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) -- The

Fidelity Value Fund

(FDVLX) - Get Fidelity Value Fund Report

was the best-performing portfolio in the third quarter among funds with more than $5 billion in assets.

The $8 billion fund, run by Boston-based

Fidelity Investments

, returned 27.4%, beating the 24% advance of the

Russell Midcap Value Index

. The $6.3 billion

DFA U.S. Small Cap Value Portfolio

(DFSVX) - Get DFA US Small Cap Value I Report

ranked No. 2, rising 26.8%. Our list excludes index and sector funds.

Shares of medium-sized companies outperformed large-cap stocks during the third quarter. The

S&P 500 Index

TheStreet Recommends


Dow Jones Industrial Average

each gained 16%.

The Fidelity Value Fund, managed by Richard Fentin, was upgraded to C-minus, or "hold," based on its performance through Aug. 31 after spending 11 months at "sell."

Fentin targets companies that are likely to increase earnings and assets whose shares are trading at prices he considers cheap. Most of the portfolio's holdings are based in the U.S. More than 11% of the fund is invested in banks, followed by 6.1% in oil and gas stocks and 5.8% in electronics companies. No individual holding accounts for more than 1.5% of assets.

Seven of the fund's holdings more than doubled during the third quarter, including


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ACCO Brands

( ABD),

Avis Budget Group

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Macquarie Infrastructure

(MIC) - Get Macquarie Infrastructure Holdings, LLC Report



(OSK) - Get Oshkosh Corp Report



( SOA) and




For more information on mutual fund ratings, check out our

Top-Rated Mutual Funds


-- Reported by Kevin Baker in Jupiter, Fla


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Kevin Baker became the senior financial analyst for TSC Ratings upon the August 2006 acquisition of Weiss Ratings by, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.