Fidelity Select Automotive Portfolio
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PORTFOLIO MANAGER Q&A | AS OF AUGUST 31, 2021
Fidelity® Select Automotive
Portfolio
Key Takeaways MARKET RECAP
• For the semiannual reporting period ending August 31, 2021, the fund The S&P 500® index gained 19.52% for
gained 9.20%, trailing the 9.74% advance of the FactSet Automotive the six months ending August 31, 2021,
Linked Index and lagging 19.52% increase in the broad-based S&P with U.S. equities rising on the prospect
of a surge in economic growth amid
500® index by a notably wider margin.
widespread COVID-19 vaccinations, fiscal
stimulus and fresh spending programs. In
• The predominant theme influencing the automotive industry's early 2021, investors saw reasons to be
performance the past six months has been the global semiconductor hopeful. The rollout of three COVID-19
shortage, according to Portfolio Manager Elliot Mattingly. vaccines was underway, the U.S. Federal
Reserve pledged to hold interest rates
• This lack of supply had significant ramifications on certain segments of near zero until the economy recovered,
the industry, hampering automobile manufacturers as well as auto and the federal government would
parts & equipment firms. deploy trillions of dollars in aid to boost
consumers and the economy. Many
• Versus the FactSet industry index, unfavorable security selection in the economists raised their expectations for a
automotive retail segment hurt the portfolio's performance most, powerful recovery, as opposed to a
sluggish rebound, bolstering stocks
followed by out-of-index exposure to trucking stocks.
through April. This backdrop fueled a
sharp rotation, with small-cap value
• On an individual stock basis, ride-sharing company Uber usurping leadership from large growth.
Technologies, manufacturer Stellantis and supplier Lear, were the As part of the "reopening" theme,
largest detractors compared with the index this period. investors moved out of tech-driven
mega-caps that had thrived due to the
• In contrast, advantageous investment choices and modest work-from-home trend in favor of cheap
underexposure to auto parts & equipment and automobile smaller companies that stood to benefit
manufacturers added relative value. from a broad cyclical recovery. Choppy
trading in a flattish May reflected
• On a stock-specific basis, parts distributor LKQ, electric-vehicle maker concerns about inflation and jobs, but the
Fisker and components/parts supplier BorgWarner were the most uptrend resumed through August, driven
noteworthy contributors. by corporate earnings. Notably, this leg
saw momentum shift back to large
growth, as easing rates and a hawkish
• As of August 31, Elliot believes the automotive industry's performance
Fed stymied the reflation trade. By
is going to be determined by the consumer, which seems to be in
sector, real estate (+30%) led, followed
healthy shape, giving him optimism. He also notes that while we've by communication services (+24%) and
yet to reach the bottom as it relates to the semiconductor supply information technology (+22%).
shortage and the reverberations it's had throughout the industry, he Conversely, notable "laggards" this
thinks we're reasonably close. period included the energy (+3%),
consumer discretionary (+14%) and
industrials (+16%) sectors.
Not FDIC Insured • May Lose Value • No Bank GuaranteePORTFOLIO MANAGER Q&A | AS OF AUGUST 31, 2021
Q&A
An interview with Portfolio Manager
Elliot Mattingly
Elliot Mattingly Q: Elliot, how did the fund perform for the
Portfolio Manager semiannual period ending August 31, 2021
The fund gained 9.20%, trailing the 9.74% advance of the
Fund Facts
FactSet Automotive Linked Index and lagging the 19.52%
Trading Symbol: FSAVX increase in the broad-based S&P 500® index by a notably
wider margin. The portfolio did outpace the consumer
Start Date: June 30, 1986 cyclical peer group average, however.
Size (in millions): $201.24 A number of overarching themes continued to drive the auto
industry's performance this period, but company-specific
factors surrounding some important holdings played a big
role in shaping our relative return.
