Fidelity Disruptive Funds - Key Takeaways
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
PORTFOLIO MANAGER Q&A | AS OF MAY 31, 2021
Fidelity® Disruptive Funds
Key Takeaways Disruptive Automation Fund
Invests in companies leading the way
• For the fiscal year ending May 31, 2021, each of the Disruptive Funds in automation, from industrial robotics
in Fidelity's thematic product suite posted a gain, ranging from to artificial intelligence and
58.13% for Disruptive Technology to 18.44% for Disruptive Medicine. autonomous driving.
Five of the six funds topped the 42.31% advance of the broad-market Disruptive Communications Fund
MSCI ACWI (All Country World Index) Index, as well as their
Invests in companies changing the
respective supplemental sector benchmarks.
way we connect and communicate,
• For Fidelity® Disruptors Fund, as well as Disruptive Technology, from social media to 5G-related digital
Fidelity® Disruptive Finance Fund, Fidelity® Disruptive Automation infrastructure and the internet of
Fund and Fidelity® Disruptive Communications Fund, stocks chosen things.
by Co-Managers Chris Lee and Charlie Hebard, and the other co-
Disruptive Finance Fund
managers – based on their belief in the underlying firms' potential to
change or displace existing companies and industries – meaningfully Invests in companies helping to
contributed in absolute terms and relative to sector benchmarks. deliver more-efficient and customized
financial solutions, such as digital
• In the case of Disruptive Medicine, security selection detracted from payments and internet banks.
results, especially in the biotechnology category and among providers
of pharmaceuticals and life sciences tools & services. Disruptive Medicine Fund
Invests in companies that are
• Disruptive Technology (+58.13%) had the biggest gain for the 12 transforming medical diagnostics,
months, with relative performance driven in part by picks in
therapies and services, from gene
application software and positioning within data processing &
therapy to robotic surgery and digital
outsourced services.
health platforms.
• Disruptive Finance (+55.31%) also performed well, boosted by an Disruptive Technology Fund
overweighting in consumer finance and picks among regional banks.
Invests in companies developing new
• Disruptive Automation (+54.13%) and Disruptive Communications technologies, such as delivering cloud
(+48.96%) each benefited from the co-managers' selections among computing, harnessing big data and
semiconductor stocks. transforming consumer experiences
• Disruptors Fund (+46.99%), which invests in all five themes – through internet and mobile
automation, communications, finance, medicine and technology – platforms.
captured the positive active return among the underlying portfolios. Disruptors Fund
• There were some PM shifts during the period as a result of coverage Brings together five disruptive themes
changes: Tom Codrington assumed co-management responsibilities – automation, communications,
for the funds, succeeding Risteard Hogan; Niamh Brodie-Machura finance, medicine and technology – in
took on co-management responsibilities in place of Markus Eichacker. a single fund.
Not FDIC Insured • May Lose Value • No Bank Guarantee
PORTFOLIO MANAGER Q&A | AS OF MAY 31, 2021
Market Recap By region, Canada and emerging markets (+52% each) led
the way. Asia Pacific ex Japan (+46%) and Europe ex U.K.
For the 12 months ending May 31, 2021, the MSCI ACWI (All
(+45%) also outperformed. Conversely, Japan (+26%) and
Country World Index) Index – a market-capitalization-
the U.K. (+36%) lagged, while the U.S. (+42%) was about on
weighted index that is designed to measure the investable
equity market performance for global investors of developed par with the index. Foreign stocks were aided by a generally
and emerging markets – gained 42.31%. Global equities weaker U.S. dollar for the period.
extended their rally amid improved economic growth, Looking at sectors, materials (+62%) fared best, followed by
widespread distribution of COVID-19 vaccinations, fiscal financials (+60%), industrials and consumer discretionary
stimulus in the U.S. and abroad, and fresh government (+50% each), and information technology (+49%).
spending programs.
Notable "laggards" included the defensive utilities (+18%),
For the first three months of the period, global stocks gained
health care (+20%) and consumer staples (+23%) sectors.
about 15%, boosted by government efforts to contain the
economic impact of the COVID-19 pandemic. In November, The story was similar on an equal-weighted basis for sector
global stocks shrugged off a two-month retreat by gaining equity returns within the MSCI ACWI – used as
roughly 12%. supplementary performance comparisons for Fidelity's five
The momentum continued in December, as positive news on Disruptive Funds – with financials (+51.06%), technology
the effectiveness of vaccines provided a notable lift. In late (+46.95%) and industrials (+46.39%) each notably
December, as vaccines were approved by regulators, outperforming the broader market, while communication
investors gained more confidence in the outlook for the services (+35.38%) and health care (+30.74%) fell short. ■
global economy.
As the new year began, many economists raised their
expectations for a powerful economic recovery in the U.S.
and elsewhere, as opposed to the sluggish rebound they had
been anticipating.
