Use Figure 4.5 to answer the following questions about Fidelity’s Small Cap Growth fund.

a. What is the fund’s investment style. Is it consistent with the fund’s name?

b. In what quartile was the fund’s 2020 return compared to other firms with the same investment style?

c. What has been the consistency of the fund’s comparative performance? Can you explain why Morningstar has awarded the fund a four-star ranking?

d. Morningstar characterizes the fund’s expense ratio as average. Do you agree? What considerations go into thinking about the correct benchmark for this statistic for this fund?

e. What is the fund’s most recent turnover ratio? If the cost of a trade for small stocks was .25% of the assets bought or sold, by how much did trading costs reduce the fund’s net returns? LOP5