Fidelity Select Communication Services Portfolio
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PORTFOLIO MANAGER Q&A | AS OF AUGUST 31, 2021
Fidelity® Select Communication
Services Portfolio
Key Takeaways MARKET RECAP
• For the semiannual reporting period ending August 31, 2021, the The S&P 500® index gained 19.52% for
fund's Retail Class shares rose 20.75%, solidly outpacing the 17.05% the six months ending August 31, 2021,
gain of the MSCI U.S. IMI Communication Services 25/50 (Media with U.S. equities rising on the prospect
of a surge in economic growth amid
Linked) Index and the 19.52% advance of the broadly based S&P 500®
widespread COVID-19 vaccinations, fiscal
index.
stimulus and fresh spending programs. In
early 2021, investors saw reasons to be
• Communication services stocks performed well this period, mainly hopeful. The rollout of three COVID-19
due to solid earnings growth for many companies within the sector. vaccines was underway, the U.S. Federal
Reserve pledged to hold interest rates
• Portfolio Manager Matthew Drukker's stock selection drove the fund's near zero until the economy recovered,
outperformance of the MSCI sector index the past six months, and and the federal government would
sector/industry positioning helped to a lesser extent. deploy trillions of dollars in aid to boost
consumers and the economy. Many
• Specifically, stock picking in interactive media & services helped most,
economists raised their expectations for a
followed by choices and an underweighting in broadcasting, the
powerful recovery, as opposed to a
weakest-performing segment of the sector this period.
sluggish rebound, bolstering stocks
• Conversely, overweighting the lagging interactive home media through April. This backdrop fueled a
sharp rotation, with small-cap value
segment notably held back the fund's relative result.
usurping leadership from large growth.
• Among individual stocks, a larger-than-index position in Facebook As part of the "reopening" theme,
(+47%) added the most value, whereas the fund's overweighting in investors moved out of tech-driven
Activision Blizzard (-14%) detracted more than any other investment. mega-caps that had thrived due to the
work-from-home trend in favor of cheap
• As of August 31, Matt sees a balanced environment for smaller companies that stood to benefit
communication services and potential for continued growth. He from a broad cyclical recovery. Choppy
remains focused on owning companies in the sector he thinks operate trading in a flattish May reflected
sustainable businesses and offer popular, "sticky" services that concerns about inflation and jobs, but the
generate consistent, recurring revenue. uptrend resumed through August, driven
by corporate earnings. Notably, this leg
saw momentum shift back to large
growth, as easing rates and a hawkish
Fed stymied the reflation trade. By
sector, real estate (+30%) led, followed
by communication services (+24%) and
information technology (+22%).
Conversely, notable "laggards" this
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
Matthew Drukker
Matthew Drukker Q: Matt, how did the fund perform for the six
Portfolio Manager months ending August 31, 2021
The fund's Retail Class shares gained 20.75%, solidly
Fund Facts outpacing the 17.05% gain of the MSCI U.S. IMI
Trading Symbol: FBMPX Communication Services 25/50 (Media Linked) Index and the
19.52% advance of the broadly based S&P 500® index. The
Start Date: June 30, 1986 fund also handily bested the peer group average.
Size (in millions): $1,497.34 Looking slightly longer term, the fund gained 41.64% for the
trailing 12 months, outpacing the MSCI sector index, the S&P
500 and the peer group average.
Q: What factors propelled communication
Investment Approach services stocks the past six months
• Fidelity® Select Communication Services Portfolio is a Communication services stocks had a good run this period,
sector-based, equity-focused strategy that seeks to mainly due to solid earnings growth for many companies
outperform its benchmark through active management. within the sector. The markets for digital advertising, video
• We employ a bottom-up, stock-by-stock approach to games and streaming – all of which are tied to user
capitalize on our view that growth and revisions to engagement – remained strong.
earnings and free cash flow per share drive
Demand for home broadband services remained robust as
communication services stocks. As such, the fund tends
well, even though consumers began spending less time at
to emphasize companies with sustainable growth that is
likely to beat expectations, as well as secular growers
home as the economy reopened and COVID-19 vaccination
that can drive consistent excess returns. increased.
• We use fundamental analysis, supported by Fidelity's Overall, we did not see any unwinding of the digital
deep and experienced global technology, media and acceleration the sector experienced due to the pandemic. If
telecommunication team, to identify stocks that we anything, I believe the sector entered a more balanced
believe have the greatest dislocation between long-term environment that appeared healthy and poised to grow.
earnings-growth potential and valuation.
That said, while fundamentals for many communication
• Sector strategies could be used by investors as services companies remained positive, communication
alternatives to individual stocks for either tactical- or services stocks took a bit of a breather near the end of the
strategic-allocation purposes. period. The sector index returned -5.76% in September, and
at period end was cheaper on a price-to-earnings ratio.
