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Strategies & Market Trends : Fidelity Select Sector funds -- Ignore unavailable to you. Want to Upgrade?

To: Jerry Held who wrote (1728)	4/6/1999 11:47:00 AM
From: TKG	Read Replies (1) \| Respond to of 4916

Can someone help me understand how the value of a mutual fund is calculated. I have several shares of Fidelity Select Technology fund (FSPTX) in my personal IRA and I also have some shares of this fund in my wife's account. On April 1, 1999, the fund dropped $6.85 per share (7.7%) as compared to March 31, 1999. I have looked at the top 10 holdings of this $1.37 billion fund. They are as follows: Security % of fund price 3/31/99 price 4/1/99 change INTC 13.25% 119.125 121.125 2.00 MSFT 10.27% 92.688 89.625 3.063 NOKA 7.14% 155.75 158.75 3.00 ASND 6.5% 83.688 87.312 3.624 CSCO 5.9% 109.562 109.938 .376 EMC 5.82% 128.00 128.50 .50 SEG 3.57% 29.562 30.125 .563 LU 3.45% 54.00 55.781 1.781 IBM 3.37% 177.25 177.062 -.188 AOL 3.25% 146.438 150.00 3.562 These top 10 holdings account for 62.52% of the fund. I have looked up the change in price of these stocks between 3/31/99 and 4/1/99 (see list above). All of them were up except IBM which was down $.188 per share. With 9 of the top 10 underlying securities up, I don't understand how the fund could be down 7.7% and the value of my account drop several thousand dollars. Can someone help me understand this? TKG