The Fund Grade · free · no account needed
What grade does FSELX 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 2026-09-01
Fidelity Select Semiconductors Portfolio
#41 of 440 graded active funds · blend · large segment peer group
The point · specialist footprint
FSELX puts more of its book behind proven specialists than 94% of graded funds.
Bottom 20%
Bottom 40%
Middle
Top 40%
● Top 20%
That has mattered: over the past 2.7 years, funds on this rung beat bottom-rung funds by about 3.8 points per quarter, and beat the S&P in 43% of fund-quarters versus their 22%. The evidence argues this fund earns its seat.
2,825 graded funds · 2.7 years of filings, measured as they were published · evidence, not advice
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.
Conviction exposure
50.6%
of the book in specialist-converged names
Late-stage weight
22.2%
of the book in Crowded or Fading names
Active share
91.1%
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 2026-09-09
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
FSELX earns an A grade and ranks 41 out of 440 graded funds, with specialists owning over half the portfolio. The most striking detail is that NVDA alone makes up 22 percent of assets and sits at Early Conviction stage alongside ALAB and MU, while crowded names like NXPI and MPWR and fading positions in ALGM and COHR add meaningful late-stage weight at 22 percent.
→ Monitor ALGM and COHR closely as specialists are actively leaving both positions, together near 3 percent of the fund.
→ The Early Conviction case for NVDA, ALAB, and MU is strong, but a 22 percent single-stock concentration in NVDA warrants ongoing size awareness.
Support leaving these positions
Where it's genuinely early
ASML 4.6% of the fund · Early Conviction
Read from today's disclosed book. Evidence, not advice.
The evidence base updates this week.
The specialists — not the whales — are already positioned for what comes next. Stop finding out last.
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