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 $2 trillion in global assets under management (AUM) and 24 million clients as of Sept. 30, 2015.
Fidelity offers various mutual funds that suit most investors' needs. One of its most popular funds is the Fidelity Spartan 500 Index Fund - Investor Class ("FUSEX"), which allocates 80% of the fund to S&P 500. The fund requires a minimum investment of $2,500. It has a low turnover rate of 4%, which allows it to charge a low annual net expense ratio of 0.095%, or 95 cents per $1,000 invested. As of July, 2016, 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 is Fidelity Management & Research Company, and its sub-advisors are 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, serve as senior portfolio managers for the fund. Louis Bottari serves as a portfolio manager and has 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 include Apple Inc. (NASDAQ: AAPL), Microsoft Corporation (NASDAQ: MSFT), Exxon Mobil Corporation (NYSE: XOM), General Electric Company (NYSE: GE) and Johnson & Johnson (NYSE: JNJ).
The fund maintains 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 has an average annual return of 10.04% and standard deviation of 11.94% over the past five years. Based on trailing 10-year data, the fund has an average annual volatility of 15.16% and return of 6.37%. Over these periods, the fund has maintained an R-squared of 100% and beta of 1 when measured against its benchmark index.