Welcome to the sixth installment of our weekly fund review, in which we look back at the past week's notable mutual fund developments, and tell you what it all means for Foolish investors.

Fidelity stocking up on growth stocks
A recent Morningstar article highlighted Fidelity's apparent big bet on the resurgence of large-cap growth stocks. On an aggregate level, Fidelity has recently increased its holdings in several growth-oriented companies, including Celgene (NASDAQ:CELG) and Cisco Systems (NASDAQ:CSCO). Fidelity's portfolio managers have also started to snap up homebuilding stocks such as Lennar (NYSE:LEN) and KB Home (NYSE:KBH). Positioned thusly, Fidelity could profit handsomely if the long-awaited rebound in large growth stocks materializes.

Of course, market mavens have been predicting for several quarters now that such a growth-stock rebound is imminent, and it hasn't happened yet. But eventually, it will -- reversion to the mean must take hold at some point. Value stocks have enjoyed dominance over growth stocks for more than seven and a half years now, and sooner or later, those beaten-up growth stocks will start looking attractive from a valuation standpoint. In this sense, Fidelity is probably smart in shifting toward more undervalued areas of the market. After all, you want to own growth stocks before they start their run-up, right? No one can say exactly when growth stocks will rebound, or to what degree, and it's possible that such an event remains several quarters away.

Like any large fund shop, Fidelity has some good funds and some not-so-good ones. Before you buy any Fidelity fund, be sure to examine the fund on its own merits.

Fidelity pressured by human rights groups
In other Fidelity news, the company recently appeared to capitulate to demands from several human rights groups by selling off its holdings in Chinese oil firm PetroChina (NYSE:PTR). According to a recent regulatory filing, Fidelity cut its exposure to PetroChina ADRs by 91% as of the end of the first quarter of the year. PetroChina has extensive operations in the Sudan, and it's come under fire for its alleged ties to the genocide occurring in the Darfur region. Although Fidelity did not comment on its reasoning behind paring back its PetroChina holdings, most observers agreed that the company gave in to political pressures mounted by activist groups such as the Save Darfur Coalition and the Sudan Divestment Task Force.

In general, I'm not a big fan of socially responsible investing. I certainly believe its aims are noble, but I think investing is one place where you don't want to constrain yourself to companies that meet certain social guidelines. I think it's wiser to invest your dollars in those companies that offer the greatest potential for growth, and donate your time or money to causes about which you feel strongly. That said, this situation may be an exception.

The genocide in Darfur is truly horrendous, and the world as a whole needs to see what's going on there. In a case like this, I can't fault activist groups for pressuring Fidelity to divest this stock. Besides, Fidelity's holdings in PetroChina were a relatively insignificant portion of the firm's overall portfolio. Selling off its exposure probably won't meaningfully affect any Fidelity fundholders -- which should, of course, be the company's primary concern. Sometimes, industry leaders must set an example for others. I think Fidelity can gain a lot of good P.R. here, not to mention social progress, at very little expense to itself or its loyal fundholders.

Related articles:

Now that you know what's happening in the world of mutual funds, take the next step -- find out which funds represent compelling investments. Motley Fool Champion Funds newsletter brings that information right to your doorstep. Let Fool fund expert Shannon Zimmerman show you how to find the winning funds you've been looking for with a free 30-day trial.

Fool contributor Amanda Kish lives in Rochester, N.Y., and does not own shares of any of the companies or funds mentioned herein. The Fool has a disclosure policy.