Investment Approach Taking a slightly longer-term view, the fund was up 44.28%
over the trailing 12-month period, underperforming the
• Fidelity® Select Automotive Portfolio is an industry- FactSet industry index but handily topping the S&P 500® and
based, equity-focused strategy that seeks to outperform peer group average.
its benchmark through active management.
• Our investment process emphasizes stock selection
while keeping industry weightings relatively neutral. The Q: Describe the backdrop for automotive stocks
fund seeks earnings growth that is in line with or faster the past six months.
than the index. In pursuit of this, we invest in companies
exhibiting above-average growth due to a strong Sure. More often than not, I tend to discuss the auto industry
geographic sales mix; suppliers with growing content in terms of its three most crucial markets: the U.S., Europe
per vehicle that is outpacing underlying production; and and China. This period, however, the most significant factor
companies that are repurchasing shares, thereby impacting automotive stocks transcends geographic
accelerating earnings-per-share growth. boundaries – the global semiconductor chip shortage. Aside
• The fund tends to favor higher-quality companies with from the impact on dealers and the auto-buying consumer,
valuations that are in line with or less expensive than the which I'll discuss further in the callout portion of this review,
index. Our valuation approach is primarily focused on the chip shortage has had significant ramifications on other
comparing discounted free cash flow multiples relative segments within the industry, most notably manufacturers
to peers. and their parts suppliers.
• Stock selection and idea generation come from More specifically, while the negative downstream impact of
fundamental, bottom-up research that leverages Fidelity'
the supply shortage has resulted in a reduction in volume for
s deep and experienced global consumer team. We
manufacturers, they've largely been able to increase prices
consider attractive consumer stocks outside of the
as a partial offset, which, in turn, bolstered their profitability.
benchmark that offer the potential for favorable risk-
adjusted returns.
On the other hand, manufacturing parts suppliers, for the
most part, are not able to dynamically adjust their pricing. In
• Sector and industry strategies could be used by investors
fact, many actually have contracts in place stipulating that
as alternatives to individual stocks for either tactical- or
they must provide manufacturers with a 1% to 3%+ discount
strategic-allocation purposes.
every year. So, unfortunately, they generally don't have any
other levers to pull when it comes to offsetting the effect of
what is essentially an anti-pricing-power scenario.
Overall, among the three larger segments within the industry
index – which comprise nearly 90% of it – automobile
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 AUGUST 31, 2021
manufacturers (+9%) and automotive parts/equipment (-1%) fund's leading contributor relative to the industry index. This
firms lagged, whereas automotive retail (+20%) stocks is essentially a turnaround story in which management has
outperformed. continued to execute well, propelling the stock to a 34%
gain. Previously, the company had done several acquisitions
Q: Which factors weighed most on the fund's that were not well-integrated, leading to lackluster financial
results. An activist investor then got involved and things
performance versus the FactSet industry index
began to incrementally improve. In particular, management
Unfavorable security selection in the automotive retail refocused its efforts on expanding margins and generating
segment detracted most from the portfolio's relative result more free cash flow, as opposed to emphasizing deals. So
the past six months, followed by out-of-index exposure to far, progress has been positive on the margin front, in both
trucking stocks. Europe and North America, while the firm also has made
strides to better manage working capital. At the end of the
Turning to individual holdings, a non-index stake in global
period, LKQ was the portfolio's second-largest overweight.
ride-sharing company Uber Technologies, which falls under
the trucking category, returned -25% and was the biggest Avoiding electric-vehicle (EV) special purpose acquisition
detractor this period. Shares of the firm fell as the pandemic- company (SPAC) and index component Fisker (-51%) proved
induced recovery in mobility continued to get pushed out beneficial. The expectation is that the firm will be unveiling a
with the spread of the delta variant, along with ongoing new vehicle by the end of 2022. However, in the interim, I
regulatory and driver-shortage headwinds. In addition, simply could not get comfortable with the stock's valuation.
investors penalized Uber for its sizable financial stake in As I see it, EV SPACs in general have had their time in the
Chinese vehicle-for-hire provider DiDi Chuxing Technology, sun due to the unprecedented amount of capital being
which went public on the New York Stock Exchange the end raised in public markets of late – often at lofty valuations –
of June but soon became the latest target of the Chinese especially knowing many of these companies may not have
government's anti-monopoly efforts. Despite these near- viable products for a couple of years. Consequently,
term factors, I continue to hold the stock and maintained a analyzing the risk/reward framework and being very selective
positive long-term outlook on Uber. is paramount, as we saw here with Fisker.
