Fidelity Convertible Securities Fund
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PORTFOLIO MANAGER Q&A | AS OF MAY 31, 2021
Fidelity® Convertible Securities
Fund
Key Takeaways MARKET RECAP
• For the semiannual reporting period ending May 31, 2021, the fund's For the six months ending May 31, 2021,
Retail Class shares gained 13.35%, topping the 11.05% advance of the the ICE BofA® All US Convertibles Index
benchmark ICE BofA® All US Convertibles Index and the 8.78% result rose 11.05%, benefiting from a rally in
stocks and continued low interest rates.
of the peer group average.
The prospect of a surge in economic
growth following widespread COVID-19
• Throughout the past six months, Portfolio Manager Adam Kramer vaccinations, the U.S. Federal Reserve's
maintained his focus on capital preservation, capital appreciation and pledge to hold interest rates near zero
his strict risk parameters. He followed the same repeatable investment until the economy recovered and trillions
process, which includes limiting the fund's underweighting in equity- of dollars in federal stimulus aided both
sensitive benchmark components. stocks and equity-sensitive convertible
securities. Among the biggest gainers in
• The fund's non-benchmark stake in equities provided the biggest the first half of the period were securities
relative contribution the past six months, followed by the fund's issued by growth companies. In March, a
investments in convertible bonds and convertible preferred stock. lot of these companies took advantage of
their share-price strength and issued new
• Overweightings in the market-leading materials and energy sectors convertible securities. Many of these new
aided relative performance, as did positioning in financials and issues had no coupons (or stated interest
rates) and an elevated conversion
security selection in consumer discretionary and information
premium, making them less attractive to
technology.
investors. In April and May, as value
stocks took the lead, very few new
• Top individual contributors were convertible preferred stock issued by convertible issues came to market.
ArcelorMittal, a Luxembourg-based steel company, convertible bonds Demand for converts outstripped supply
issued by software & services company MicroStrategy, and shares of throughout the six months, especially as
oil tanker company DHT Holdings. the equity-sensitive convertible bonds of
electric-car company Tesla – previously a
• By asset class, a modest cash position and security selection in utilities large index component – mostly left the
and real estate nicked relative performance. convertibles index. Tesla's departure
lowered the index's overall equity
• Among noteworthy individual detractors versus the benchmark were sensitivity and concentration. By sector,
shares of Score Media and Gaming and the untimely purchase of energy (+43%) and materials (+41%) –
convertible bonds issued by American Airlines. two of the smallest allocations in the
index this period – outperformed,
whereas utilities (+2%) and health care
• As of May 31, Adam remains optimistic about long-term prospects for (+5%) lagged. For the period, converts
the convertible securities market, despite near-term valuations that underperformed large-cap stocks (+17%),
have not been particularly attractive to him. but handily outpaced taxable investment-
grade bonds (-2%) and high-yield (+4%)
debt.
Not FDIC Insured • May Lose Value • No Bank GuaranteePORTFOLIO MANAGER Q&A | AS OF MAY 31, 2021
Q&A
An interview with Portfolio Manager
Adam Kramer
Adam Kramer Q: Adam, how did the fund perform for the six
Portfolio Manager months ending May 31, 2021
The fund's Retail Class shares gained 13.35%, topping the
Fund Facts 11.05% advance of the benchmark, the ICE BofA® All US
Trading Symbol: FCVSX Convertibles Index, and the 8.78% result of the peer average.
Looking a bit longer term, the fund gained 46.67% for the
Start Date: January 05, 1987
trailing 12 months, lagging the benchmark and outpacing the
Size (in millions): $2,157.17 peer group average.
