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In this video, the top five best Fidelity funds to buy and hold forever are discussed, with the Fidelity 500 Index Fund, FXIAX, being highlighted as a foundational fund. FXAIX tracks the SP 500, which consists of the 500 largest U.S. stocks by market cap, representing about 80% of the U.S. market cap. This fund is recommended for most investors due to the significant influence these companies have on the overall stock market.