The fund's underweighting in manufacturer Stellantis (+33%) Lastly, an underweighting in BorgWarner (-4%) helped this
– the resulting entity of the merger between Italian-American period. Here we have a global automotive components and
Fiat Chrysler Automobiles and French auto-maker PSA parts supplier that has historically been an overweight in the
Group, which took place just prior to the beginning of the portfolio. Recently, however, market participants have not
reporting period – also weighed on relative performance. been kind to stocks that are well-positioned as EV
Ultimately, I believe the market was waiting for the dust to beneficiaries. Despite that fact that the company is a maker
settle on the deal, and since that point the synergies have of EV powertrain components, it remains a relatively small
been predominantly better-than-expected, which provided a portion of the overall business that, if successful, likely stands
lift to the stock. Though I increased the portfolio's stake in to cannibalize its larger, flagship products. As a result, I sold
Stellantis the past six months, it was the second-largest the portfolio's stake in BorgWarner prior to period end.
underweight in the portfolio as of August 31.
Additionally, Lear (-4%), a global supplier of automotive seats Q: What's your outlook as of August 31, Elliot
and wiring harnesses – our largest overweight at period end At the end of the day, the automotive industry's performance
– was another noteworthy detractor. Simply put, suppliers is going to be determined by the consumer. Currently, the
like Lear tend to underperform in difficult times when state of the consumer seems to be healthy, so I have reason
production targets are being revised downward by for optimism looking ahead. Granted, we've yet to reach the
manufacturers. Toward the end of the period, Lear reported bottom when I think about the semiconductor supply
quarterly financial results that were largely in line with shortage and the reverberations it's had throughout the
consensus expectations, although management did reduce industry, but I think we're reasonably close. Overall, the
guidance due to ongoing semiconductor-related disruptions market tends to operate like a discounting machine, so
across the industry. typically when stock prices bottom, fundamentals follow suit
not long after. In practical terms, once the final cuts to
Q: What helped relative performance production take place, the worst will be behind us. ■
Switching gears, favorable investment choices and modest
underexposure to auto parts & equipment and automobile
manufacturers added relative value the past six months.
On a stock-specific basis, an outsized stake in aftermarket
replacement and maintenance parts distributor LKQ was the
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 AUGUST 31, 2021
LARGEST CONTRIBUTORS VS. BENCHMARK
Average Relative
Elliot Mattingly on the historical Holding Market Segment
Relative Contribution
Weight (basis points)*
impact of supply shortages: LKQ Corp. Distributors 1.30% 29
Automobile
"The automotive industry had already been forced Fisker, Inc. -0.24% 26
Manufacturers
to grapple with the fallout COVID-19-induced Auto Parts &
BorgWarner, Inc. -0.61% 25
manufacturing plant shutdowns that depleted Equipment
inventories and left it in uncharted territory. Then, Diversified Support
Copart, Inc. 1.16% 22
toward the end of last year, the semiconductor Services
shortage came to fruition for a variety of reasons, Tata Motors Ltd. Automobile
-0.87% 22
ranging from automakers not ordering enough sponsored ADR Manufacturers
supply, to increased demand in other segments of * 1 basis point = 0.01%.
the economy, notably, work-from-home technology
needs.
