Fidelity Select Gold Portfolio - Fidelity Investments
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PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021
Fidelity® Select Gold Portfolio
Key Takeaways MARKET RECAP
• For the fiscal year ending February 28, 2021, the fund's Retail Class The S&P 500® index gained 31.29% for
shares gained 16.96%, trailing the 20.25% advance of the S&P® Global the 12 months ending February 28, 2021,
BMI Gold Capped 20/45 Linked Index. a volatile but productive period for U.S.
risk assets. The early-2020 outbreak and
spread of COVID-19 resulted in stocks
• Lower real (inflation-adjusted) interest rates, a weaker U.S. dollar and
suffering one of the quickest declines on
greater economic uncertainty helped drive gold bullion and gold
record, through March 23, followed by a
stocks prices higher the past 12 months, though an increase in real historic rebound that included the index
rates in the final months of the period eroded gold's earlier gain. closing 2020 at an all-time high and
gaining modest ground in the first two
• Versus the S&P industry index, security selection in gold-mining stocks months of the new year. The crisis and
held back the fund's performance this period, and exposure to the containment efforts caused broad
precious metals & minerals industry also detracted. contraction in economic activity, along
with extreme uncertainty and dislocation
• In terms of individual stocks, an underweighting in index components in financial markets. A rapid and
Zijin Mining Group (+236%) and Kinross Gold (+25%) were the fund's expansive U.S. monetary/fiscal-policy
top two detractors this period. response partially offset the economic
disruption and fueled the market surge,
as did resilient corporate earnings. The
• The fund's non-index allocation to silver-mining stocks was particularly
rally slowed in September, when stocks
helpful, as our collective holdings in this group gained 104% for the
began a two-month retreat amid
fund. Three of the fund's top-5 contributors came from this segment:
Congress's inability to reach a deal on
Mag Silver (+129%), Pan American Silver (+64%) and Gatos Silver additional fiscal stimulus, as well as
(+113%). concerns about election uncertainty,
indications the U.S. economic recovery
• As of February 28, Portfolio Manager Steven Calhoun foresees a could be slowing and a new wave of
favorable backdrop for gold and gold stocks, driven largely by an COVID-19 cases. A shift in momentum
outlook featuring higher inflation and negative real interest rates, as began in October and accelerated
well as supportive monetary and fiscal policies. following the U.S. elections, with the
approval of three breakthrough COVID-
19 vaccines and prospects for additional
government stimulus fueling the
"reflation trade" through February 28. By
sector for the full 12 months, information
technology (+50%) and consumer
discretionary (+43%) led all gainers.
Materials (+42%) and communication
services (+37%) also stood out. In
contrast, the defensive utilities (-3%) and
real estate sectors (+5%) notably lagged.
Not FDIC Insured • May Lose Value • No Bank GuaranteePORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021
Q&A
An interview with Portfolio Manager
Steven Calhoun
Steven Calhoun Q: Steve, how did the fund perform for the
Portfolio Manager fiscal year ending February 28, 2021
The fund's Retail Class shares gained 16.96% the past 12
Fund Facts months, trailing the 20.25% advance of the S&P® Global BMI
Trading Symbol: FSAGX Gold Capped 20/45 Linked Index and the 31.29% return of
the broad-market S&P 500® index. The fund lagged its peer
Start Date: December 16, 1985 group average, which represents a broad set of gold and
precious metals funds.
Size (in millions): $1,717.98
Q: What factors influenced the backdrop for
gold stocks the past 12 months
The prices of gold bullion and gold stocks historically have
Investment Approach been influenced primarily by real (inflation-adjusted) interest
• Fidelity® Select Gold Portfolio seeks capital appreciation rates. There has been an inverse relationship between gold
by investing in the gold asset class, which historically has prices and real rates, meaning when real rates decline, the
had lower correlations to traditional equity markets. price of gold tends to move up, and vice versa.
• The fund has a global mandate, targeting the During the first half of the one-year period, real rates fell 80
opportunities we believe are best-positioned to deliver basis points, from -0.28% to -1.08%, as measured by the yield
above-average returns. The fund invests primarily in on the 10-year U.S. Treasury inflation-protected security
gold-mining equities and also may own physical bullion. (TIPS). That's a significant move, and it was driven by
• Our active-management approach seeks to uncover growing uncertainty about global economic growth related
inefficiencies within our investable universe. to the COVID-19 pandemic and business shutdowns, along
with easing monetary policies among the world's central
• We seek to generate excess returns through security banks, including the U.S. Federal Reserve (Fed).
selection, which is primarily driven by our in-depth
fundamental research capabilities. During periods of economic uncertainty or shock, many
investors have a hard time processing the concept of
• Sector and industry strategies could be used by investors
negative real rates and, as a result, it drives them to buy hard
as alternatives to individual stocks for either tactical- or
strategic-allocation purposes. assets, such as gold, which are often viewed as a "safe
haven" currency. For the first six months of the reporting
period, there was a flight to gold as part of an overall flight to
higher-quality assets. Higher demand drove the spot price of
gold bullion about 24% higher the first half of the period,
from $1,586 per ounce to about $1,968 as of August 31. Gold
stocks, which historically have performed about two times
the rate of gold bullion, appreciated at more than double the
24% increase in gold bullion. The fund share classes
advanced about 57% during this six-month time frame.
