The Fund Grade · free · no account needed
What grade does FSDAX 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 Defense & Aerospace Portfolio
#412 of 500 graded active funds · growth · mid segment peer group
The point · specialist footprint
FSDAX puts less of its book behind proven specialists than 93% 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.
FSDAX vs the Honor Roll · share card ↗Conviction exposure
0%
of the book in specialist-converged names
Late-stage weight
43.6%
of the book in Crowded or Fading names
Active share
98.7%
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
FSDAX grades F, ranked 412 of 500, with zero specialist backing. Over 43% of the portfolio sits in late or fading positions, including GE and BA where specialists are actively leaving. RTX and RKLB show early conviction, but those bright spots are outweighed by the crowded and fading weight dragging the fund down.
→ Watch BA, HWM, and CW closely as specialists are fading from all three, which together represent over 20% of the fund.
→ Three higher graded funds exist in this same segment and Fidelity itself has better graded options worth comparing directly.
Support leaving these positions
Same family, higher grade
Read from today's disclosed book. Evidence, not advice.