Fidelity's Select Automotive Portfolio ( FSAVX) topped the list of consumer-goods funds in the second quarter, and the fund has tripled since its low on March 6. While this fund hasn't drawn much attention in the past several years, given performance in the industry, the fund may now present an opportunistic investment. Fund exposure to the auto industry is hard to come by, and FSAVX focuses the bulk of its portfolio on auto parts suppliers. FSAVX has a 1.47% expense ratio and a $2,500 investment minimum. The fund, launched in June, 1986, is currently headed by Michael Weaver, who took the helm in February. In a recent Barron's article, Weaver noted that "a number of factors contributed to last quarter's gain: starting from a low base; substantial government support in the U.S. and Europe; cost controls at suppliers; and stability in dealers' parts and services divisions." Still, "the ultimate driver has got to be new-car sales, and improvement in new-car sales will be driven by improvements in consumer confidence," he said. As encouraged consumers begin to swap older models for new cars, dealerships have seen inventory rush out of the lot. Richard King, the leading Buick dealer in Massachusetts's Berkshire County, noted that "June was the biggest month that we've had in a year and a half, and inventory is very low." King believes that the rush to replenish inventories could benefit auto parts suppliers. "People were holding off buying cars and fixing older models instead. Now, auto parts companies will be selling parts to manufacturers," King said.