Fund Evaluator:

Fidelity New Millennium Overview

Fidelity New Millennium (FMILX) is an actively managed U.S. Equity Large Blend fund. Fidelity Investments launched the fund in 1992.

The investment seeks capital appreciation. The fund normally invests in common stocks. The advisor identifies early signs of long-term changes in the marketplace and focusing on those companies that may benefit from opportunities created by these changes by examining technological advances, product innovation, economic plans, demographics, social attitudes, and other factors, which can lead to investments in small and medium-sized companies. The fund invests in either "growth" stocks or "value" stocks or both.

About Fidelity New Millennium (FMILX)

There are 1 members of the management team with an average tenure of 3.78 years: Daniel Sherwood (2022). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Fidelity New Millennium has 127 securities in its portfolio. The top 10 holdings constitute 42.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Fidelity New Millennium is part of the Equity global asset class and is within the U.S. Equity fund group. Fidelity New Millennium has 8.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 84.8%. There is 8.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity New Millennium has 0.3% of the portfolio in cash.

Assets Under Management

The fund has $5 billion in total assets, which is below the $6 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

FMILX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity New Millennium expense ratio is above average compared to funds in the Large Blend category. Fidelity New Millennium has an expense ratio of 0.76%, which is 6% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity New Millennium has a portfolio turnover rate of 30%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.

Recently, in the month of July 2026, Fidelity New Millennium returned -3.4%, which earned it a grade of F, as the Large Blend category had an average return of 0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Fidelity New Millennium has a trailing yield of 0.07%, which is below the 0.56% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Fidelity New Millennium Grades

Year to date, the fund has returned 11.2%, 1.9 percentage points better than the category, which translates into a grade of B. The fund has returned 19.8% over the past year (grade of B), 21.4% over the past three years (grade of A) and 16.6% per year over the past five years (grade of A) and 15.2% per year over the past 10 years (grade of A).

For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.

Otherwise, for more information about Fidelity New Millennium, including its riskiness, submit your email to unlock the rest of the article.