If you think the kid is college bound, the Vanguard Nevada 529 plan agressive allocation is a good choice. Or whatever your state has if it is a better deal in your state.
What is so special about FMEIX? Why not IJH, IVOV, VOE, VO, (or the mutual fund equivalents VMVIX, VIMSX) or any of a number of other funds? With an expense ratio of 0.59, the most likely outcome is that FMEIX will end up 0.5% behind them +/- 1% annualized.