Q: What helped the fund's performance versus
its benchmark the past six months
Investment Approach I followed the same repeatable investment process, which
focuses on both capital preservation and capital
• Fidelity® Convertible Securities Fund is a convertible
appreciation, and maintained strict risk parameters. This
bond strategy focused on investing primarily in the
included limiting our underweightings in equity-sensitive
convertible and preferred securities of speculative and
benchmark components, which I believe aided security
investment-grade issuers.
selection this period, especially in the information
• We apply an opportunistic investment approach, which technology and consumer discretionary sectors. Security
results in a concentrated portfolio and allows the selection and an underweighting in financials also helped.
portfolio manager to adjust the fund's risk profile
depending on market conditions. To help limit risk, I trimmed the fund's exposure to equity-
sensitive, high-growth convertible securities in February and
• In managing the fund, we seek to find both value and March because I thought their valuations reflected too much
income while considering three key risks: credit risk,
good news. Plus, I wanted to keep up with the benchmark,
equity risk and interest rate risk.
which went from 66% to 62% equity sensitivity. I reinvested
• We strive to uncover these companies through in-depth some of the proceeds in value-oriented issues, including in
fundamental credit analysis of the entire capital energy and materials. Our overweightings in these two
structure, working in concert with Fidelity's high-income sectors helped our relative result, given that they were by far
and global research teams. the best performers in the benchmark the past six months.
Lastly, this period I boosted our non-benchmark stake in
equities because I didn't think a lot of the convertibles
coming to market this spring were attractive. The fund's
exposure to equities – about 18% of assets on May 31 – rose
roughly 30% for the period, trouncing the benchmark and
helping relative performance. Our investments in convertible
bonds (+12%) and convertible preferred stocks (+9%) also
bested those in the benchmark.
Q: Which investments helped most
The top relative contributor was a non-benchmark position in
convertible preferred stock issued by Luxembourg-based
ArcelorMittal (+72%), one of the largest steel companies in
the world. This period, the company reduced debt and
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 MAY 31, 2021
started to return money to shareholders in the form of an Q: Which other securities detracted
increased dividend. The combination of improved
fundamentals and a favorable security structure, which A small non-benchmark position in equity-sensitive
included participation in the dividend increase, aided the convertible bonds issued by semiconductor company
return of the convertible issues. Advanced Micro Devices (-13%) hurt, as demand for
semiconductors handily exceeded supply and investors
In tech, it helped to overweight convertible bonds issued in worried about how long it would take to ramp up capacity.
December by software company MicroStrategy, which used Although AMD left the benchmark this period, I kept our
the proceeds to purchase bitcoin. I thought the converts stake because I believe supply will catch up to demand.
could help me minimize downside capture, given that this is
a well-established company with no debt and a sticky Another disappointment came from overweighting equity-
customer base. They also had optionality to participate if sensitive convertible bonds issued by LivePerson (-4%), a
bitcoin prices went up. In fact, bitcoin went from about maker of customer service software. These converts
$20,000 to $65,000 at one point during the period, driving a retreated because investors were selling growth stocks.
57% return for the fund's holdings in MicroStrategy.
Q: Did you make any significant changes to
Q: What else stood out as a contributor sector allocation this period
A long-held equity position in oil tanker company DHT Our position in consumer discretionary decreased from
Holdings rose 27% this period, as investors looked ahead to about 18% of assets to 12%, partly because I reduced our
better production boosting tanker volume. exposure to convertible bonds issued by Tesla as they left
the benchmark. I also trimmed information technology,
Also in energy, convertible bonds issued by natural gas
which went from roughly 32% of assets to about 26%, as part
producer Antero Resources helped our relative result, as
of my risk-management effort. Conversely, I boosted our
demand outstripped supply and natural gas prices moved
stakes in materials, where I added to steel and gold;
higher. The Antero converts, which were highly equity
industrials, increasing exposure to clean energy companies
sensitive, gained 184% this period.
and infrastructure-related businesses; and financials, mainly
Elsewhere, shares of Genius Sports (+22%) aided relative focusing on securities issued by banking companies.
performance. Originally a special purpose acquisition
company, or SPAC, Genius provides sports data to online Q: What's your outlook as of May 31, Adam
gaming sites. A merger, conversion to a corporation with a
listing on the New York Stock Exchange, and strong interest I remain optimistic. Convertible securities continue to offer
in online gaming amid the pandemic helped boost our non- investors lower equity sensitivity than the stock market, less
benchmark position in the shares the past six months. sensitivity to interest rate changes than the bond market,
attractive yields and a natural de-risking mechanism as issues
leave the benchmark. Plus, demand for converts continues to
Q: Conversely, what notably detracted
exceed supply. However, given uncertainty about the
Security selection in the utilities and real estate sectors and a outlook for cost inflation, I'm looking for issuers with pricing
small cash position nicked relative performance. power and the ability to cut costs.