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
Q&A
An interview with Co-Managers Chris
Lee and Charlie Hebard
Christopher Lee Charlie Hebard Q: Chris, how did the funds perform the fiscal
Co-Manager Co-Manager year ending May 31, 2021
Fund Facts C.L. Each portfolio posted a gain the past 12 months,
Disruptive Trading Size (in ranging from 58.13% for Fidelity® Disruptive Technology
Start Date
Funds Symbol millions) Fund to 18.44% for Fidelity® Disruptive Medicine Fund.
Disruptors FGDFX 04/16/2020 $166.5 Disruptive Medicine lagged the 42.31% advance of the
broad-market MSCI ACWI (All Country World Index) Index.
Automation FBOTX 04/16/2020 $152.8
The other five funds outperformed and also topped their
Communications FNETX 04/16/2020 $73.7 respective supplemental sector benchmarks.
Finance FNTEX 04/16/2020 $86.9
Medicine FMEDX 04/16/2020 $68.2 Q: What did you find notable about the
Technology FTEKX 04/16/2020 $170.6 investment environment the past 12 months
C.L. The stocks of disruptive companies, by nature, tend to
Investment Approach thrive in environments that favor fast-growing businesses.
This wasn't the case early in 2021, as investors rotated
• Fidelity's Disruptive Funds invest in innovative business
models, emerging industries and technologies that the toward value-oriented names and away from growth stocks.
team believes have potential to disrupt or displace Still, all but one of the funds topped their sector benchmarks
incumbents over time. for the full 12 months, largely due to our team's stock picks
based on bottom-up research.
• The funds use a team-based approach to identify
disruptive opportunities by sourcing ideas and insights
from across Fidelity's global research platform. Q: Tell us more about the funds' approach.
• These strategies span traditional investment frameworks C.L. The funds provide targeted exposure to five thematic
such as sectors, countries and market capitalization to areas: technology, automation, communications, finance and
invest in disruptive companies aligned to the fund's medicine. We employ a team-based investment process that
stated theme. combines the best ideas from Fidelity's researchers with
• The portfolio management team follows a benchmark- quantitative portfolio-construction techniques that help us
agnostic investment approach to invest in stocks they manage market volatility.
believe have strong long-term fundamental outlooks and Positions in the funds tend to be driven by our company
that are aligned with the disruptive theme. Quantitative insights, as opposed to the composition of the funds'
portfolio construction seeks to mitigate volatility while respective benchmarks. We seek to invest in innovative firms
maintaining exposure to these fundamental views on
with new or unconventional products and business models
stocks held in the funds.
that we think could disrupt and displace incumbents over
• Fidelity® Disruptors Fund brings together five disruptive time. In our view, disruptive companies purchase or invent
themes – automation, communications, finance, new technologies and develop efficient service-delivery
medicine and technology – in a single fund. strategies. We believe identifying and investing in these
companies can lead to long-term outperformance.
Q: What drove the Disruptors fund of funds
C.L. Stock picks among technology, automation, finance and
communications companies all contributed, leading to the
fund's 46.99% gain the past 12 months. Our investments
among software companies and semiconductor firms
particularly added value.
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
Conversely, overweighting a handful of large biotechnology finance, banking and insurance. Security selection and an
companies that struggled hurt the fund's relative return, as overweighting in consumer finance and stock picks among
did underweighting consumer electronics giant Apple, a regional banks each contributed to the fund's relative result.
sizable benchmark component that gained 58%. Conversely, security selection in the data processing &
outsourced services, application software, and asset
Q: Let's talk about Disruptive Medicine. management & custody banks segments hurt.
C.L. Our approach for this fund is to expose investors to It particularly helped to own Signature Bank (+146%). This
disruptive cell therapies and gene therapies, advanced commercial lender benefited from customers increasing their
diagnostics – including liquid biopsy solutions for cancer deposits of cryptocurrency through Signature's blockchain-
detection – and companies we think are leading the way in based Signet payments platform. We increased the fund's
digital health care delivery. stake in Signature Bank this period.
The fund trailed the benchmark by a wide margin this period,
Q: Charlie, would you tell us more about the
due to our picks in the biotechnology category and among
providers of pharmaceuticals and life sciences tools & performance of the other two Disruptive funds
services. Positions among more-diversified companies in the C.H. In managing Fidelity® Disruptive Automation Fund
industry hurt fund performance, including Regeneron (+54.13%), we seek to invest in leaders in robotics,
Pharmaceuticals (-18%) and diagnostics and pharmaceuticals automation, sensors, machine vision and AI. This period, our
giant Roche Holding (+3%). While these stocks detracted in choices among semiconductor stocks and an overweighting
the short term, we increased our stake in each and think they in industrial machinery contributed to relative performance,
could be longer-term positives for fund performance. whereas stock selection in electrical components &
We felt encouraged by the contributions from other equipment detracted, as did an underweighting in marine
disruptive medical companies the past year, such as and building products. It helped to own shares of Taiwan
oncology-focused Guardant Health (+37%) and orthodontic Semiconductor (+135%) and Nvidia (+83%), the latter an
devices company Align Technology (+141%). We added to innovative provider of AI computing solutions.
