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Strategies & Market Trends : Fidelity Select Sector funds

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To: Dennis who wrote (328)	11/2/1997 10:33:00 PM
From: Andrew H	Read Replies (1) of 4916

For the thread from the Fidelity website, some info on FSESX. Also the Beta of the fund, a measure of volatility and risk is .70, a figure which shows less volatility and risk than the overall market (rated at 1.0). If the market does well, I would expect the relatively low PEs of these stocks to expand as their earnings continue to grow rapidly over the next couple of years. Hang Seng is currently up 5.7% Major Market Sectors as of 09/30/1997 ÿ09/30/1997 08/31/1997 03/31/1997 ÿ Aerospace & Defense: 0.6% 0.7% 0.1% Basic Industries: 0.5% 0.6% 0.0% Construction & Real Estate: 7.2% 7.8% 7.3% Energy: 79.3% 78.6% 78.0% Finance: 0.0% 0.0% 0.0% Industrial Machinery & Equipment: 0.4% 0.3% 0.2% Services: 0.2% 0.0% 0.0% Transportation: 0.4% 0.5% 1.4% Utilities: 0.0% 0.0% 0.0% Geographical Diversification as of 09/30/1997 ÿ09/30/1997 08/31/1997 03/31/1997 Panama: 2.4% 2.5% 3.0% Canada: 1.3% 0.0% 0.0% NV: 4.2% 4.1% 7.1% Norway: 0.0% 1.8% 1.8% France: 5.6% 6.2% 4.7% USA: 83.9% 83.2% 68.1% Netherlands: 0.0% 0.0% 0.0% Top Ten Holdings as of 09/30/1997 HALLIBURTON CO COOPER CAMERON CORP NOBLE DRILLING CORP SCHLUMBERGER LTD NY REG WEATHERFORD ENTERRA INC TRANSOCEAN OFFSHORE INC WESTERN ATLAS INC DRESSER INDUSTRIES INC BAKER HUGHES INC READING & BATES CORP COM NEW ÿ 39.8% of the portfolio

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