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PORTFOLIO MANAGER Q&A | AS OF JANUARY 31, 2022
Fidelity Advisor® Energy Fund
Key Takeaways MARKET RECAP
• For the semiannual reporting period ending January 31, 2022, the The S&P 500® index gained 3.44% for the
fund's Class I shares gained 39.46%, outpacing the 34.96% advance of six months ending January 31, 2022. U.S.
the MSCI U.S. IMI Energy 25/50 Index and considerably topping the large-cap equities retreated to begin the
new year after posting a strong result in
3.44% increase in the broad-based S&P 500® index.
2021, driven by improved economic
growth, strong corporate earnings,
• Portfolio Manager Maurice FitzMaurice points out that energy stocks widespread COVID-19 vaccination, and
performed well the past six months due to rising energy prices, which accommodative fiscal and monetary
provided a favorable backdrop for the profitability of energy stimulus. The uptrend was briefly
companies. interrupted in September, with the index
returning -4.65% as sentiment turned
• Versus the MSCI sector index, security selection and an overweighting broadly negative due to a host of factors.
in the outperforming oil & gas exploration & production (E&P) These included inflationary pressure from
industry added the most value. Picks among integrated oil & gas surging commodity prices, rising bond
stocks also meaningfully contributed on a relative basis. yields, supply constraint and disruption,
and the delta variant of the coronavirus.
• Conversely, investment choices in the oil & gas equipment & services Also, the U.S. Federal Reserve signaled it
segment detracted from the fund's relative result most, followed by could soon begin to taper the bond
purchases it has made since the onset of
out-of-index exposure to the independent power producers & energy
the pandemic. The S&P 500® sharply
traders group.
reversed course in October, rising 7.01%
on earnings strength, followed by a
• The portfolio's largest individual relative contributor was a non-index 4.48% advance in December, after
position in integrated energy company Cenovus Energy (+97%), studies suggested that the omicron
whereas an out-of-index stake in oilfield services provider National variant resulted in fewer severe COVID-
Energy Services Reunited (-23%) was the fund's biggest detractor. 19 cases. Uncertainty then washed over
the market in January, with stocks sliding
• Looking ahead to the remainder of 2022, Maurice believes that oil and (-5.17%) as investors digested the Fed's
natural gas prices are likely to remain elevated as long as the global accelerated plan to hike interest rates
economic recovery continues, given the underinvestment in oil and amid soaring inflation, growing
gas development, disappointing growth in production and increased geopolitical tension and persistent
geopolitical risk. coronavirus concerns. The January
pullback – the largest opening-month
decline since 2009 – was most sharply felt
• He also feels that restrained corporate capital spending, combined
in more-speculative stocks, while
with higher oil and natural gas prices, may continue to result in higher
fundamentally sound equities held
free-cash-flow generation for most upstream oil and gas companies.
steadier. By sector, energy (+38%) led,
followed by consumer staples (+9%). In
contrast, communication services (-8%)
and industrials (-2%) notably lagged.
Not FDIC Insured • May Lose Value • No Bank GuaranteePORTFOLIO MANAGER Q&A | AS OF JANUARY 31, 2022
Q&A
An interview with Portfolio Manager
Maurice FitzMaurice
Maurice FitzMaurice Q: Maurice, how did the fund perform for the
Portfolio Manager six months ending January 31, 2022
The fund's Class I shares gained 39.46%, outpacing the
Fund Facts 34.96% advance of the MSCI U.S. IMI Energy 25/50 Index
Trading Symbol: FANIX and considerably topping the 3.44% increase in the broad-
based S&P 500® index. In addition, the fund outperformed its
Start Date: December 29, 1987 peer group average.
Size (in millions): $929.04
Q: What was noteworthy about the market
climate for energy stocks the past six months
Both crude-oil and natural gas prices rose sharply, as
investors generally anticipated an improving global economy
Investment Approach amid the widespread distribution of COVID-19 vaccines.
• Fidelity Advisor® Energy Fund is a sector-based, equity- Geopolitical turmoil, driven largely by the buildup of Russian
focused strategy that seeks to outperform its benchmark troops on the border of Ukraine and the threat of an
through active management. invasion, also contributed to rising energy prices.
