The Fidelity Growth Company Fund has had an outstanding decade. Independent mutual fund ratings agency Morningstar, which gives it a five-star rating, says it has been one of the best-performing funds of the past 10 years. The fund has $45.4 billion in assets under management and is invested in domestic and foreign companies that the advisor believes has above-average growth potential. Ranked in the first percentile by Morningstar, Fidelity Growth has a 10-year total annual return of 18.10%, well ahead of the 13.6% average for the “big growth” category. During that period, Fidelity Growth Company posted its highest annual return, 67.7%, in 2020. So far in 2022, the fund is down nearly 21%, through Wednesday. Morningstar strategist Robby Greengold wrote in May: “That poor performance, while disappointing, is mostly in line with what investors should expect from the strategy, given its style, typical exposure to companies with high volatility and an unfavorable macroeconomic backdrop”. Growth-oriented stocks had a tough first half of the year. But the stock market has rallied from a June low, boosted by investors carefully monitoring inflation data and the Federal Reserve. Fidelity Growth Company fund manager Steve Wymer is “one of the best” and his strategy has kept the fund ahead of its peers, Greengold said. That performance received an analyst gold rating from Morningstar. The Fidelity fund’s top holding was Apple, which accounted for 11% of the portfolio at the end of June, followed by Nvidia, Microsoft, Amazon and Alphabet. Apple, which has been in the fund since 2004, is down slightly on the year but is up about 35% since its June 16 low. Nvidia, which accounts for 6.92% of the portfolio, is down more than 36% on the year, and Microsoft, which account for 6.42% of the fund, have lost nearly 14% so far this year. Meanwhile, the two most recent additions are Growthco AB Holdings LLC, which accounts for 0.32% of the portfolio, and Sysco, 0.22%, according to Morningstar. The fund has increased its position with a number of names since June 30. The stocks holding the largest share gains still make up a small portion of the portfolio. The biggest increase came from shares of UnitedHealth, with the fund raising its holdings to 83%. The health insurer currently accounts for 0.53% of the fund’s portfolio. The number of Accenture shares increased 58% and the Procter & Gamble position increased 44%, with each stock making up less than 0.25% of the portfolio. Meanwhile, the holdings of the EOG Resources fund increased 28.1% and the number of TJX shares increased by 8.9%, Morningstar said. Of the 10 largest positions held by the fund, only Visa stock rose slightly in the latest quarter, 0.22%. Credit card companies account for 1.13% of the portfolio. Fidelity Growth Company’s fees are above average and it has an expense ratio of 0.73%, according to Morningstar.