"Normally investing at least 80% of assets in low-priced stocks (those priced at or below $35 per share), which can lead to investments in small and medium-sized companies. Potentially investing in stocks not considered low-priced. Investing in domestic and foreign issuers. Investing in either 'growth' or 'value' stocks or both."
Above is the direct quote from the fidelity web-site about the strategy of the Fidelity Low-Priced Stock Fund (Symbol- FLPSX). No textbook will ever categorize small and medium-sized businesses by their stock prices. Microsoft is very large company and today its price is in mid 20s.
Is the name of this fund misleading? I bet that there are many investors who believe they are investing in penny stocks by investing in Fidelity Low-Priced Stock Fund, which is something the fund does not do.