By John Roth, lead portfolio manager of Fidelity® Mid-Cap Stock Fund — My co-manager Nicky and I have taken a contrarian view in favor of value stocks because we see a vast and widening valuation spread between value and growth names. The Case Shiller price-to-earnings ratio (P/E) for the S&P 500 index is a good way to look at valuation in the…

By Boris Shepov, portfolio manager of Fidelity® Select Retailing Portfolio — As difficult as the COVID-19 pandemic has been, I believe consumer behavior has been forever changed, and those retailers that have adapted, if not thrived, will be long-term beneficiaries. …

By Matt Drukker, portfolio manager of Fidelity® Select Communication Services Portfolio — In early March, the U.S. began shutting down its economy in an effort to limit the spread of COVID-19, forcing many employees and students to work from home. …

By Dan Kelley portfolio manager of Fidelity® Puritan® Fund — The home has always been a safe haven, but that has never been more apparent than during the pandemic-induced lockdowns. I think we’ve reached a point where people now value the space in their home differently than they did pre-pandemic. Even if we had a vaccine tomorrow, I think the…

By Eddie Yoon, portfolio manager of Fidelity® Select Medical Technology and Devices Portfolio — I’ve been investing in health care stocks for almost 20 years — a span that encompassed the passage of the Affordable Care Act, the drug pricing rhetoric in 2016 and 2017, and what we’re going through now. Currently, health care stocks on a relative basis look very inexpensive because of…

By Sonu Kalra, portfolio manager of Fidelity® Blue Chip Growth Fund — The longer it takes for economic activity to normalize, the more I’m convinced that some of the habits consumers developed during quarantine are likely to become entrenched. For example, I believe the increased online spending we’ve seen amid the pandemic is here to stay, largely because customers are getting used…

By Joel Tillinghast, portfolio manager of Fidelity® Low-Priced Stock Fund — Value stocks have underperformed growth stocks for the past several years. For the 10 years ending July 31, 2020, growth stocks within the Russell 2000 Index gained 12.58%, well ahead of the 7.30% advance for value stocks. The same degree of outperformance among growth stocks applies at the large-cap and…

By Steve Buller, portfolio manager of Fidelity® Real Estate Investment Portfolio — The pandemic has proved that many workers can do their jobs from home — a key consideration for investors who are evaluating the future of office real estate. Although telecommuting certainly has gained traction and is likely to be an option for more people in the years ahead, my team’s…

By Nicky Stafford, co-portfolio manager of Fidelity® Balanced Fund — We are in unprecedented times. Investors had already been witnessing dynamic structural shifts in consumer spending in recent years, based on evolving preferences, demographics and the impact of technology, which were translating into accelerating tailwinds/headwinds across the consumer universe. …