The largest individual relative detractor was an out-of- I like to say that one-third of the convertible market is "lions,"
benchmark position in the stock of Score Media and Gaming or issues that double or triple in value, and two-thirds
(-38%), a popular online sports news site in Canada. I added consists of "house cats" that sit around and give you joy but
this stock to the portfolio last fall, when it became evident don't do much. The secret to success, as I see it, is to find the
that single-event sports betting might be legalized in lions by being selective among the kittens, or new issues.
Canada. Shortly after the purchase, however, the timetable You want to buy the lions when they're kittens and no one is
for the legislation was pushed out, pressuring the stock's paying attention to them.
return.
As of period end, everyone is chasing after the kittens. The
An underweighting and the untimely purchase of convertible kennel (or market) knows that and is raising the price of the
bonds issued by American Airlines (+8%) detracted. I largely kittens, thereby making kitten selection (or new issue
avoided American Airlines because it had a lot of debt on its selection) more important than it was. You could buy a
balance sheet and I thought there were better alternatives basket of kittens a year ago, and know that roughly one-third
elsewhere. I also knew everything had to work perfectly for would become lions. It's hard to say that today, largely
the stock to rally, and wanted to limit portfolio risk. The fund because it has become harder to find attractively valued
missed much of the upside that came when COVID-19 converts. However, I'm expecting valuations within the
vaccine news boosted prospects for travel. convertibles market to come down later this year, which
could help in the hunt for future lions. ■
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 MAY 31, 2021
LARGEST HOLDINGS BY ISSUER
Portfolio
Portfolio Manager Adam Kramer on Issuer
Portfolio
Weight
Weight Six
Months Ago
prospects in the energy sector: DISH NETWORK CORP 2.95% --
DHT HOLDINGS INC 2.16% 2.43%
"Energy was the top sector in the convertible
NEXTERA ENERGY INC 2.03% 2.89%
securities market the past six months. Nonetheless, I
think there are opportunities in the sector, on both DANAHER CORP 1.57% --
the clean and 'dirty' energy sides. SNAP INC 1.56% --
"In keeping with the growing interest in going Five Largest Issuers as a % of Net
10.27% 18.49%
Assets
green, companies focused on clean and/or
renewable energy have come to market with new Total Number of Holdings 366 391
convertible issues in 2021, but not all have come The five largest issuers are as of the end of the reporting period, and
with attractive terms. For example, some high- may not be representative of the fund's current or future investments.
growth, solar-energy companies with equity- Holdings do not include money market investments.
sensitive convertibles had a lot of good news priced
into their valuations. However, if you're selective
and flexible, there are still opportunities out there. 10 LARGEST HOLDINGS
"Among the fund's largest positions are mandatory
preferred convertible stocks issued by NextEra Portfolio
Energy, a leading producer worldwide of renewable Weight Six
Portfolio Months
energy, and AES, a utility that is converting to clean
Holding Market Segment Weight Ago
energy. The fund also owns convertible bonds
DHT Holdings, Inc. Energy 2.16% 2.43%
issued by engineering and construction company
KBR, which designs clean energy plants. Communication
T-Mobile U.S., Inc. 5.25% 1.55% 2.33%
Services
"Within the 'dirty' energy segment of traditional oil ViacomCBS, Inc. Series A Communication
and gas exploration and production companies, 1.44% --
5.75% Services
many convertible securities are selling at a big
DISH Network Corp. 3.375% Communication
discount, partly because investors are so focused on 1.42% 1.49%
8/15/26 Services
green energy. There could be upside for many of
Broadcom, Inc. Series A, Information
these issues because demand is coming back faster 8.00% Technology
1.24% 2.30%
than supply, supporting higher commodity prices.
Wheaton Precious Metals
Plus, it will take time to transition to clean energy. Corp.
