It's not just Fidelity, no mutual fund familly is doing well. They all offer lame choices and are living on past (tech bubble) glory.

The lastest fund I see getting media is Bill Miller legg mason value trust

Same results as SP500 over 5 years
http://finance.yahoo.com/q/bc?t=my&s=LMVTX&l=on&z=m&q=l&c=&c=%5EGSPC

Right now the closest thing to Peter Lynch of the olden days is Pimco's Bill Gross. Jim Rogers, and Jim Grant might also fall into that catagory but they do not manage money.

Also note that fidelity seems to have dropped the expense ratio on it's index funds to below those of vanguard.