Fidelity Investments is one of the largest and oldest mutual fund companies in the world. The company serves nearly 25 million individual customers. As of Dec 31, 2015, Fidelity had total assets of $5.15 trillion with $2.04 trillion under management. 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. 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, a large group of investment professionals carry out extensive and in-depth research on potential investment avenues worldwide. Below we share with you four top-ranked Fidelity mutual funds. Each has earned a Zacks Mutual Fund Rank #1 (Strong Buy) and is expected to outperform its 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 Telecommunications Portfolio (FSTCX) invests the majority of its assets in securities of companies primarily involved in the manufacture and sale of communications services or communications equipment. FSTCX invests in both domestic and foreign issuers. Factors including financial condition and industry position, as well as market and economic conditions are considered before investing in a company. The Fidelity Select Telecommunications Portfolio is non-diversified and has a three-year annualized return of 7.5%. As of March 2016, FSTCX held 51 issues with 22.18% of its assets invested in AT&T Inc. Fidelity Select Retailing Portfolio (FSRPX) seeks growth of capital. FSRPX invests a large chunk of its assets in securities of firms involved in merchandising finished goods and services to consumers. FSRPX focuses on acquiring common stocks of companies throughout the globe. Factors including financial strength and economic condition are considered before investing in a company. The Fidelity Select Retailing Portfolio has a three-year annualized return of 18.3%. Deena Friedman is the fund manager of FSRPX since 2014. Fidelity Select Software & IT Services Portfolio (FSCSX) invests a major portion 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 & IT Services Portfolio has a three-year annualized return of 15.9%. FSCSX has an expense ratio of 0.76% as compared to a category average of 1.45%. Fidelity International Small Cap Opportunities (FSCOX) seeks capital appreciation. FSCOX invests the majority of its assets in small cap companies located outside the U.S., including those from emerging countries. FSCOX emphasizes investing in common stocks of companies with market capitalization below $5 billion. FSCOX invests in securities issued in different countries. The Fidelity International Small Cap Opportunities has a three-year annualized return of 6.2%. Jed Weiss is the fund manager of FSCOX since 2008. To view the Zacks Rank and past performance of all Fidelity mutual funds, investors can click here to see the complete list of funds . About Zacks Mutual Fund Rank By applying the Zacks Rank to mutual funds, investors can find funds that not only outpaced the market in the past but are also expected to outperform going forward. Pick the best mutual funds with the Zacks Rank. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Get Your Free (FSTCX): Fund Analysis Report Get Your Free (FSRPX): Fund Analysis Report Get Your Free (FSCSX): Fund Analysis Report Get Your Free (FSCOX): Fund Analysis Report To read this article on Zacks.com click here.