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Almost a third of stock mutual funds run by Fidelity Investments returned more than 10% last month, when the S&P 500 Index climbed 8.5%.

Among those 63 mutual funds, three that invest in chemical and technology companies might be worth buying before the economy rebounds. The funds -- Fidelity's Select Chemicals Portfolio, Select Materials Portfolio and Advisor Technology Fund -- each returned about 14% last month.

TheStreet.com Ratings

Chemical stocks are likely to gain as the recession lifts because manufacturers need them for their products. Technology shares will rise when companies start upgrading their computer systems and consumers can afford to buy electronic devices again.

The Fidelity Select Chemicals Portfolio's ( FSCHX) top two holdings are Monsanto ( MON) and Praxair ( PX). The stocks have returned 12% and 13% this year, respectively, doubling the 5.4 rise of the S&P 500 Chemicals Index.

Chemical companies make up more than half of the Fidelity Select Materials Portfolio ( FSDPX). The fund holds some of the same stocks as the chemicals fund, but offers exposure to metals through Newmont Mining ( NEM) and Freeport-McMoRan ( FCX). Freeport-McMoRan jumped 25% in March on optimism about copper demand.

The Fidelity Advisor Technology Fund ( FATEX) invests heavily in Hewlett-Packard ( HPQ) and Cisco Systems ( CSCO), companies that have been named as potential suitors for Sun Microsystems ( JAVA) now that talks with IBM ( IBM) have broken down. The U.S. General Services Administration has named Hewlett-Packard the centralized buyer for information technology products and services, giving it the inside track to bid on $50 billion in projects.

These funds ranked among the top third of "hold"-rated funds at the end of February. They could be upgraded to "buy" in light of their March performances.

Best Performing Fidelity Mutual Funds in March
Fund (Ticker) Overall Rating Reward Grade Risk Grade Objective Total Return 1 Month Total Return 1 Year
Fidelity Select Automotive Portfolio (FSAVX) E- E- D- Sector Fund 21.85% -63.17%
Fidelity Select Retailing Portfolio (FSRPX) B- B C- Sector Fund 19.15% -13.39%
Fidelity Advisor Electronics Fund (FELAX) E+ E+ C- Sector Fund-Technology 16.41% -34.42%
Fidelity Small Cap Stock Fund (FSLCX) D- D- C- Growth-Small Cap 16.27% -39.23%
Fidelity Select Electronics Portfolio (FSELX) D- D- C- Sector Fund-Technology 16.09% -33.88%
Fidelity Select Construction and Housing Portfolio (FSHOX) D- D- C- Sector Fund 15.21% -36.06%
Fidelity Pacific Basin Fund (FPBFX) E+ E+ D+ Region Fund-Asian Pacific 15.15% -51.49%
Fidelity Advisor Communications Equipment Fund (FDMAX) E+ E+ D+ Sector Fund-Internet & Telecom 14.69% -36.81%
Fidelity Select Computers Portfolio (FDCPX) C C+ C- Sector Fund-Technology 14.59% -32.24%
Fidelity Select Communications Equipment Portfolio (FSDCX) D- D- C- Sector Fund-Internet & Telecom 14.37% -35.97%
Fidelity Select Networking and Infrastructure Portfolio (FNINX) D- D D+ Sector Fund-Internet & Telecom 14.05% -27.75%
Fidelity Select Chemicals Portfolio (FSCHX) C+ B C- Sector Fund 14.01% -37.99%
Fidelity Magellan Fund (FMAGX) D- D D+ Growth-Large Cap 13.91% -43.81%
Fidelity Advisor Technology Fund (FATEX) C+ B C- Sector Fund-Technology 13.75% -35.76%
Fidelity Advisor Materials Fund (FMFAX) D C E- Sector Fund 13.71% -43.77%
Fidelity Select Materials Portfolio (FSDPX) C+ C+ C- Sector Fund 13.70% -43.63%
Fidelity Select Technology Portfolio (FSPTX) D C- D Sector Fund-Technology 13.60% -35.74%
Fidelity Emerging Europe Middle East Africa EMEA Fund (FMEAX) U U U Emerging Market-Equity 12.96% N.A.
Fidelity Small Cap Value Fund (FCPVX) C C- C Value-Small Cap 12.83% -30.58%
Fidelity International Capital Appreciation Fund (FIVFX) E+ E+ D+ International Equity 12.81% -49.43%
Fidelity Advisor Small Cap Value Fund (FCVAX) C- D+ C Value-Small Cap 12.78% -30.76%
Fidelity Advisor Consumer Discretionary Fund (FACPX) C- D+ C Sector Fund 12.76% -32.08%
Fidelity Advisor International Capital Appreciation Fund (FIATX) E+ E D+ International Equity 12.75% -49.79%
Fidelity Select Consumer Discretionary Portfolio (FSCPX) C- C- C- Sector Fund 12.68% -31.52%
Fidelity Select Insurance Portfolio (FSPCX) E+ E C- Sector Fund-Financial Service 12.53% -47.36%
Source: Bloomberg & TheStreet.com Ratings

TheStreet.com Ratings, recently cited for Best Stock Selection from October 2007 through February 2009 , is an independent research provider that combines fundamental and technical analysis to offer investors tremendous value in volatile times. To see how your portfolio can use this research, click here now!

Kevin Baker became the senior financial analyst for TSC Ratings upon the August 2006 acquisition of Weiss Ratings by TheStreet.com, 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.

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