• We believe stocks can become mispriced relative to The spot price of West Texas Intermediate crude oil, a proxy
intrinsic value for a variety of reasons, including cyclically for U.S.-produced crude prices, rose 19% for the six-month
depressed earnings or overly positive or negative period, reaching $88.15 per barrel on January 31 – the
sentiment. highest level since the fall of 2014. Similarly, Brent North Sea
• Supported by in-depth fundamental research, we seek crude oil, a benchmark for global oil prices, rose 19% this
to uncover investment opportunities by analyzing the period. Natural gas prices increased 37% for the six months,
drivers of supply and demand for energy commodities, as measured by Henry Hub pricing.
in combination with valuations and cash-generation
Generally speaking, higher energy commodity prices
potential for energy stocks.
provided a more favorable environment for corporate
• Our process is grounded in the belief that the ability to profitability in the sector, and stock prices responded
generate free cash flow over time is the best barometer accordingly. In addition to the risk premium applied to
of value, and that companies with quality businesses energy stocks as a result of the Russia/Ukraine conflict, the
trading at attractive levels compared with future free- improving outlook for the global economy led to
cash-flow generation tend to outperform. expectations of increased demand for oil and natural gas,
• Sector strategies could be used by investors as translating to a more positive view on the energy sector
alternatives to individual stocks for either tactical- or among investors.
strategic-allocation purposes.
Q: How did you manage the portfolio
throughout this period
I gradually shifted the portfolio towards companies with
above-average exposure to rising oil and natural gas prices,
and away from more-defensive firms, such as pipeline
operators. I thought that the outlook for oil and gas prices
was improving, and that some of the stocks leveraged more
to the direction of underlying commodity prices, such as
exploration and production (E&Ps) companies, looked to be
best-positioned to reap the benefits of this improving
2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JANUARY 31, 2022
environment. Also, I shifted some exposure out of "clean Q: What detracted most
energy" names that I thought appeared less attractive to me.
Subpar investment choices in the oil & gas equipment &
While demand for oil is expected to grow globally for at least services industry held back the fund's performance most,
another five years, I view the energy sector as relatively followed by out-of-index exposure to independent power
mature. As such, in a mature and cyclical (i.e., economically producers & energy traders.
sensitive) segment of the market, the most attractive
companies tend to be those with quality assets, a low-cost In terms of individual stocks, a non-index stake in National
structure, solid balance sheet and disciplined capital- Energy Services Reunited (-23%) hurt more than any other
allocation framework that includes a healthy return of capital. investment the past six months. The company, which
provides oilfield services to oil & gas companies in the
As a reminder, I have a value-oriented investment approach, Middle East, North Africa and the Asia Pacific region,
and seek to identify high-quality firms trading at a discount to reported lackluster financial results during the period,
their intrinsic value, as measured by a company's ability to prompting weakness in the stock. I increased exposure
generate free cash flow (FCF) over time. I believe that our somewhat because I felt confident that the stock would
research team is able to identify companies that are benefit from the improving market environment.
mispriced relative to their intrinsic value through in-depth
fundamental research and analysis. Since it is difficult to Independent power producer Vistra (+17%), an out-of-index
predict changes in commodity prices or other position, underperformed the sector index primarily due to
macroeconomic variables, such as interest rates, I prefer not large losses incurred in Texas during winter storm Uri, a
to make large bets based on such factors. record-setting disaster that brought plunging temperatures
and power outages to the state last February, prior to the
reporting period. Vistra lost nearly $2 billion due to this
Q: What investments boosted the fund's
event. I reduced exposure to the company the past six
performance relative to the sector index months, as I felt more optimistic about other opportunities.
Security selection and an overweighting in the outperforming In the oil & gas equipment and service group, our outsized
oil & gas exploration & production (E&P) industry added the position in TechnipFMC (-9%) was another notable relative
most value. Here, a large overweight position in Devon detractor. The company was unable to keep pace with its
Energy (+102%) was one of the fund's top relative peers due to less short-term exposure to rising oil and gas
contributors the past six months. The company delivered prices compared with the benchmark, given its focus on
strong operational performance and strong FCF, which was longer-lead-time, deepwater projects. Also, TechnipFMC
used to aggressively return capital to shareholders. In fact, spun off a major division in 2021, which I believed created
within the industry, Devon was a leader in capital returns in technical selling pressure. As a result, this period I purchased
2021, which was, needless to say, well- received by investors. more of the stock because I thought the shares were
I maintained a large overweight in the stock because I expect inexpensive versus its oilfield service competitors and
the company to continue to generate strong FCF and deliver expected the firm's financial outlook to improve with
attractive shareholder returns compared to its market increased deepwater oil and gas development.
capitalization.
