Each week the closing price for 100 Fidelity funds (and distributions if appropriate) is recorded and a 39 week exponentially smoothed moving average is calculated for each fund. The percent deviation from the 39 week exponentially smoothed moving average for each fund is calculated by dividing the current fund price by the 39 week exponentially smoothed moving average for that fund. These percent deviations are then sorted to determine the greatest percent deviation and the funds are ranked from 1 to 20 based on this percent deviation. The number of weeks the fund has been ranked in the top 20 is also recorded.
Percent deviation from a 39 week exponentially smoothed moving average is calculated as: dev = (price/39wesma(0)-1)*100
This week’s exponentially smoothed moving average is calculates as: 39wesma(0) = price*.05 +.95*39wesma(-1)
Where price is this week’s closing price, 39wesma(0) is this week’s 39 week exponentially smoothed moving average, and 39wesma(-1) is last week’s exponentially smoothed moving average. The exponentially smoothed moving averages are adjusted by any percentage change caused by fund distributions.