Materials 1.20% --
"Among the fund's 'dirty' energy holdings are Consumer
Tesla, Inc. 2% 5/15/24 1.18% 6.35%
convertible bonds issued by natural gas exploration Discretionary
and production companies Antero Resources and Communication
Twitter, Inc. 0.25% 6/15/24 1.17% 0.24%
Pioneer Natural Resources. Services
Newmont Corp. Materials 1.15% --
"Lastly, I see opportunity in master limited
partnerships (MLPs), which are North American NextEra Energy, Inc. 4.872% Utilities 1.11% 1.55%
pipeline companies that transport oil and gas. Their 10 Largest Holdings as a % of Net Assets 13.60% 21.44%
valuations have not gone up nearly as much as high- Total Number of Holdings 366 391
yield debt or convertible bonds in the energy sector.
Plus, some MLPs offer big dividend yields. 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.
Enterprise Product Partners is one such example. Its Holdings do not include money market investments.
most recent dividend yield was 7.5%."
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 MAY 31, 2021
ASSET ALLOCATION
Relative Change
From Six Months
Asset Class Portfolio Weight Index Weight Relative Weight Ago
Equities 18.30% 0.00% 18.30% 6.76%
Convertible Bonds 62.98% 81.59% -18.61% -5.54%
Convertible Preferred Stock 16.16% 18.37% -2.21% -2.88%
Bonds 1.54% 0.04% 1.50% 0.91%
Cash & Net Other Assets 1.02% 0.00% 1.02% 0.75%
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.
MARKET-SEGMENT DIVERSIFICATION
Relative Change
From Six Months
Market Segment Portfolio Weight Index Weight Relative Weight Ago
Information Technology 26.27% 29.73% -3.46% -3.80%
Communication Services 17.45% 12.46% 4.99% 3.72%
Consumer Discretionary 12.01% 14.92% -2.91% -3.57%
Health Care 11.38% 17.11% -5.73% -2.65%
Industrials 8.21% 6.63% 1.58% 2.37%
Materials 5.49% 1.23% 4.26% 2.68%
Utilities 5.29% 6.03% -0.74% -1.76%
Energy 4.56% 1.91% 2.65% -0.68%
Financials 4.10% 6.97% -2.87% 2.05%
Real Estate 1.83% 2.07% -0.24% 0.53%
Consumer Staples 0.86% 0.90% -0.04% -0.53%
Other 0.00% 0.00% 0.00% 0.00%
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 MAY 31, 2021
CREDIT-QUALITY DIVERSIFICATION
Relative Change
From Six Months
Credit Quality Portfolio Weight Index Weight Relative Weight Ago
U.S. Government 0.00% 0.00% 0.00% 0.00%
AAA 0.00% 0.00% 0.00% 0.00%
AA 0.00% 0.00% 0.00% 0.00%
A 1.06% 0.96% 0.10% -0.07%
BBB 5.90% 11.55% -5.65% -2.27%
BB 4.54% 5.19% -0.65% -0.90%
B 4.80% 3.90% 0.90% 0.14%
CCC & Below 0.82% 0.47% 0.35% 0.22%
Short-Term Rated 0.00% 0.00% 0.00% 0.00%
Not Rated/Not Available 81.86% 77.93% 3.93% 2.10%
Cash & Net Other Assets 1.02% 0.00% 1.02% 0.78%
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.
Credit ratings for a rated issuer or security are categorized using Moody's Investors Service (Moody's). If Moody's does not publish a rating for a security
or issuer, then the Standard & Poor's Ratings Services (S&P) rating is used. When S&P and Moody's provide different ratings for the same issuer or
security, the Moody's rating is used. Securities that are not rated by these NRSROs (e.g. equity securities) are categorized as Not Rated. All U.S.
government securities are included in the U.S. Government category. The table information is based on the combined investments of the fund and its
pro-rata share of any investments in other Fidelity funds.
FISCAL PERFORMANCE SUMMARY: Cumulative Annualized
Periods ending May 31, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Convertible Securities Fund
13.35% 5.89% 46.67% 22.40% 17.53% 10.52%
Gross Expense Ratio: 0.63%2
ICE BofA All US Convertibles Index 11.05% 3.74% 48.08% 20.92% 18.26% 12.31%
Morningstar Fund Convertibles 8.78% 2.71% 38.79% 18.03% 15.88% 10.24%
% Rank in Morningstar Category (1% = Best) -- -- 29% 18% 40% 41%
# of Funds in Morningstar Category -- -- 76 72 70 53
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 01/05/1987.
