The Fund Grade · free · no account needed

What grade does FRESX 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.

F

Fundprints Fund Grade · as of 2026-10-01

Fidelity Real Estate Investment Portfolio

#413 of 500 graded active funds · blend · mid segment peer group

The point · specialist footprint

FRESX puts less of its book behind proven specialists than 93% of graded funds.

● Bottom 20%

Bottom 40%

Middle

Top 40%

Top 20%

beat the S&P in 22% of quarters+3.8%/qtr better · 43% beat rate

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.

FRESX vs the Honor Roll · share card ↗

Conviction exposure

0%

of the book in specialist-converged names

Late-stage weight

47.9%

of the book in Crowded or Fading names

Active share

98.1%

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

Early Conviction
LAMR 0.4%
Consensus
AMT 8.4%WELL 8.4%SPG 4.4%+13 locked
Emerging
SBAC 1.5%UE 1.5%IVT 0.3%
Crowded
UDR 3.2%CPT 1.1%CSGP 1%+4 locked
Fading
PLD 9.5%EQIX 9.3%DLR 4.4%+10 locked

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

FRESX grades F, ranking 413 out of 500 funds, with zero specialist backing and nearly half the portfolio sitting in late or fading positions. Its two largest holdings, PLD and EQIX, are both Fading, meaning proven specialists are actively leaving those trades. Higher graded funds exist in both this segment and the Fidelity family itself.

→ Watch PLD and EQIX closely, together they total over 18% of the fund and specialists are currently exiting both positions.

→ Compare FRESX against higher graded peers in the same segment, the grade gap and zero specialist share argue for a closer look at alternatives.

Support leaving these positions

PLD 9.5% of the fund · Fading

EQIX 9.3% of the fund · Fading

DLR 4.4% of the fund · Fading

NNN 3.4% of the fund · Fading

UDR 3.2% of the fund · Crowded

Where it's genuinely early

SBAC 1.5% of the fund · Emerging

UE 1.5% of the fund · Emerging

LAMR 0.4% of the fund · Early Conviction

Read from today's disclosed book. Evidence, not advice.

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