Value investing seeks companies with earning potential that the market may have underestimated or overlooked. Characteristics of value stocks include relatively low price-to-book, price-to-earnings, price-to-sales, and price-to-cash flow ratios. However, past performance does not guarantee future results.

Value funds can range from conservative to aggressive. They also fall into a variety of different market capitalization groups, including large cap and small/mid cap.

Using a Fidelity StyleMap^SM to evaluate Value funds.

Our StyleMaps, which are based on the most recent and historical Morningstar data, provide a quick view of a fund's investment style and the size of the companies in which it invests - giving you a basic idea of its potential risk. For example, the map below identifies a mid-cap value fund.

Characteristics of Value funds

• Undervalued companies with valuable assets, sales, earnings, growth potential, or cash flow.
• Earnings potential the market has overlooked.
• Priced attractively relative to their peers in the same industry.