our stakes in these two names the past 12 months. Fidelity® Disruptive Communications Fund (+48.96%), which
holds companies providing the digital tools for the ongoing
Q: What drove Disruptive Technology 5G wireless infrastructure rollout and several leading social-
C.L. For this fund, our team is focused on companies that are media firms, outperformed due to security selection in
leading the transition to cloud-based computing, new mobile semiconductors. Stock picks and an underweighting in
experiences and next-generation computing hardware. The interactive home entertainment and an underweighting in
fund gained more than 58% the past 12 months, boosted by integrated telecommunication services also bolstered the
our picks in the application software industry and an fund's relative result. In contrast, security selection in internet
underweighting in data processing & outsourced services. & direct marketing retail and an underweighting in
Conversely, an underweighting and stock picks in advertising detracted versus the benchmark.
semiconductor equipment detracted, as did a non- Two holdings stood out: Douyu International Holdings
benchmark stake in Alibaba Group Holding, a position we (+54%), a China-based interactive gaming and live-streaming
added to this period. platform, and Snap (+230%), an online messaging service
Taiwan Semiconductor (+138%) added more value versus the that works with users' connected cameras. We added to our
benchmark than any other fund holding. This company is a Snap stake the past 12 months.
global contract manufacturer with capabilities we think are
unmatched by other firms. Taiwan Semi benefited from Q: Chris, what's your outlook as of May 31
healthy demand and a global shortage of semiconductors C.L. We think the pace of global innovation is accelerating,
early in 2021. and we see no shortage of investment ideas. We're
It also helped to own a non-benchmark stake in China-based encouraged by our view of the broader economic cycle and
Meituan (+79%), the leading platform offering local services, think the market's preference for value-oriented stocks will
including food delivery, in China. The company benefited ebb and flow as it has historically.
partly from the popularity of community-group buying in That said, even if we continue to see near-term gains for
remote but fast-growing regions of China. value stocks at the expense of the type of growth stocks we
prefer, we see long-term opportunities for companies with
Q: What about Disruptive Finance business models that re-imagine the way products and
C.L. Disruptive Finance (+55.31%) invests in companies with services are delivered to customers. We think they could
innovative digital payments, blockchain, and automated deliver significant value in the coming years. ■
intelligence (AI)-enabled technologies focused on consumer
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
Co-Manager Charlie Hebard on the
future for disruptive automation:
"The trend toward automation is broad and fast-
growing, and it's why we're bullish about the
outlook for Fidelity® Disruptive Automation Fund.
"We think the adoption of automation is low and the
use of collaborative robots, or co-bots, that can work
safely alongside humans could rise dramatically in
coming years, partly due to the rising middle class in
China and Southeast Asia that is diminishing the
benefits of global wage arbitrage.
"Many leadership teams realize that using smart
machines in the manufacturing process can be far
faster than using humans alone, while reducing
long-term costs and error rates, and improving
worker safety. This is why, as of May 31, the fund
holds outsized positions in Fanuc, a leading supplier
of industrial robots, and Siemens, a diversified
conglomerate with a fast-growing digital industries
business targeting factory automation.
"Today's smart factories collect data in real time to
embed continuous learning into the production
process. We think Hexagon, a fast-growing provider
of high-resolution cameras, scanning probes,
through-the-lens lasers, sensors and industrial
software – and a fund holding at the end of May – is
a leader in this regard.
"Lastly, we think global sales of software and
hardware to develop and maintain artificial
intelligence applications are accelerating and seem
likely to be a major focus for C-level executives in
the next decade. It's all about teaching computers
to sense, reason, adapt and act like humans, and it
involves huge databases, serious computing power
and machines that can make rational decisions.
"For this reason, the fund holds shares of Nvidia at
period end. It's a designer of high-performance
chips that accelerate data processing in AI
applications. The company also offers related
software that helps companies more easily deploy
deep-learning technology.
"By our calculation, robot density rose about 20% a
year for the past decade and appears on pace to
sustain this growth for at least the next several years
– which is why we see compelling investment
opportunities in the segment."
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
Fidelity Disruptors Fund
LARGEST ABSOLUTE CONTRIBUTORS LARGEST ABSOLUTE DETRACTORS
Average Contribution Average Contribution
Holding Market Segment Weight (basis points)* Holding Market Segment Weight (basis points)*
Interactive Interactive
Facebook, Inc. Class A 1.95% 47 Twitter, Inc. 1.09% -32
Media & Services Media & Services
Capital One Financial Consumer Interactive
1.41% 42 Z Holdings Corp. 0.89% -22
Corp. Finance Media & Services
Interactive Internet & Direct
Alphabet, Inc. Class C 2.12% 37 Meituan Class B 0.73% -18
Media & Services Marketing Retail
Interactive
NVIDIA Corp. Semiconductors 1.60% 29 Tencent Holdings Ltd. 1.80% -17
Media & Services
DISH Network Corp. Class Internet & Direct
Cable & Satellite 0.93% 29 Pinduoduo, Inc. ADR 0.35% -12
A Marketing Retail
* 1 basis point = 0.01%. * 1 basis point = 0.01%.