Elsewhere in the E&P category, our larger-than-index Q: What's your outlook for the remainder of
position in PDC Energy (+51%) helped. Shares of the firm 2022, Maurice
performed well, as investors' fears about regulation in PDC's
core Colorado market were generally overblown, and In the near term, I expect the recent waves of COVID-19 and
because its profitability is highly correlated to oil and gas its variants to wind down, leading to improving mobility and,
prices. All told, I increased the fund's exposure to the therefore, an uptick in demand for transportation fuels,
company because I believe PDC is well-positioned to including gasoline and jet fuel. While it's impossible to
generate strong FCF in the coming years. predict the timing or severity of future coronavirus variants, I
think that economies around the globe will be able to better
Stock selection in the integrated oil & gas industry also manage through potential such waves without requiring full-
bolstered the portfolio's strong performance relative to the scale lockdowns.
MSCI sector index. Here, the leading individual contributor
was our non-index stake in integrated energy company Within the sector, investment in upstream resources has
Cenovus Energy (+97%), which I established this period. increased, particularly in shorter-cycle markets like the U.S.,
Shares of the firm performed well this period amid rising though I think the overall supply outlook remains restrained.
energy prices and solid business execution. The company International spending has been at depressed levels for a
traded at a discounted valuation and yielded strong FCF number of years now. Several OPEC+ (the Organization of
growth amid the positive energy backdrop. the Petroleum Exporting Countries+) countries are struggling
to meet production quotas. Consequently, I believe U.S.
3 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JANUARY 31, 2022 production will grow, but likely at a level under the 1 million- plus-barrels-per-day rate seen in prior up-cycles. Elsewhere, global natural gas markets are likely to remain tight, as the structural shift from coal to gas in power generation is in the early innings and new capacity for global liquid natural gas is limited. I believe gas markets are highly weather-driven, though, so it's harder to predict short-term pricing trends. Meanwhile, the outlook for renewable energy developers, primarily solar and wind, has become more challenged due to inflation and supply-chain challenges, along with increased competition and strong capital flows to green investments. This has pressured returns on new renewable investments, at least in the near term. Although traditional oil and gas stocks have performed well the past year, I do see potential for strong performance in 2022 as well, based on continued growth in demand for oil and gas, constrained supply, and strong FCF generation that will mostly be returned to shareholders in the form of dividends and buybacks. Furthermore, this improving outlook has expanded beyond the upstream sector, which benefited the most in 2021, to include oil & gas services and refining industries, and I believe that is likely to continue this year and beyond. Lastly, I will be closely monitoring Russia's buildup of forces on the boarder of Ukraine. Given Russia's position as the world's second-largest oil producer and largest natural gas producer, the risk of supply disruption could result in a massive increase in the risk premiums of oil and gas prices. As always, thank you very much for your confidence in my stewardship of the fund, and in Fidelity's investment management capabilities. ■ 4 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF JANUARY 31, 2022
LARGEST CONTRIBUTORS VS. BENCHMARK
Average Relative
Maurice FitzMaurice believes energy Relative Contribution
sector strength will expand from Holding Market Segment Weight (basis points)*
Cenovus Energy, Inc.
upstream to the oilfield services and (Canada)
Integrated Oil & Gas 2.81% 122
refining industries: Devon Energy Corp.
Oil & Gas Exploration
2.06% 114
& Production
"Within the energy sector in 2021, upstream oil & Kinder Morgan, Inc.