"The chip shortage was further exacerbated by LARGEST DETRACTORS VS. BENCHMARK
other factors such as fire at a key production plant in
Japan, along with supply chain disruption issues in Average Relative
Malaysia. This all culminated in the images we've Relative Contribution
Holding Market Segment Weight (basis points)*
seen of a seemingly never-ending backlog of cargo
ships waiting to be offloaded at the ports of Los Uber Technologies,
Trucking 1.55% -56
Inc.
Angeles and Long Beach. The trickle-down effect on
Automobile
dealers and consumers has been nothing less than Stellantis NV -1.54% -28
Manufacturers
astonishing.
Auto Parts &
Lear Corp. 1.93% -25
"Everything in the global auto industry revolves Equipment
around unit production levels. In 2019, roughly 90 AutoNation, Inc. Automotive Retail -0.71% -24
million units were produced. Then last year, when Automobile
Ford Motor Co. -1.19% -20
the scope of the pandemic became a sobering Manufacturers
reality, that figure was closer to 75 million. Entering * 1 basis point = 0.01%.
2021, estimates were in the 80-85 million range,
which many investors felt was conservative under
the auspice that consumers had money to spend.
"U.S. dealers have historically held 60-65 days'
worth of inventory on their lots, slightly higher for
trucks and lower for cars. At the end of the second
quarter, that had declined dramatically. The impact
being felt by dealers is that, in some cases, they are
simply unable to meet customer demand in real
time, a dynamic not see before. In turn, consumers
are seeing higher prices for popular models.
"Despite this demand, supply shortages have
lingered and as a result, production targets have
been continually reduced as 2021 progresses, to the
extent that manufacturers are tracking toward
figures only slightly above 2020 levels."
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 AUGUST 31, 2021
ASSET ALLOCATION
Relative Change
From Six Months
Asset Class Portfolio Weight Index Weight Relative Weight Ago
Domestic Equities 64.90% 63.50% 1.40% -3.58%
International Equities 35.20% 36.50% -1.30% 3.74%
Developed Markets 25.68% 25.22% 0.46% 3.73%
Emerging Markets 9.52% 11.28% -1.76% 0.01%
Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00%
Bonds 0.09% 0.00% 0.09% 0.09%
Cash & Net Other Assets -0.19% 0.00% -0.19% -0.25%
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
Automobile Manufacturers 57.51% 58.12% -0.61% 2.21%
Automotive Retail 17.20% 17.62% -0.42% -0.90%
Auto Parts & Equipment 13.08% 13.48% -0.40% -0.24%
Diversified Support Services 4.84% 4.28% 0.56% -0.64%
Distributors 4.20% 3.56% 0.64% 0.49%
Trucking 1.83% -- 1.83% -0.55%
Electrical Components & Equipment 0.83% 1.00% -0.17% -0.17%
Construction Machinery & Heavy Trucks 0.45% 0.05% 0.40% -0.10%
Airlines 0.20% -- 0.20% 0.20%
Application Software 0.06% -- 0.06% 0.06%
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 AUGUST 31, 2021
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Toyota Motor Corp. sponsored ADR Automobile Manufacturers 11.78% 9.91%
Tesla, Inc. Automobile Manufacturers 11.69% 14.36%
General Motors Co. Automobile Manufacturers 8.51% 11.08%
Ford Motor Co. Automobile Manufacturers 5.01% 3.10%
NIO, Inc. sponsored ADR Automobile Manufacturers 4.92% 5.72%
O'Reilly Automotive, Inc. Automotive Retail 4.86% 3.12%
Aptiv PLC Auto Parts & Equipment 4.70% 5.44%
Ferrari NV Automobile Manufacturers 4.04% 2.43%
Copart, Inc. Diversified Support Services 3.98% 4.03%
AutoZone, Inc. Automotive Retail 3.64% 3.96%
10 Largest Holdings as a % of Net Assets 63.13% 64.50%
Total Number of Holdings 39 37
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 August 31, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Select Automotive Portfolio
9.20% 13.14% 44.28% 27.70% 20.56% 15.59%
Gross Expense Ratio: 0.88%2
S&P 500 Index 19.52% 21.58% 31.17% 18.07% 18.02% 16.34%
FactSet Automotive Linked Index 9.74% 14.94% 45.48% 25.91% 19.43% 15.93%
Morningstar Fund Consumer Cyclical 7.51% 16.22% 35.58% 18.84% 18.04% 16.08%
% Rank in Morningstar Category (1% = Best) -- -- 26% 4% 23% 57%
# of Funds in Morningstar Category -- -- 48 42 39 35
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 06/30/1986.