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Facebook, Inc. Class A Interactive Media & Services 2.08% 2.03%
Alphabet, Inc. Class C Interactive Media & Services 2.00% 2.08%
Taiwan Semiconductor Manufacturing Co. Ltd. Semiconductors 1.79% 2.26%
NVIDIA Corp. Semiconductors 1.78% 1.78%
Amazon.com, Inc. Internet & Direct Marketing Retail 1.72% 1.93%
Tencent Holdings Ltd. Interactive Media & Services 1.69% 1.36%
Microsoft Corp. Systems Software 1.49% 1.49%
T-Mobile U.S., Inc. Wireless Telecommunication Services 1.48% 1.62%
Capital One Financial Corp. Consumer Finance 1.47% 1.15%
Signature Bank Regional Banks 1.34% 1.15%
10 Largest Holdings as a % of Net Assets 16.83% 18.00%
Total Number of Holdings 207 197
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 May 31, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Disruptors Fund
13.68% 7.99% 46.99% -- -- 60.44%
Gross Expense Ratio: 1.00%2
MSCI All Country World Index (Net MA) 16.18% 11.00% 42.31% 14.29% 14.61% 48.04%
Morningstar Fund Large Blend 17.43% 12.98% 40.70% 16.28% 15.72% --
% Rank in Morningstar Category (1% = Best) -- -- 14% -- -- --
# of Funds in Morningstar Category -- -- 1,242 1,141 1,028 --
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 04/16/2020.
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
Fidelity Disruptive Automation Fund
LARGEST ABSOLUTE CONTRIBUTORS LARGEST ABSOLUTE DETRACTORS
Average Contribution Average Contribution
Holding Market Segment Weight (basis points)* Holding Market Segment Weight (basis points)*
Interactive HIWIN Technologies Industrial
Alphabet, Inc. Class C 4.97% 86 3.56% -26
Media & Services Corp. Machinery
Electronic
Midea Group Co. Ltd. (A Household
Hexagon AB (B Shares) Equipment & 4.17% 80 1.81% -21
Shares) Appliances
Instruments
Industrial
NVIDIA Corp. Semiconductors 3.96% 73 Daifuku Co. Ltd. 1.08% -9
Machinery
Industrial Application
Roper Technologies, Inc. 3.68% 63 ANSYS, Inc. 3.03% -9
Conglomerates Software
Taiwan Semiconductor
Health Care
Intuitive Surgical, Inc. 3.92% 54 Manufacturing Co. Ltd. Semiconductors 1.29% -8
Equipment
sponsored ADR
* 1 basis point = 0.01%. * 1 basis point = 0.01%.
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Alphabet, Inc. Class C Interactive Media & Services 5.16% 4.69%
Roper Technologies, Inc. Industrial Conglomerates 4.64% --
Recruit Holdings Co. Ltd. Human Resource & Employment Services 4.43% 4.51%
NVIDIA Corp. Semiconductors 4.37% 4.49%
Siemens AG Industrial Conglomerates 4.26% 5.14%
Hexagon AB (B Shares) Electronic Equipment & Instruments 4.24% 2.85%
Intuitive Surgical, Inc. Health Care Equipment 4.02% 4.32%
Taiwan Semiconductor Manufacturing Co. Ltd. Semiconductors 3.98% 5.51%
FANUC Corp. Industrial Machinery 3.95% 5.03%
Rockwell Automation, Inc. Electrical Components & Equipment 3.70% 4.46%
10 Largest Holdings as a % of Net Assets 42.74% 47.72%
Total Number of Holdings 40 38
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 May 31, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Disruptive Automation Fund
13.75% 6.90% 54.13% -- -- 71.60%
Gross Expense Ratio: 1.00%2
MSCI All Country World Index (Net MA) 16.18% 11.00% 42.31% 14.29% 14.61% 48.04%
MSCI All Country World Industrials Equal Weighted Index Net
15.77% 10.53% 46.39% 9.09% 11.11% 52.26%
MA
Morningstar Fund Technology 14.06% 5.87% 53.96% 24.74% 26.83% --
% Rank in Morningstar Category (1% = Best) -- -- 35% -- -- --
# of Funds in Morningstar Category -- -- 244 209 181 --
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 04/16/2020.
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.
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 MAY 31, 2021
Fidelity Disruptive Communications Fund
LARGEST ABSOLUTE CONTRIBUTORS LARGEST ABSOLUTE DETRACTORS
Average Contribution Average Contribution
Holding Market Segment Weight (basis points)* Holding Market Segment Weight (basis points)*
DISH Network Corp. Class Interactive
Cable & Satellite 4.71% 145 Twitter, Inc. 5.51% -163
A Media & Services
Interactive Interactive
Facebook, Inc. Class A 5.40% 131 Tencent Holdings Ltd. 4.83% -46
Media & Services Media & Services
Zoom Video
Interactive Application
Alphabet, Inc. Class A 5.75% 89 Communications, Inc. 3.00% -34
Media & Services Software
Class A
Wireless
Interactive
T-Mobile U.S., Inc. Telecommunicati 5.22% 87 Z Holdings Corp. 1.21% -31
Media & Services
on Services
Communications Application
Arista Networks, Inc. 3.55% 69 RingCentral, Inc. 0.75% -29
Equipment Software
* 1 basis point = 0.01%. * 1 basis point = 0.01%.