Oil & Gas Storage &
-2.75% 103
natural gas producers (i.e., exploration & production Transportation
companies, E&Ps) benefited the most as oil and gas Canadian Natural Oil & Gas Exploration
4.06% 85
Resources Ltd. & Production
prices increased sharply, while capital spending
remained low and refining margins remained below Texas Pacific Land Oil & Gas Exploration
-0.65% 54
Corp. & Production
average. Looking into 2022 and beyond, I believe
the benefits of the recent upcycle in energy are * 1 basis point = 0.01%.
likely to spread more broadly to other industries,
including oilfield services and refining firms.
LARGEST DETRACTORS VS. BENCHMARK
"The terms upstream and downstream oil & gas
production refer to an oil or gas company's location
Average Relative
in the supply chain. For example, upstream oil & gas
Relative Contribution
production is pursued by companies that identify, Holding Market Segment Weight (basis points)*
extract or produce raw materials, such as E&Ps. National Energy
Midstream companies include pipeline operators Oil & Gas Equipment
Services Reunited 0.84% -64
& Services
and transportation companies. Downstream oil & Corp.
gas firms, on the other hand, operate closer to the Oil & Gas Storage &
Energy Transfer LP 1.55% -53
point of sale, end user or ultimate consumer (i.e., Transportation
refiners, distribution, marketing & retail). Integrated Oil & Gas Exploration
ConocoPhillips Co. -1.91% -45
companies are viewed as those that have upstream, & Production
midstream and downstream operations. Oil & Gas Equipment
TechnipFMC PLC 0.73% -35
& Services
"Toward the end of 2021, upstream spending by Oil & Gas Exploration
E&Ps increased significantly in the U.S. and abroad, EOG Resources, Inc. -1.36% -33
& Production
following years of underspending. Oilfield services
* 1 basis point = 0.01%.
firms have cut costs during the past several years,
and, as oilfield activity increases, I believe they stand
to benefit from increased pricing power and
improving profit margins.
"Meanwhile, profit margins for refining companies
should improve in 2022 as demand for
transportation fuels, including jet fuel, continues to
recover. In addition, refining capacity in western
markets has declined. Wider price differentials
between higher-quality 'light sweet' and lower-
quality 'heavy and sour' crude oil should also help
provide support for the industry as OPEC adds
lower-quality oil barrels to the market. While
upstream companies should continue to be
beneficiaries of strong oil and gas pricing this year,
the oilfield services and refining industries are
poised to grow earnings and potentially revise
earnings upward in 2022 and beyond, in my view."
5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JANUARY 31, 2022
ASSET ALLOCATION
Relative Change
From Six Months
Asset Class Portfolio Weight Index Weight Relative Weight Ago
Domestic Equities 88.69% 100.00% -11.31% 4.65%
International Equities 10.69% 0.00% 10.69% -4.99%
Developed Markets 10.64% 0.00% 10.64% -4.56%
Emerging Markets 0.05% 0.00% 0.05% -0.02%
Tax-Advantaged Domiciles 0.00% 0.00% 0.00% -0.41%
Bonds 0.00% 0.00% 0.00% 0.00%
Cash & Net Other Assets 0.62% 0.00% 0.62% 0.34%
Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of
the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future
settlement, Net Other Assets can be a negative number.
"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.
MARKET-SEGMENT DIVERSIFICATION
Relative Change
From Six Months
Market Segment Portfolio Weight Index Weight Relative Weight Ago
Oil & Gas Exploration & Production 38.25% 30.44% 7.81% 2.77%
Integrated Oil & Gas 38.19% 40.55% -2.36% 2.10%
Oil & Gas Refining & Marketing 7.57% 8.89% -1.32% 0.42%
Oil & Gas Storage & Transportation 7.48% 10.30% -2.82% -0.75%
Oil & Gas Equipment & Services 6.35% 8.96% -2.61% -2.61%
Independent Power Producers & Energy Traders 1.01% -- 1.01% -1.32%
Oil & Gas Drilling 0.34% 0.66% -0.32% -0.23%
Coal & Consumable Fuels 0.20% 0.19% 0.01% -0.12%
6 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JANUARY 31, 2022
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Exxon Mobil Corp. Integrated Oil & Gas 22.03% 14.73%
Chevron Corp. Integrated Oil & Gas 8.17% 9.77%
ConocoPhillips Co. Oil & Gas Exploration & Production 5.70% 3.92%
Pioneer Natural Resources Co. Oil & Gas Exploration & Production 4.63% 4.48%
Canadian Natural Resources Ltd. Oil & Gas Exploration & Production 4.50% 3.30%
Devon Energy Corp. Oil & Gas Exploration & Production 4.19% 3.19%
Hess Corp. Oil & Gas Exploration & Production 4.12% 2.28%
Cheniere Energy, Inc. Oil & Gas Storage & Transportation 4.00% 5.58%
Cenovus Energy, Inc. (Canada) Integrated Oil & Gas 3.07% --
Valero Energy Corp. Oil & Gas Refining & Marketing 2.87% 2.81%
10 Largest Holdings as a % of Net Assets 63.29% 58.02%
Total Number of Holdings 53 56
The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings
do not include money market investments.
