These are the best Fidelity mutual funds by performance over the last 10 years.

The further away you are from retirement, the more risk you can afford to take with your retirement portfolio. That means the potential for more growth. To help you select high-performance funds to consider for retirement, here's a list of seven of the top Fidelity mutual funds based strictly on their performance over the past 10 years through June 30. This list skews heavily toward technology stocks, so for diversification's sake, you probably wouldn't want to put all your capital into these funds. Technology companies tend to be tied to the ebbs and flows of the economic cycle, so you'll definitely want some defensive plays like consumer staples and bonds. That said, this list will give you something to consider based on past performance, which of course doesn't guarantee future results.

Fidelity Select Semiconductors Portfolio (ticker: FSELX)

This technology fund comes in on top when it comes to returns for shareholders. Over the past 10 years, the Fidelity Select Semiconductors Portfolio has returned an average of 23.54% annually. It invests at least 80% of its assets in securities of domestic and foreign companies involved in the design, manufacture or sale of semiconductors and semiconductor equipment. U.S. News ranks FSELX at No. 8 among technology mutual funds. An expense ratio of 0.7% — or $70 per year for every $10,000 invested — is below average compared to funds in the same category. Risk is above average compared to funds in the same category, according to Morningstar.

Fidelity Select Software and IT Services Portfolio (FSCSX)

The Fidelity Select Software and IT Services Portfolio is only a bit behind FSELX in performance, returning an average of 22.19% annually over the past decade. It invests in companies that research, design, produce and distribute products or processes relating to software and information services. With a net expense ratio of 0.7%, fees also come in below its category average. As for risk, any fund focused on a particular equity sector faces risk specific to that investment group. A software and information technology services fund can be especially volatile as the pace of change in this sector continues to accelerate, but as returns indicate, that higher risk has also come with higher reward.

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Fidelity Select Technology Portfolio (FSPTX)

The Fidelity Select Technology Portfolio includes companies that develop tech products — processes or services that will benefit from advances in technology. Because this is a sector fund, investors need to be aware their holdings consist of a single sector within the wider market. Funds focused on a specific equity sector face risk that the sector may fall out of favor, causing the potential for extra volatility — although FSPTX offers a degree of diversification within its group due to the number of stocks it holds. The fund has returned an average of 21.08% annually over the last 10 years. Its 0.69% expense ratio is also the lowest on this list.

Fidelity Select Retailing Portfolio (FSRPX)

The Fidelity Select Retailing Portfolio invests at least 80% of assets in securities of domestic and international companies engaged in merchandising finished goods and services primarily for individual consumers. It has returned an average of 20.9% annually over the last decade. Most of the fund's top holdings are made up of big-box retailers like Home Depot (HD) and Target (TGT). There is some overlap with technology exposure, as the fund's top holding is Amazon.com (AMZN), which is big into cloud computing. It also holds Mercadolibre (MELI), a Latin American online commerce company with a digital payment platform, as well as travel booking companies Expedia Group (EXPE) and Booking Holdings (BKNG), giving it potential upside as travel picks up as the pandemic winds down. With a 0.73% expense ratio, the fund's fees are below average, but according to Morningstar, its risk is high compared with funds in the same category.

Fidelity Blue Chip Growth Fund (FBGRX)

The Fidelity Blue Chip Growth Fund invests most of its assets in blue-chip stocks. That said, bear in mind that this fund is heavily invested in technology and consumer cyclical companies. Its top holdings include Apple (AAPL), Amazon, Facebook (FB) and Tesla (TSLA). Arguably, people will buy fewer Teslas if the economy tanks. The fund's 0.79% expense ratio is the second highest on this list, but it's still below its category average. The fund has returned an average of 20.32% annually over the past decade. As for risk, a concentration in large-cap technology and consumer cyclical stocks that are doing well now can make for heightened volatility if market conditions change.

Fidelity OTC Portfolio (FOCPX)

The Fidelity OTC Portfolio, another large growth fund, invests at least 80% of its portfolio in stocks trading on the Nasdaq stock exchange or in over-the-counter (OTC) markets. OTC markets have more small- and medium-sized companies, which generally offer more growth opportunities. That explains the high returns of this fund, but it also comes with more risk. Factor in lower transparency and regulation for OTC companies, and it's easy to see why FOCPX gets a high risk rating for its category from Morningstar. With an expense ratio of 0.87%, this fund is the most expensive on the list, but its fees are still below its category average. FOCPX has returned an average of 20.17% annually over the past decade.

Fidelity Select IT Services Portfolio (FBSOX)

The Fidelity Select IT Services Portfolio, which has returned an average of 20.07% annually over the last 10 years, invests in companies primarily engaged in providing information technology services. Its top holdings include well-known credit card companies Mastercard (MA) and Visa (V), as well as relative newcomers Square (SQ), a digital payments company, and Twilio (TWLO), a cloud communications platform and service company. The information technology sector can be volatile; technology trends come and go, and many of these companies are dependent upon the health of the economy, which affects what their customers can afford to spend. With a 0.72% expense ratio, the fund's fees are below average for its category.

Seven of the best-performing Fidelity funds for retirement:

— Fidelity Select Semiconductors Portfolio (FSELX)

— Fidelity Select Software and IT Services Portfolio (FSCSX)

— Fidelity Select Technology Portfolio (FSPTX)

— Fidelity Select Retailing Portfolio (FSRPX)

— Fidelity Blue Chip Growth Fund (FBGRX)

— Fidelity OTC Portfolio (FOCPX)

— Fidelity Select IT Services Portfolio (FBSOX)