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Alphabet, Inc. Class A Interactive Media & Services 5.80% 5.06%
Facebook, Inc. Class A Interactive Media & Services 5.60% 5.54%
T-Mobile U.S., Inc. Wireless Telecommunication Services 5.33% 5.88%
Liberty Broadband Corp. Class A Cable & Satellite 4.97% 3.88%
DISH Network Corp. Class A Cable & Satellite 4.86% 4.71%
Amazon.com, Inc. Internet & Direct Marketing Retail 4.44% 4.93%
American Tower Corp. Specialized REITs 4.41% 3.60%
Tencent Holdings Ltd. Interactive Media & Services 4.40% 2.53%
Activision Blizzard, Inc. Interactive Home Entertainment 4.24% 4.07%
Twitter, Inc. Interactive Media & Services 3.78% 5.04%
10 Largest Holdings as a % of Net Assets 47.84% 47.45%
Total Number of Holdings 40 41
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 May 31, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Disruptive Communications Fund
13.54% 10.88% 48.96% -- -- 62.48%
Gross Expense Ratio: 1.00%2
MSCI All Country World Index (Net MA) 16.18% 11.00% 42.31% 14.29% 14.61% 48.04%
MSCI All Country World Communication Services Equal
11.83% 8.13% 35.38% 9.53% 5.54% 41.42%
Weighted Index Net MA
Morningstar Fund Communications 16.77% 10.98% 42.55% 18.32% 13.09% --
% Rank in Morningstar Category (1% = Best) -- -- 27% -- -- --
# of Funds in Morningstar Category -- -- 44 30 28 --
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 04/16/2020.
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.
8 | 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
Fidelity Disruptive Finance Fund
LARGEST ABSOLUTE CONTRIBUTORS LARGEST ABSOLUTE DETRACTORS
Average Contribution Average Contribution
Holding Market Segment Weight (basis points)* Holding Market Segment Weight (basis points)*
Capital One Financial Consumer Insurance
6.68% 212 BRP Group, Inc. 2.63% -41
Corp. Finance Brokers
Asset Financial
BlackRock, Inc. Class A Management & 4.97% 127 Coinbase Global, Inc. Exchanges & 0.43% -34
Custody Banks Data
Research & Data Processing
Equifax, Inc. Consulting 2.64% 105 Afterpay Ltd. & Outsourced 0.29% -24
Services Services
Internet & Direct
Signature Bank Regional Banks 6.68% 100 MercadoLibre, Inc. 1.05% -22
Marketing Retail
Property &
Consumer
Ally Financial, Inc. 3.08% 93 Hiscox Ltd. Casualty 0.88% -16
Finance
Insurance
* 1 basis point = 0.01%. * 1 basis point = 0.01%.
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Capital One Financial Corp. Consumer Finance 6.86% 5.82%
Signature Bank Regional Banks 6.27% 5.82%
MasterCard, Inc. Class A Data Processing & Outsourced Services 5.44% 6.01%
BlackRock, Inc. Class A Asset Management & Custody Banks 5.06% 4.70%
Visa, Inc. Class A Data Processing & Outsourced Services 5.05% 5.53%
Arch Capital Group Ltd. Property & Casualty Insurance 4.73% 2.46%
DNB ASA Diversified Banks 3.88% 3.62%
DBS Group Holdings Ltd. Diversified Banks 3.86% 3.68%
BRP Group, Inc. Insurance Brokers 3.84% 3.00%
Virtu Financial, Inc. Class A Investment Banking & Brokerage 3.43% 3.66%
10 Largest Holdings as a % of Net Assets 48.43% 49.25%
Total Number of Holdings 38 36
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 May 31, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Disruptive Finance Fund
25.70% 16.52% 55.31% -- -- 72.26%
Gross Expense Ratio: 1.00%2
MSCI All Country World Index (Net MA) 16.18% 11.00% 42.31% 14.29% 14.61% 48.04%
MSCI All Country World Financials Equal Weighted Index Net
19.76% 14.43% 51.06% 5.38% 9.48% 52.60%
MA
Morningstar Fund Financial 36.98% 27.41% 69.11% 11.25% 14.16% --
% Rank in Morningstar Category (1% = Best) -- -- 78% -- -- --
# of Funds in Morningstar Category -- -- 104 94 84 --
1 Life
of Fund (LOF) if performance is less than 10 years. Fund inception date: 04/16/2020.
2 Thisexpense 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.
9 | 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
Fidelity Disruptive Medicine Fund
LARGEST ABSOLUTE CONTRIBUTORS LARGEST ABSOLUTE DETRACTORS
Average Contribution Average Contribution
Holding Market Segment Weight (basis points)* Holding Market Segment Weight (basis points)*
Managed Health Neurocrine Biosciences,
UnitedHealth Group, Inc. 4.78% 103 Biotechnology 3.46% -51
Care Inc.