Q: How did you manage the fund
I sought to own stocks of companies that I believed showed
potential for healthy long-term revenue and earnings growth,
and I tried to buy these stocks when I saw price dislocation.
In my view, stock prices ultimately follow the earnings and
cash flow of the companies they represent. I seek to invest in
companies with sustainable above-index growth rates, with
position sizing driven by my conviction and differentiated
view relative to the market's assessment of a company's
prospects, reflected by a stock's market price. I try to position
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
the fund in companies where the rate of growth is mispriced more-reliable network than its competitors and was able to
or underestimated, and – depending on the stock – I am charge higher prices for its services. However, competitors
willing to pay a premium for faster growth. such as T-Mobile have made improvements while keeping
prices low. This competitive dynamic, coupled with investors'
Due to the fixed-cost nature and high incremental profit
focus on higher-growth areas of the sector, pressured
margins of communication services companies, I usually find
Verizon's stock this period.
sales growth drives earnings and cash flow more sustainably
than cutting costs or business-mix shifts.
Q: Which investment decisions detracted
Ideally, the fund will own companies with consistently higher
sales growth and cash-flow conversion than the average Overweighting the lagging interactive home entertainment
company in the MSCI sector index. segment held back the fund's relative result. Specifically, our
shares of Activision Blizzard returned about -14% for the six
Q: What helped the fund's performance versus months. After a strong run in 2020, this video-game
developer's stock struggled to keep pace with the sector
the MSCI communication services index index. The stock pulled back a bit this period due to some
Stock selection primarily drove the fund's relative result the internal management issues that investors worried would
past six months, while sector/industry positioning helped to delay the rollout of new content. Investors also were
a lesser extent. Stock picking in interactive media & services concerned about how competitive this holiday season may
contributed most, followed by choices and an be, and how that dynamic could impact the company.
underweighting in broadcasting, the weakest-performing I continued to hold a large stake in Activision at period end; it
segment of the sector. was the fund's fifth-largest holding. Its expansion into "free-
In interactive media & services, shares of social-media to-play" and mobile areas has boosted user engagement.
network operator Facebook gained about 47% for the six Sales among some of the company's key franchises, such as
months and was our biggest contributor by far. From my "Call of Duty," remained strong as well. As of period end, I
perspective, Facebook continues to be one of the greatest believe Activision will continue to grow robustly in the long
advertising platforms, with its base of more than 3 billion term, especially as mobile gaming gains traction.
users and about 10 million advertisers.
A non-index position in ride-hailing company Lyft (-15%)
High user engagement and healthy demand for digital notably detracted. After being hurt by coronavirus lockdowns
advertising drove the company's revenue, as customers that dampened demand, the company was on a path to
sought to market their products online. Facebook also is a recovery as the economy began re-opening earlier this year.
leader in artificial intelligence and machine learning, and the However, the delta variant of the coronavirus set the
company is applying this technology to boost its capabilities company back once again. In addition, investors grew
and help advertisers improve their results. concerned about Lyft's costs to incent drivers.
At period end, the company faced increased public and
regulatory scrutiny, but I continued to believe these concerns Q: Any final thoughts for shareholders, Matt
were priced into Facebook's valuation. I maintained the I'm watching earnings reports closely. Some companies in
fund's exposure to Facebook, which remained among the the sector are likely to show slower third-quarter growth due
fund's top holdings as of August 31. to tough financial comparisons with the year-ago quarter.
Avoiding broadcast television company Discovery, which
Going forward, I'll be focused on individual company
owns several networks, including the Discovery Channel,
performance, rather than trends that could move the sector.
Food Network and TLC, proved beneficial. Shares of the firm
I'm focused on owning companies in the sector that I believe
returned -42% for the six months. In May, the company
operate sustainable businesses and offer popular, "sticky"
announced its merger with WarnerMedia. Though there will
services that generate consistent, recurring revenue.
certainly be some benefits from this deal, the execution will
take time and the merged company will carry significant Lastly, I'm watching for potential regulatory changes. I'm
debt, which is especially challenging as it tries to make a somewhat concerned about proposals to change the
transition to streaming with its Discovery+ service. operating environment for some of the biggest internet
companies. Conversely, a potential infrastructure bill could
Largely avoiding Verizon Communications (-1%), a large help parts of the country upgrade their fiber networks and
component in the sector index, added relative value. This bring more broadband options to lower-income and rural
integrated telecom giant is a leader in the U.S. wireless markets. Thank you for your confidence in my stewardship of
market and had been holding its ground with slow and the fund, and in Fidelity Investments. ■
steady growth, despite heavy capital investments to build
out its 5G network. In the past, Verizon boasted a broader,
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
Portfolio Manager Matt Drukker on Holding Market Segment
Relative Contribution
Weight (basis points)*
growth in digital advertising: Interactive Media &
Facebook, Inc. Class A 4.19% 131
Services
"Spending on digital ads fell steeply early in 2020 as Discovery
the world locked down to contain the spread of Communications, Inc. Broadcasting -0.83% 70
COVID-19 and companies looked for easy ways to Class A
cut spending. Many firms paused to retune their Integrated
Verizon
marketing messages amid an uncertain outlook. Telecommunication -4.23% 66
Communications, Inc.