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 AUGUST 31, 2021
Definitions and Important Information 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
Information provided in this document is for informational and
sector or industry.
educational purposes only. To the extent any investment information
in this material is deemed to be a recommendation, it is not meant to
be impartial investment advice or advice in a fiduciary capacity and is RANKING INFORMATION
not intended to be used as a primary basis for you or your client's
© 2021 Morningstar, Inc. All rights reserved. The Morningstar
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products, and certain investment services. mutual fund performance, you should check the fund's current
prospectus for the most up-to-date information concerning
FUND RISKS applicable loads, fees and expenses.
The value of the fund's domestic and foreign investments will vary
from day to day in response to many factors. Stock values fluctuate % Rank in Morningstar Category is the fund's total-return
in response to issuer, political, regulatory, market, or economic percentile rank relative to all funds that have the same Morningstar
developments. You may have a gain or loss when you sell your Category. The highest (or most favorable) percentile rank is 1 and
shares. Investments in foreign securities, especially those in the lowest (or least favorable) percentile rank is 100. The top-
emerging markets, involve risks in addition to those of U.S. performing fund in a category will always receive a rank of 1%. %
investments, including increased political and economic risk, as well Rank in Morningstar Category is based on total returns which
as exposure to currency fluctuations. Because FMR concentrates the include reinvested dividends and capital gains, if any, and exclude
fund's investments in a particular industry, the fund's performance sales charges. Multiple share classes of a fund have a common
could depend heavily on the performance of that industry and could portfolio but impose different expense structures.
be more volatile than the performance of less concentrated funds
and the market as a whole. The fund is considered non-diversified RELATIVE WEIGHTS
and can invest a greater portion of assets in securities of individual
Relative weights represents the % of fund assets in a particular
issuers than a diversified fund; thus changes in the market value of a
market segment, asset class or credit quality relative to the
single investment could cause greater fluctuations in share price
benchmark. A positive number represents an overweight, and a
than would occur in a more diversified fund. The automotive
negative number is an underweight. The fund's benchmark is listed
industry is highly cyclical and can be significantly affected by labor
immediately under the fund name in the Performance Summary.
relations and fluctuating component prices.
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.
FactSet Automotive Linked Index is a float-adjusted modified
market capitalization weighted index designed to measure and track
the performance of companies engaged in the manufacturing and
distribution of automotive vehicles, parts and components. Index
returns shown for periods prior to April 1, 2017 are returns of the
S&P Custom Automobiles & Components Index; returns shown for
periods prior to January 1, 2010 are returns of the MSCI U.S.
Investable Market Automobiles & Components Index.
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
7 |PORTFOLIO MANAGER Q&A | AS OF AUGUST 31, 2021 Manager Facts Elliot Mattingly 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. Mattingly is responsible for the coverage of North American automotive sector, ridesharing companies, and consumer staples stocks. Additionally, he manages Fidelity Select Automotive Portfolio. Prior to joining Fidelity as an equity research analyst intern in 2015, Mr. Mattingly served as a private equity associate at Bain Capital and as a senior associate consultant at Bain & Company, where he focused on private equity transactions. He has been in the financial industry since 2012. Mr. Mattingly earned his bachelor of arts degree in German studies from Dartmouth and his master of business administration degree from Harvard Business School. 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
Select Automotive Portfolio
48.93% 29.31% 21.23% 17.32%
Gross Expense Ratio: 0.88%2
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 06/30/1986.
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.
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Past performance is no guarantee of future results.
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