Jeff Fiengold of Fidelity Magellan told Moringstar that his fund is overweight financials because he believes “the sector is cheap, and there is a prospect for improving fundamentals.” Overall, though, he said: “In general, my philosophy is to own different types of stocks–companies where earnings are growing faster than the market and where fundamentals are accelerating.” He particularly likes the financial sector, although not all “plain vanilla” financial companies, because “the risk/reward overall looks attractive.”” He sees a “10% to 20% downside” versus a “meaningful 25% to 35% plus upside.”  His fund remains underweight on energy stocks, but he notes that investments in “energy-exposed names” as an energy bet and sees some “opportunity for potentially a contrarian play” in energy.  “[W]ith oil prices most likely lower than they will be over a longer period of time, it’s time to roll up sleeves,” he said, continuing, “I am certainly not reducing energy underweight.”