Health Care
Danaher Corp. 5.07% 79 Royalty Pharma PLC Pharmaceuticals 3.18% -36
Equipment
Managed Health
Centene Corp. 3.35% 77 Argenx SE ADR Biotechnology 1.76% -31
Care
AstraZeneca PLC Health Care
Pharmaceuticals 2.98% 48 Penumbra, Inc. 2.36% -31
sponsored ADR Equipment
Managed Health Health Care
Humana, Inc. 3.06% 44 Masimo Corp. 1.90% -29
Care Equipment
* 1 basis point = 0.01%. * 1 basis point = 0.01%.
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Danaher Corp. Health Care Equipment 5.15% 5.03%
UnitedHealth Group, Inc. Managed Health Care 4.91% 4.36%
Boston Scientific Corp. Health Care Equipment 3.94% 3.35%
Lonza Group AG Life Sciences Tools & Services 3.88% 2.27%
Centene Corp. Managed Health Care 3.61% 3.30%
Neurocrine Biosciences, Inc. Biotechnology 3.34% 3.59%
Bruker Corp. Life Sciences Tools & Services 3.24% 1.90%
AstraZeneca PLC sponsored ADR Pharmaceuticals 3.12% 3.18%
Humana, Inc. Managed Health Care 2.96% 3.21%
Regeneron Pharmaceuticals, Inc. Biotechnology 2.95% 4.00%
10 Largest Holdings as a % of Net Assets 37.09% 39.53%
Total Number of Holdings 67 64
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 May 31, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Disruptive Medicine Fund
8.17% 3.83% 18.44% -- -- 27.17%
Gross Expense Ratio: 1.00%2
MSCI All Country World Index (Net MA) 16.18% 11.00% 42.31% 14.29% 14.61% 48.04%
MSCI All Country World Health Care Equal Weighted Index
12.77% 7.43% 30.74% 14.09% 12.75% 37.43%
Net MA
Morningstar Fund Health 8.43% 3.15% 24.86% 14.91% 14.29% --
% Rank in Morningstar Category (1% = Best) -- -- 64% -- -- --
# of Funds in Morningstar Category -- -- 161 138 127 --
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 04/16/2020.
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.
10 | 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
Fidelity Disruptive Technology Fund
LARGEST ABSOLUTE CONTRIBUTORS LARGEST ABSOLUTE DETRACTORS
Average Contribution Average Contribution
Holding Market Segment Weight (basis points)* Holding Market Segment Weight (basis points)*
Interactive Internet & Direct
Facebook, Inc. Class A 4.49% 104 Meituan Class B 3.72% -89
Media & Services Marketing Retail
Interactive Interactive
Alphabet, Inc. Class C 5.62% 95 Z Holdings Corp. 3.29% -79
Media & Services Media & Services
Internet & Direct
NVIDIA Corp. Semiconductors 2.48% 44 Pinduoduo, Inc. ADR 1.79% -57
Marketing Retail
Application Internet Services
Salesforce.com, Inc. 4.01% 39 MongoDB, Inc. Class A 1.46% -44
Software & Infrastructure
Application Hotels, Resorts &
Adobe, Inc. 4.15% 38 MakeMyTrip Ltd. 2.00% -40
Software Cruise Lines
* 1 basis point = 0.01%. * 1 basis point = 0.01%.
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Microsoft Corp. Systems Software 5.44% 4.71%
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored
Semiconductors 5.08% 5.17%
ADR
Facebook, Inc. Class A Interactive Media & Services 4.97% 4.24%
Alphabet, Inc. Class C Interactive Media & Services 4.94% 5.10%
Salesforce.com, Inc. Application Software 4.38% 4.54%
Adobe, Inc. Application Software 4.38% 4.17%
Tencent Holdings Ltd. Interactive Media & Services 4.18% 3.94%
Workday, Inc. Class A Application Software 4.00% 3.97%
Amazon.com, Inc. Internet & Direct Marketing Retail 3.51% 3.48%
Meituan Class B Internet & Direct Marketing Retail 3.31% 3.66%
10 Largest Holdings as a % of Net Assets 44.19% 43.74%
Total Number of Holdings 48 42
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 May 31, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Disruptive Technology Fund
7.76% 2.43% 58.13% -- -- 70.16%
Gross Expense Ratio: 1.00%2
MSCI All Country World Index (Net MA) 16.18% 11.00% 42.31% 14.29% 14.61% 48.04%
MSCI All Country World Information Technology Equal
13.03% 5.15% 46.95% 19.88% 22.50% 53.47%
Weighted Index Net MA
Morningstar Fund Technology 14.06% 5.87% 53.96% 24.74% 26.83% --
% Rank in Morningstar Category (1% = Best) -- -- 27% -- -- --
# of Funds in Morningstar Category -- -- 244 209 181 --
1 Life
of Fund (LOF) if performance is less than 10 years. Fund inception date: 04/16/2020.