Services
"That spending dip didn't last long. As the world Interactive Media &
Pinterest, Inc. Class A -1.00% 61
grappled with the effects of the pandemic, digitally Services
focused companies ramped up their ad spending in ViacomCBS, Inc. Class
Broadcasting -0.63% 50
a big way. Their buying and engagement centered B
mainly on online platforms, which helped many * 1 basis point = 0.01%.
companies return to rapid revenue growth.
"As of August 31, a large group of U.S. consumers
continue to boost spending on goods and digital LARGEST DETRACTORS VS. BENCHMARK
experiences, mainly because they're still spending
far more time in their homes and thus spend less on Average Relative
services such as travel to stay safe and help mitigate Relative Contribution
Holding Market Segment Weight (basis points)*
the spread of the coronavirus and its variants.
Interactive Home
Activision Blizzard, Inc. 2.16% -82
"Consumers are forming new habits, many of which Entertainment
seem likely to continue. They're now accustomed to Lyft, Inc. Trucking 2.11% -63
same-day delivery, in-store merchandise pickup and AMC Entertainment Movies &
-0.51% -61
one-day shipping. All of these services require Holdings, Inc. Class A Entertainment
companies to invest in digital advertising to attract Charter
consumers. Communications, Inc. Cable & Satellite -2.48% -39
Class A
"These habits could power digital ad sales and Interactive Media &
benefit operators of digital advertising platforms Angi, Inc. 0.57% -34
Services
that are able to reach billions of consumers. They do * 1 basis point = 0.01%.
so by segmenting them based on demographics,
shopping preferences and interests, and then send
out ads that resonate because they align with what
particular consumers are interested in buying –
often in the moment these potential customers are
in the process of making a purchasing decision.
"This is why 46% of fund assets are invested in two
of the world's top advertising platforms at period
end: Alphabet, the parent company of Google, and
Facebook.
"For each, I think the underlying digital ad trends
support their revenue streams and could provide a
long runway for growth."
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 98.53% 100.00% -1.47% 1.79%
International Equities 0.49% 0.00% 0.49% -1.50%
Developed Markets 0.47% 0.00% 0.47% -1.52%
Emerging Markets 0.02% 0.00% 0.02% 0.02%
Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00%
Bonds 0.00% 0.00% 0.00% 0.00%
Cash & Net Other Assets 0.98% 0.00% 0.98% -0.29%
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
Interactive Media & Services 51.81% 51.20% 0.61% 0.04%
Movies & Entertainment 10.66% 14.14% -3.48% -1.52%
Cable & Satellite 10.22% 10.04% 0.18% 1.48%
Interactive Home Entertainment 6.47% 3.81% 2.66% -1.12%
Wireless Telecommunication Services 4.02% 2.31% 1.71% -1.15%
Alternative Carriers 3.87% 2.53% 1.34% -0.09%
Broadcasting 3.67% 4.88% -1.21% 1.82%
Integrated Telecommunication Services 3.50% 7.55% -4.05% 1.20%
Trucking 1.38% -- 1.38% -1.11%
Specialized Reits 1.31% -- 1.31% 0.10%
Other 2.13% 3.53% -1.40% -0.40%
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
Alphabet, Inc. Class A Interactive Media & Services 24.66% 25.82%
Facebook, Inc. Class A Interactive Media & Services 21.17% 17.40%
Comcast Corp. Class A Cable & Satellite 4.92% 4.08%
The Walt Disney Co. Movies & Entertainment 4.63% 6.21%
Activision Blizzard, Inc. Interactive Home Entertainment 3.70% 4.22%
T-Mobile U.S., Inc. Wireless Telecommunication Services 3.63% 3.96%
Snap, Inc. Class A Interactive Media & Services 3.32% 1.40%
AT&T, Inc. Integrated Telecommunication Services 3.06% 3.01%
Netflix, Inc. Movies & Entertainment 3.03% 3.13%
Liberty Broadband Corp. Class A Cable & Satellite 2.71% 2.31%
10 Largest Holdings as a % of Net Assets 74.82% 73.54%
Total Number of Holdings 55 46
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 Communication Services Portfolio
20.75% 27.94% 41.64% 27.67% 22.01% 19.38%
Gross Expense Ratio: 0.77%2
S&P 500 Index 19.52% 21.58% 31.17% 18.07% 18.02% 16.34%
MSCI US IMI Communication Services 25/50 (Media Linked)
17.05% 25.17% 39.84% 24.58% 18.23% 18.75%
Index
Morningstar Fund Communications 10.99% 16.63% 31.40% 17.37% 13.56% 11.87%
% Rank in Morningstar Category (1% = Best) -- -- 1% 10% 12% 10%
# of Funds in Morningstar Category -- -- 44 31 28 26
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 © 2021 Morningstar, Inc. All rights reserved. The Morningstar
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Information provided in this document is for informational and
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in this material is deemed to be a recommendation, it is not meant to
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be impartial investment advice or advice in a fiduciary capacity and is
information. Fidelity does not review the Morningstar data and, for
not intended to be used as a primary basis for you or your client's
mutual fund performance, you should check the fund's current
investment decisions. Fidelity, and its representatives may have a
prospectus for the most up-to-date information concerning
conflict of interest in the products or services mentioned in this
applicable loads, fees and expenses.
