With $1.5 trillion (excluding money market assets) of mutual fund assets under management and a wide variety of mutual funds spanning various sectors, Fidelity Investments is one of the largest and oldest mutual fund companies in the world. The company provides investment advice, discount brokerage services, retirement services, wealth management services, securities execution and clearance and life insurance products to its clients.

Fidelity provides potential investment avenues worldwide for their investors after carrying out extensive and in-depth research by a large group of investment professionals. Fidelity Investments carries out operations in the U.S. through 10 regional offices and over 180 Investor Centers. It also has its presence in eight other countries of North America, Europe, Asia and Australia.

Below we share with you 5 top-ranked Fidelity mutual funds. Each has earned a Zacks Mutual Fund Rank #1 (Strong Buy) and we expect the funds to outperform their peers in the future. To view the Zacks Rank and past performance of all Fidelity mutual funds, investors can click here to see the complete list of Fidelity funds .

Fidelity Select Biotechnology Portfolio (FBIOX - MF report) seeks capital appreciation. FBIOX invests a large chunk of its assets in companies primarily involved in research, development, manufacture, and distribution of various biotechnological products. Factors such as financial strength and economic conditions are considered to invest in companies located all over the world. The Fidelity Select Biotechnology Portfolio is a non-diversified fund and has returned 8.8% over the past one year.

FBIOX has an expense ratio of 0.74% as compared to a category average of 1.37%.

Fidelity Small Cap Growth (FCPGX - MF report) invests the majority of its assets in securities of small cap companies that are believed to have impressive growth prospects. FCPGX focuses on acquiring common stocks of both US and non-US firms. The Fidelity Small Cap Growth fund has returned 5.6% over the past one year.

As of July 2015, FCPGX held 176 issues with 2.40% of its assets invested in 2U Inc. (TWOU)

Fidelity Select Software & Comp Portfolio (FSCSX - MF report) seeks growth of capital. FSCSX invests a lion’s share of its assets in companies whose primary operations are related to software or information-based services. FSCSX primarily focuses on acquiring common stocks of both domestic and foreign companies. FSCSX uses fundamental analysis to select companies for investment purposes. The Fidelity Select Software & Comp Portfolio is a non-diversified fund and has returned 8.6% over the past one year.

Ali Khan is the fund manager of FSCSX since 2014.

Fidelity Select Construction & Housing Portfolio (FSHOX - MF report) invests a major portion of its assets in the common stocks of companies principally engaged in the design and construction of residential, commercial, industrial, and public works facilities, as well as companies engaged in the manufacture, supply, distribution, or sale of products or services to these construction industries. FSHOX invests in securities issued through the globe. The Fidelity Select Construction & Housing Portfolio is a non-diversified fund and has returned 7% over the past one year.

FSHOX has an expense ratio of 0.82% as compared to a category average of 1.41%.

Fidelity Select Consumer Discretionary Portfolio (FSCPX - MF report) seeks capital growth. FSCPX heavily invests in securities of companies mostly involved in the consumer discretionary sector. FSCPX primarily invests in common stocks of companies all over the globe. Factors including financial strength and economic conditions are considered before investing in a company. The Fidelity Select Consumer Discretionary Portfolio is a non-diversified fund and has returned 6.8% over the past one year.

As of October 2015, FSCPX held 60 issues with 9.45% of its assets invested in Amazon.com Inc. (AMZN)