2 Thisexpense 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.
11 | 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
World Index (Net MA). The MSCI ACWI (All Country World Index)
Definitions and Important Information Index is a market capitalization weighted index that is designed to
measure the investable equity market performance for global
Information provided in this document is for informational and
investors of developed and emerging marketts.
educational purposes only. To the extent any investment information
in this material is deemed to be a recommendation, it is not meant to MSCI All Country World Index (Net MA Tax) is a market-
be impartial investment advice or advice in a fiduciary capacity and is capitalization weighted index that is designed to measure the
not intended to be used as a primary basis for you or your client's investable equity market performance for global investors of
investment decisions. Fidelity, and its representatives may have a developed and emerging markets. Index returns are adjusted for tax
conflict of interest in the products or services mentioned in this withholding rates applicable to U.S. based mutual funds organized
material because they have a financial interest in, and receive as Massachusetts business trusts.
compensation, directly or indirectly, in connection with the
management, distribution and/or servicing of these products or MSCI All Country World Industrials Equal Weighted Index Net MA
services including Fidelity funds, certain third-party funds and is an equal weighted index of stocks designed to measure the
products, and certain investment services. performance of Industrials companies in the MSCI All Country World
Index (Net MA). The MSCI ACWI (All Country World Index) Index is a
market capitalization weighted index that is designed to measure
FUND RISKS
the investable equity market performance for global investors of
Stock markets, especially foreign markets, are volatile and can
developed and emerging markets.
decline significantly in response to adverse issuer, political,
regulatory, market, or economic developments. Foreign securities MSCI All Country World Information Technology Equal Weighted
are subject to interest rate, currency exchange rate, economic, and Index Net MA is an equal weighted index of stocks designed to
political risks, all of which are magnified in emerging markets. The measure the performance of Information Technology companies in
risks associated with the securities of companies that represent a the MSCI All Country World Index (Net MA). The MSCI ACWI (All
disruptive theme include small or limited markets for such securities, Country World Index) Index is a market capitalization weighted index
changes in business cycles, world economic growth, technological that is designed to measure the investable equity market
progress, rapid obsolescence, and government regulation. The performance for global investors of developed and emerging
securities of companies that rely heavily on technology tend to be markets.
more volatile and rapid changes to the technologies affecting a
company's products may adversely affect such company's results. MARKET-SEGMENT WEIGHTS
The funds may have additional volatility because of their narrow Market-segment weights illustrate examples of sectors or industries
concentration in a specific industry and the companies within each in which the fund may invest, and may not be representative of the
disruptive theme. Non-diversified funds that focus on a relatively fund's current or future investments. They should not be construed
small number of stocks tend to be more volatile than diversified or used as a recommendation for any sector or industry.
funds and the market as a whole. Fund of funds bear the risks of the
investment strategies of their underlying funds. If the fund's asset
allocation strategy does not work as intended, the fund may not RANKING INFORMATION
achieve its objective. © 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
INDICES (3) is not warranted to be accurate, complete or timely. Neither
It is not possible to invest directly in an index. All indices represented Morningstar nor its content providers are responsible for any
are unmanaged. All indices include reinvestment of dividends and damages or losses arising from any use of this information. Fidelity
interest income unless otherwise noted. does not review the Morningstar data and, for mutual fund
performance, you should check the fund's current prospectus for the
MSCI All Country World Communication Services Equal Weighted most up-to-date information concerning applicable loads, fees and
Index Net MA is an equal weighted index of stocks designed to expenses.
measure the performance of Communication Services companies in
the MSCI All Country World Index (Net MA). The MSCI ACWI (All % Rank in Morningstar Category is the fund's total-return percentile
Country World Index) Index is a market capitalization weighted index rank relative to all funds that have the same Morningstar Category.
that is designed to measure the investable equity market The highest (or most favorable) percentile rank is 1 and the lowest
performance for global investors of developed and emerging (or least favorable) percentile rank is 100. The top-performing fund in
markets. a category will always receive a rank of 1%. % Rank in Morningstar
Category is based on total returns which include reinvested
MSCI All Country World Financials Equal Weighted Index Net MA dividends and capital gains, if any, and exclude sales charges.
is an equal weighted index of stocks designed to measure the Multiple share classes of a fund have a common portfolio but
performance of Financials companies in the MSCI All Country World impose different expense structures.
Index (Net MA). The MSCI ACWI (All Country World Index) Index is a
market capitalization weighted index that is designed to measure the
investable equity market performance for global investors of
developed and emerging markets.
MSCI All Country World Health Care Equal Weighted Index Net
MA is an equal weighted index of stocks designed to measure the
performance of Health Care companies in the MSCI All Country
12 |PORTFOLIO MANAGER Q&A | AS OF MAY 31, 2021
Manager Facts Services Portfolio, Fidelity Advisor Financial Services Fund and
VIP Financial Services Portfolio, Select Brokerage and
Christopher Lee is a managing director of research and portfolio Investment Management Portfolio, Select Insurance Portfolio,
manager in the Equity division at Fidelity Investments. Fidelity Select Energy Service Portfolio, and Select Leisure Portfolio.
