The Fund Grade · free · no account needed
What grade does FDLSX get?
Morningstar rates funds on what they returned. We grade them on where their money sits today: how much of the book overlaps with the converged buys of the top specialist stock pickers.
Fundprints Fund Grade · as of 2026-10-01
Fidelity Select Leisure Portfolio
#271 of 500 graded active funds · blend · mid segment peer group
The point · specialist footprint
FDLSX puts less of its book behind proven specialists than 83% of graded funds.
● Bottom 20%
Bottom 40%
Middle
Top 40%
Top 20%
That has mattered: over the past 2.7 years, funds with this little specialist backing trailed top-rung funds by about 3.8% per quarter and beat the S&P in only 22% of fund-quarters. If it also charges an active fee, the higher-graded alternatives deserve a look.
10,000+ funds tracked · the graded specialists among them drive every read
3 funds in the same segment carry an A. Members see the names and what they charge. See the alternatives →
The grade scores this fund's specialist share, the slice that overlaps what the top 1% of proven funds are building. We ignore index ballast and names outside our edge on purpose: that slice is small, and it's what decides the outcome.
FDLSX vs the Honor Roll · share card ↗Conviction exposure
4.4%
of the book in specialist-converged names
Late-stage weight
19.4%
of the book in Crowded or Fading names
Active share
98.4%
how far it strays from the index
The best grades have beaten the worst by about +5% a year since we began grading. The gap held in 9 out of 10 months. Measured on filings as they were published, no hindsight.
Inside the book: top names by stage · as of 2026-10-20
We email you the day it crosses 50% crowded, and where you stand every month.
Graded monthly from point-in-time filings. A description of where the money sits, not a recommendation. Evidence, not advice.
The read · what to do with it
FDLSX grades out at C, ranked 271 of 500, with specialist ownership at just 4.4 percent, a thin base of expert backing. The bright spot is MCD at 7.5 percent weight in an Emerging stage, joined by Early Conviction reads on USFD and DASH. The concern is WYNN, a 4.3 percent position where specialists are already leaving.
→ Watch the WYNN position closely, as specialists are fading from it while it remains a top-five holding.
→ Higher graded funds exist in this segment and within Fidelity itself, so compare this fund's grade before adding capital.
Support leaving these positions
Same family, higher grade
Read from today's disclosed book. Evidence, not advice.