material because they have a financial interest in, and receive
compensation, directly or indirectly, in connection with the % Rank in Morningstar Category is the fund's total-return
management, distribution and/or servicing of these products or percentile rank relative to all funds that have the same Morningstar
services including Fidelity funds, certain third-party funds and Category. The highest (or most favorable) percentile rank is 1 and
products, and certain investment services. the lowest (or least favorable) percentile rank is 100. The top-
performing fund in a category will always receive a rank of 1%. %
FUND RISKS Rank in Morningstar Category is based on total returns which
Stock markets, especially foreign markets, are volatile and can include reinvested dividends and capital gains, if any, and exclude
decline significantly in response to adverse issuer, political, sales charges. Multiple share classes of a fund have a common
regulatory, market, or economic developments. The communication portfolio but impose different expense structures.
services industries can be significantly affected by government
regulation, intense competition, technology changes and general
RELATIVE WEIGHTS
economic conditions, consumer and business confidence and
spending, and changes in consumer and business preferences. Relative weights represents the % of fund assets in a particular
Foreign securities are subject to interest rate, currency exchange market segment, asset class or credit quality relative to the
rate, economic, and political risks. The fund may have additional benchmark. A positive number represents an overweight, and a
volatility because of its narrow concentration in a specific industry. negative number is an underweight. The fund's benchmark is listed
Non-diversified funds that focus on a relatively small number of immediately under the fund name in the Performance Summary.
stocks tend to be more volatile than diversified funds and the market
as a whole.
IMPORTANT FUND INFORMATION
Relative positioning data presented in this commentary is based on
the fund's primary benchmark (index) unless a secondary benchmark
is provided to assess performance.
INDICES
It is not possible to invest directly in an index. All indices represented
are unmanaged. All indices include reinvestment of dividends and
interest income unless otherwise noted.
MSCI U.S. IMI Media 25/50 Index is a modified market
capitalization-weighted index of stocks designed to measure the
performance of Communication Services companies in the MSCI US
Investable Market 2500 Index. Index returns shown for the period
January 1, 2010 to November 30, 2018 are returns of the MSCI US IM
Media 25/50 Index. Index returns shown for periods prior to January
1, 2010 are returns of the MSCI US IM Media 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
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
7 |PORTFOLIO MANAGER Q&A | AS OF AUGUST 31, 2021 Manager Facts Matthew Drukker is a portfolio manager and research analyst 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. Drukker manages the Fidelity Select Communication Services Portfolio. He is also responsible for covering the Communication Services Sector including Telecom, Media and Video Games. Additionally, he manages Fidelity Select Telecommunications Portfolio, Fidelity Communication Services Central Fund, VIP Communications Services Portfolio, and Fidelity Select Wireless Portfolio. He is also responsible for managing the communication services sub-portfolio of Fidelity Stock Selector All Cap Fund. Prior to assuming his current responsibilities, Mr. Drukker co- managed Select Wireless Portfolio and covered the restaurant industry. Previously, he was an intern in Fidelity's Equity Research division. Before joining Fidelity full time in 2008, Mr. Drukker was an investment banker in New York, specializing in mergers and acquisitions and capital raising for financial institutions. He has been in the financial industry since 1999. Mr. Drukker earned his bachelor of arts degree in economics from Williams College and his master of business administration degree in finance from The Wharton School of the University of Pennsylvania. 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 Communication Services Portfolio
43.01% 24.75% 20.28% 19.78%
Gross Expense Ratio: 0.77%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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