Investments is a leading provider of investment management, Previously, Mr. Hebard was an equity research analyst following
retirement planning, portfolio guidance, brokerage, benefits the newspaper, printing, gaming, and cruise ship and leisure
outsourcing, and other financial products and services to durable industries.
institutions, financial intermediaries, and individuals.
Before joining Fidelity in 1998, Mr. Hebard served as an assistant
In this role, Mr. Lee is responsible for overseeing the Technology vice president at Citicorp Securities, Inc. He also worked as an
and Cyclicals teams. Additionally, he co-manages Fidelity associate for Citicorp Securities' High Yield Finance group and
Advisor Financial Services Fund, Fidelity VIP Financial Services Global Media & Communications group.
Portfolio, Fidelity Select Financial Services Portfolio, Fidelity
Financial Services Central Fund, and the Fidelity and Fidelity Mr. Hebard earned his bachelor of arts degree, magna cum
Advisor Stock Selector All Cap Funds. laude, in economics from the University of Pennsylvania and his
master of business administration degree in finance from the
Prior to assuming his current responsibilities, Mr. Lee managed Wharton School of the University of Pennsylvania. He is also a
Fidelity Select Brokerage and Investment Management Portfolio, CFA® charterholder.
Fidelity VIP Growth Strategies Portfolio, Fidelity Growth
Strategies Fund, and Fidelity Select Consumer Finance Portfolio.
Previously, he managed Fidelity Select Electronics Portfolio and
Fidelity Advisor Electronics Fund. He joined Fidelity as an equity
analyst following the semiconductor industry in 2004.
Before joining Fidelity, Mr. Lee was an associate in the
Technology group at TA Associates, a private equity firm in
Boston. Previously, he worked as a financial analyst in the
Technology group at Robertson Stephens. He has been in the
financial industry since 1997.
Mr. Lee earned his bachelor of arts degree in East Asian studies
from Yale University and his master of business administration
degree from the Massachusetts Institute of Technology (MIT)
Sloan School of Management.
Charlie Hebard is a managing director of research 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. Hebard manages the
Technology/Communications Services, Energy/Materials, and
Private Equity Investments teams. He also co-manages the
Fidelity Enduring Opportunities Fund, Fidelity Disruptive
Automation Fund, Fidelity Disruptive Communications Fund,
Fidelity Disruptive Finance Fund, Fidelity Disruptive Medicine
Fund, Fidelity Disruptive Technology Fund, and Fidelity
Disruptors Fund.
Prior to assuming his current responsibilities, Mr. Hebard was
responsible for managing the Cyclicals, Consumer and
Financials teams. He also managed Fidelity Blue Chip Value
Fund, VIP Value Leaders Portfolio, and Fidelity Advisor Value
Leaders Fund. Additionally, he managed various other Fidelity
funds, including Fidelity Financials Central Fund, Select Financial
13 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.Annualized
PERFORMANCE SUMMARY:
1 3 5 10 Year/ Inception
Quarter ending September 30, 2021 Year Year Year Date
LOF1
Fidelity Disruptors Fund
31.34% -- -- 48.14% 04/16/2020
Gross Expense Ratio: 1.00%2
Fidelity Disruptive Automation Fund
33.91% -- -- 54.92% 04/16/2020
Gross Expense Ratio: 1.00%2
Fidelity Disruptive Communications Fund
30.61% -- -- 47.28% 04/16/2020
Gross Expense Ratio: 1.00%2
Fidelity Disruptive Finance Fund
43.86% -- -- 54.32% 04/16/2020
Gross Expense Ratio: 1.00%2
Fidelity Disruptive Medicine Fund
18.09% -- -- 25.42% 04/16/2020
Gross Expense Ratio: 1.00%2
Fidelity Disruptive Technology Fund
29.78% -- -- 58.66% 04/16/2020
Gross Expense Ratio: 1.00%2
1 Life of Fund (LOF) if performance is less than 10 years.
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 S&P 500 is a registered service mark of Standard & Poor's Financial
the investment objectives, risks, charges, and expenses. For Services LLC.
this and other information, call or write Fidelity for a free Other third-party marks appearing herein are the property of their
prospectus or, if available, a summary prospectus. Read it respective owners.
carefully before you invest. All other marks appearing herein are registered or unregistered
trademarks or service marks of FMR LLC or an affiliated company.
Past performance is no guarantee of future results.
Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street,
Views expressed are through the end of the period stated and do not Smithfield, RI 02917.
necessarily represent the views of Fidelity. Views are subject to change at
any time based upon market or other conditions and Fidelity disclaims any Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI
responsibility to update such views. These views may not be relied on as 02917.
investment advice and, because investment decisions for a Fidelity fund © 2021 FMR LLC. All rights reserved.
are based on numerous factors, may not be relied on as an indication of Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.
trading intent on behalf of any Fidelity fund. The securities mentioned are 987028.1.0
not necessarily holdings invested in by the portfolio manager(s) or FMR
LLC. References to specific company securities should not be construed
as recommendations or investment advice.
Diversification does not ensure a profit or guarantee against a loss.
Information included on this page is as of the most recent calendar
quarter.You can also read
