc. (AAPL), Microsoft Corporation (MSFT), Exxon Mobil Corporation (XOM), General Electric Company (GE), and Johnson & Johnson (JNJ).
The fund maintained a diverse portfolio, and its industry allocations as of Jan. 31, 2016 were 20.39% information technology, 15.63% financials, 14.51% health care, 12.65% consumer discretionary, 10.47% consumer staples, 9.81% industrials, 6.53% energy, 3.25% utilities, 2.65% telecommunication services, and 2.56% materials.
The fund had an average annual return of 10.04% and a standard deviation of 11.94% over the past five years. Based on trailing 10-year data, the fund had average annual volatility of 15.16% and a return of 6.37%. Over these periods, the fund maintained an R-squared of 100% and a beta of 1 when measured against its benchmark index.