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. 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 Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different
returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance,
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 Q&A document for most-recent calendar-
quarter performance.
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 MAY 31, 2021
Definitions and Important Information percentile rank relative to all funds that have the same Morningstar
Category. The highest (or most favorable) percentile rank is 1 and
the lowest (or least favorable) percentile rank is 100. The top-
Information provided in this document is for informational and
performing fund in a category will always receive a rank of 1%. %
educational purposes only. To the extent any investment information
Rank in Morningstar Category is based on total returns which
in this material is deemed to be a recommendation, it is not meant to
include reinvested dividends and capital gains, if any, and exclude
be impartial investment advice or advice in a fiduciary capacity and is
sales charges. Multiple share classes of a fund have a common
not intended to be used as a primary basis for you or your client's
portfolio but impose different expense structures.
investment decisions. Fidelity, and its representatives may have a
conflict of interest in the products or services mentioned in this
material because they have a financial interest in, and receive
compensation, directly or indirectly, in connection with the
management, distribution and/or servicing of these products or
services including Fidelity funds, certain third-party funds and
products, and certain investment services.
FUND RISKS
Stock markets, especially foreign markets, are volatile and can
decline significantly in response to adverse issuer, political,
regulatory, market, or economic developments. Fixed income
investments entail interest rate risk (as interest rates rise bond prices
usually fall), the risk of issuer default, issuer credit risk and inflation
risk. Lower-quality bonds can be more volatile and have greater risk
of default than higher-quality bonds. Foreign securities are subject to
interest rate, currency exchange rate, economic, and political risks.
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.
ICE BofA All U.S. Convertibles Index is a market-capitalization-
weighted index of domestic U.S. corporate convertible securities
including mandatory convertible preferreds.
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
© 2021 Morningstar, Inc. All rights reserved. The Morningstar
information contained herein: (1) is proprietary to Morningstar
and/or its content providers; (2) may not be copied or
redistributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of this
information. Fidelity does not review the Morningstar data and, for
mutual fund performance, you should check the fund's current
prospectus for the most up-to-date information concerning
applicable loads, fees and expenses.
% Rank in Morningstar Category is the fund's total-return
7 |PORTFOLIO MANAGER Q&A | AS OF MAY 31, 2021 Manager Facts Adam Kramer is a portfolio manager in the Fixed Income 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, he manages several multi-asset income funds: Fidelity and Advisor Convertible Securities Funds, Fidelity and Advisor Multi-Asset Income Funds, and Fidelity's Strategic Fund lineup—Fidelity and Advisor Strategic Dividend & Income Funds, Fidelity and Advisor Strategic Real Return Funds, Fidelity and Advisor Strategic Income Funds, and Fidelity VIP Strategic Income Portfolio. Additionally, he manages Fidelity Advisor Equity Income Fund. He also manages opportunistic high-yield bond strategies for institutional investors as well as a high income fund available exclusively to Canadian investors. Prior to assuming his current responsibilities, Mr. Kramer worked as a portfolio assistant on Fidelity Leveraged Company Stock Fund, Fidelity Convertible Securities Fund, and Fidelity Advisor High Income Advantage Fund. He began working at Fidelity in 2000 as a research analyst and has since covered a variety of industries. Prior to joining Fidelity, Mr. Kramer worked for RSM Richter in Montreal as a chartered accountant and auditor. He has been in the financial industry since 1994. Mr. Kramer earned his bachelor of commerce degree in accounting and a graduate diploma in public accountancy from McGill University. He also earned his master of business administration degree from Cornell University. Mr. Kramer is a Chartered Professional Accountant (CPA) and was awarded a Chartered Accountant (CA) designation. 8 | 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 September 30, 2021 1 3 5 10 Year/
Year Year Year LOF1
Fidelity Convertible Securities Fund
28.46% 21.97% 16.44% 13.10%
Gross Expense Ratio: 0.63%2
1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 01/05/1987.
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. 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 Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different
returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance,
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.
necessarily represent the views of Fidelity. Views are subject to change at
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are based on numerous factors, may not be relied on as an indication of 02917.
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LLC. References to specific company securities should not be construed
710692.14.0
as recommendations or investment advice.
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