With over $1.5 trillion of assets under management and a wide variety of mutual funds spanning across a wide spectrum of sectors, Fidelity Investments is one of the largest 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. At Fidelity, nearly 1000 investment professionals carry out extensive and in-depth research to provide potential investment avenues worldwide for their investors.

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

Fidelity Advisor Total Emerging Markets A (FGDAX) invests the majority of its assets in companies involved in gold related activities and also in gold bullion or coins. A maximum of 25% of its assets are invested in precious metals via a wholly owned subsidiary. The fund returned -27.94% over the last one year period.

Joe Wickwire is the fund manager and he has managed this Fidelity mutual fund since November 2007.

Fidelity Advisor Latin America A (FLFAX) seeks capital appreciation over the long term. The fund utilizes a large share of its assets to purchase securities issued from Latin America. A maximum of 35% of its assets are invested in any industry which makes up more than 20% of the Latin American market. The fund returned -13.48% over the last one year period.

The Fidelity mutual fund has a minimum initial investment of $2,500 and an expense ratio of 1.34% compared to a category average of 1.89%.

Fidelity Advisor Corporate Bond A (FCBAX) invests heavily in corporate bonds rated investment grade. The fund also invests in other corporate debt securities and there repurchase agreements. It invests in both domestic and foreign securities. The fund returned 11.74% over the last one year period.

As of June 2012, this Fidelity mutual fund held 342 issues, with 4.37% of its total assets invested in US Treasury Bond 3%.

Fidelity New Markets Income (FNMIX) primarily seeks high current income by investing a large proportion of its assets in emerging market securities and other instruments related to such markets. It is a non diversified fund and may also invest in other instruments. The fund returned 14% over the last one year period. Continued...