FISCAL PERFORMANCE SUMMARY: Cumulative Annualized
Periods ending January 31, 2022 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Advisor Energy Fund - Class I
39.46% 18.14% 75.82% 6.61% 0.21% 1.31%
Gross Expense Ratio: 0.79%2
S&P 500 Index 3.44% -5.17% 23.29% 20.71% 16.78% 15.43%
MSCI US IMI Energy 25/50 34.96% 17.48% 74.94% 6.39% 1.74% 1.91%
Morningstar Fund Equity Energy 25.39% 12.04% 56.63% 2.02% -3.88% -3.74%
% Rank in Morningstar Category (1% = Best) -- -- 20% 27% 47% 27%
# of Funds in Morningstar Category -- -- 70 69 66 52
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 12/29/1987.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year, or
estimated amounts for the current fiscal year in the case of a newly launched fund. It does not include any fee waivers or reimbursements, which would
be reflected in the fund's net expense ratio.
Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a
gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the
fund's Class I shares. Class I shares are sold to eligible investors without a sales charge or 12b-1 fee as defined in the fund's Class I prospectus.
Other share classes with these fees would have had lower performance. To learn more or to obtain the most recent month-end or other share-class
performance, visit institutional.fidelity.com or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends
and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this document for most-recent
calendar-quarter performance.
7 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JANUARY 31, 2022
Definitions and Important Information information contained herein: (1) is proprietary to Morningstar
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Information provided in this document is for informational and
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in this material is deemed to be a recommendation, it is not meant to
information. Fidelity does not review the Morningstar data and, for
be impartial investment advice or advice in a fiduciary capacity and is
mutual fund performance, you should check the fund's current
not intended to be used as a primary basis for you or your client's
prospectus for the most up-to-date information concerning
investment decisions. Fidelity, and its representatives may have a
applicable loads, fees and expenses.
conflict of interest in the products or services mentioned in this
material because they have a financial interest in, and receive % Rank in Morningstar Category is the fund's total-return
compensation, directly or indirectly, in connection with the percentile rank relative to all funds that have the same Morningstar
management, distribution and/or servicing of these products or Category. The highest (or most favorable) percentile rank is 1 and
services including Fidelity funds, certain third-party funds and the lowest (or least favorable) percentile rank is 100. The top-
products, and certain investment services. performing fund in a category will always receive a rank of 1%. %
Rank in Morningstar Category is based on total returns which
FUND RISKS include reinvested dividends and capital gains, if any, and exclude
Stock markets, especially foreign markets, are volatile and can sales charges. Multiple share classes of a fund have a common
decline significantly in response to adverse issuer, political, portfolio but impose different expense structures.
regulatory, market, or economic developments. Focus funds can be
more volatile because of their narrow concentration in a specific
RELATIVE WEIGHTS
industry. The energy industries can be significantly affected by
fluctuations in energy prices and supply and demand of energy Relative weights represents the % of fund assets in a particular
fuels, energy conservation, the success of exploration projects, and market segment, asset class or credit quality relative to the
tax and other government regulations. Foreign securities are subject benchmark. A positive number represents an overweight, and a
to interest rate, currency exchange rate, economic, and political negative number is an underweight. The fund's benchmark is listed
risks. The fund may have additional volatility because it can invest a immediately under the fund name in the Performance Summary.
significant portion of assets in securities of a small number of
individual issuers.
