The Fund Grade · free · no account needed
What grade does FSLEX 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 Environmental and Alternative Energy Ptf
#396 of 500 graded active funds · blend · large segment peer group
The point · specialist footprint
FSLEX sits mid pack for specialist backing among graded funds.
Bottom 20%
Bottom 40%
● Middle
Top 40%
Top 20%
The middle rungs sat between the extremes, and the pattern was monotonic: every step up in specialist backing came with better subsequent results. Not damning, not compelling. The fee decides whether it is worth it.
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.
FSLEX vs the Honor Roll · share card ↗Conviction exposure
23.5%
of the book in specialist-converged names
Late-stage weight
33.4%
of the book in Crowded or Fading names
Active share
94.1%
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
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
FSLEX grades a D, ranking 396 out of 500 funds, with only 23.5% specialist ownership and a third of the portfolio in late-stage positions. TSLA at 9.6% is the single biggest concern, with specialists actively leaving that position alongside NEE, PLD, and CMI. MSFT and ANET offer some early conviction, but they feel out of place in an environmental energy mandate.
→ Watch the TSLA position at 9.6%, the largest holding, where specialist selling is already underway.
→ Higher graded funds exist in this segment and within Fidelity itself, making the D grade harder to justify holding.
Support leaving these positions
Same family, higher grade
Read from today's disclosed book. Evidence, not advice.