IMPORTANT FUND INFORMATION
Relative positioning data presented in this commentary is based on
the fund's primary benchmark (index) unless a secondary benchmark
is provided to assess performance.
INDICES
It is not possible to invest directly in an index. All indices represented
are unmanaged. All indices include reinvestment of dividends and
interest income unless otherwise noted.
MSCI U.S. IMI Energy 25/50 Index is a modified market-
capitalization-weighted index of stocks designed to measure the
performance of Energy companies in the MSCI U.S. Investable
Market 2500 Index. The MSCI U.S. Investable Market 2500 Index is
the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and
Small Cap 1750 Indices.
S&P 500 is a market-capitalization-weighted index of 500 common
stocks chosen for market size, liquidity, and industry group
representation to represent U.S. equity performance.
MARKET-SEGMENT WEIGHTS
Market-segment weights illustrate examples of sectors or
industries in which the fund may invest, and may not be
representative of the fund's current or future investments. They
should not be construed or used as a recommendation for any
sector or industry.
RANKING INFORMATION
© 2022 Morningstar, Inc. All rights reserved. The Morningstar
8 |PORTFOLIO MANAGER Q&A | AS OF JANUARY 31, 2022 Manager Facts Maurice FitzMaurice is a research analyst and portfolio manager in the Equity division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals. In this role, Mr. Fitzmaurice manages the Fidelity Select Energy Service Portfolio. He also collaborates with Fidelity's equity income portfolio managers to expand the firm's value-oriented coverage and works on the firm's portfolio management strategic objectives. Additionally, Mr. Fitzmaurice manages Fidelity Select Energy Portfolio, Fidelity Advisor Energy Fund, and VIP Energy Portfolio. Prior to assuming his current position in January 2017, Mr. Fitzmaurice served as managing director of research in Fidelity's High Income division. In this capacity, he managed a team of research analysts and research associates based in Boston and London. Previously, Mr. Fitzmaurice was a research analyst in FMR Co.'s Equity division. During this time, he also managed Midcap Financials Pilot Fund, Fidelity Select Defense and Aerospace Portfolio, Fidelity Select Air Transportation Portfolio, and Fidelity Select Transportation Portfolio. Prior to that, Mr. Fitzmaurice was a research analyst in the High Income division, during which time he also managed the high yield sub-portfolios of Fidelity Balanced Fund, Fidelity Advisor Balanced Fund, and VIP Balanced Fund, as well as the high yield sub-portfolio of Fidelity Total Bond Fund. Before joining Fidelity in 1998, Mr. Fitzmaurice was an investment banking analyst at Lehman Brothers. He has been in the financial industry since 1994. Mr. Fitzmaurice earned his bachelor of arts degree in economics from Cornell University and his master of business administration degree from the Tuck School of Business at Dartmouth College. 9 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PERFORMANCE SUMMARY: Annualized
Quarter ending March 31, 2022 1 3 5 10 Year/
Year Year Year LOF1
Fidelity Advisor Energy Fund - Class I
70.11% 11.74% 4.74% 2.92%
Gross Expense Ratio: 0.79%2
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 12/29/1987.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year, or
estimated amounts for the current fiscal year in the case of a newly launched fund. It does not include any fee waivers or reimbursements, which would
be reflected in the fund's net expense ratio.
Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a
gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the
fund's Class I shares. Class I shares are sold to eligible investors without a sales charge or 12b-1 fee as defined in the fund's Class I prospectus.
Other share classes with these fees would have had lower performance. To learn more or to obtain the most recent month-end or other share-class
performance, visit institutional.fidelity.com or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends
and capital gains, if any. Cumulative total returns are reported as of the period indicated.
Before investing in any mutual fund, please carefully consider Information included on this page is as of the most recent calendar
the investment objectives, risks, charges, and expenses. For quarter.
this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial
prospectus or, if available, a summary prospectus. Read it Services LLC.
carefully before you invest. Other third-party marks appearing herein are the property of their
respective owners.
Past performance is no guarantee of future results.
All other marks appearing herein are registered or unregistered
Views expressed are through the end of the period stated and do not trademarks or service marks of FMR LLC or an affiliated company.
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LLC. References to specific company securities should not be construed
733692.14.0
as recommendations or investment advice.
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