The second half of the one-year period – and primarily during
the final few months of the period – featured the regulatory
approval and distribution of effective COVID-19 vaccines, the
reopening of local, state, national economies around the
world, and increased optimism about the future health of the
global economy. The real yield on the 10-Year TIPS increased
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 FEBRUARY 28, 2021
from -1.06% as of December 31, 2020 to -0.66% at the end of gained 104% for the fund. Three of the fund's top-5
February. Gold bullion and gold stock prices followed the contributors came from this segment: Mag Silver (+129%),
historical inverse pattern and declined, and the fund's share Pan American Silver (+64%) and Gatos Silver (+113%). Silver-
classes returned about -26% in the second half of the period. mining stocks typically move in the direction of gold stocks,
but at a higher magnitude. I added exposure to silver stocks
Q: Which investments detracted from the fund's early in the period when prices became extremely attractive.
Silver is used as an industrial metal in some applications
performance versus the S&P gold index
(e.g., semiconductors), so the improved outlook for the
Security selection in gold-mining stocks held back the fund's global economy later in the period provided a notable boost
performance this period. Although our holdings in this group to this group. We maintained positions in all three stocks at
gained about 15%, we trailed the 19% return of the index, period end.
largely because we chose to avoid or underweight many of
Among gold-mining stocks, the fund's top individual relative
the lower-quality gold producers for much of the period.
contributor was a non-index stake in gold-mining explorer
These stocks rallied sharply with the price of gold, getting a
Orla Mining (+99%). The company's new Camino Rojo Oxide
jolt of life with the surge in demand for gold as the COVID-19
project in Mexico has a rich ore grade and is expected to be
outbreak became a pandemic. The fund's exposure to the
in production in 2021 with a high return on investment and
precious metals & minerals industry also lagged the index
strong earnings potential, especially when coupled with an
this period.
elevated gold price. An overweighting in Premier Gold Mines
In terms of individual stocks, an underweighting in index (+177%) also helped our relative result. I felt the stock was
component Zijin Mining Group hurt more than any other really cheap when we added it to the fund earlier in the
position the past year. Zijin is a copper/gold mining company period. In December, Canadian miner Equinox said it
headquartered in mainland China, and its shares gained planned to acquire Premier in an all-stock deal, which
236% the past 12 months. We established a position in the boosted the company's share price.
company after learning it acquired a 9.9% stake in Ivanhoe
Mines, which I thought would be accretive for the company Q: What's your outlook as of February 28,
but unfortunately we didn't own enough of it and missed out
Steve
on a large portion of the stock's gain.
I continue to believe the backdrop for gold is supportive of
An underweighting in Kinross Gold was the fund's second-
higher gold prices, due largely to the prospects for rising
largest individual detractor. The fund didn't own the
inflation, the likelihood of negative real rates, and supportive
company because I was less confident in the geopolitical
U.S. fiscal and monetary policy. Based on recent statements,
stability of some of its mining locations, as well as the
it appears the Fed is supportive of allowing inflation to run
amount of debt on its balance sheet. But I started buying it
higher than its typical target of 2% so the economy can fully
when my outlook for gold prices turned more favorable,
regain its footing, which I believe could keep real rates in
although we just didn't own enough of it. The stock gained
negative territory.
25% this period as higher-levered names tended to perform
better amid rising gold prices than companies viewed as In addition, the Biden Administration appears to be open to
having stronger balance sheets and business fundamentals. additional spending beyond the approval of the recent
stimulus payments, on such programs as a "Green New
In the precious metals & mining group, untimely positioning
Deal," a policy proposal to address climate change along
in a couple of platinum/palladium producers – Sibanye
with achieving social goals like job creation and reducing
Stillwater and a non-index stake in Impala Platinum Holdings
economic inequality. Increased spending could potentially
– notably detracted. The fund was underweight Sibanye, an
increase the federal deficit and lower the value of the U.S.
index component that gained about 98% this period. Our
dollar, which historically has been beneficial to gold prices.
position in Impala returned -32%, largely because I exited the
[Editor's note: Please see the next section of this report for
stock shortly after the pandemic and when the stock had
more detail on Steve Calhoun's view of inflation and his
declined. I sold off both stocks before period end, believing
outlook for gold.] ■
the cyclical demand cycle for platinum/palladium had played
out, choosing to redeploy the capital into gold-related names
where I had more conviction given my favorable outlook for
gold prices.
Q: Which investments worked out well
The fund's non-index allocation to silver-mining stocks was
particularly helpful, as our collective holdings in this group
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 FEBRUARY 28, 2021
Steve Calhoun on why rising inflation
could benefit gold stocks:
"My view is that inflation will surprise to the upside
at some point within the next 1–2 years, and that will
be beneficial for gold investors because gold
typically has performed well in inflationary
environments.
"Higher inflation is likely to drive the 10-year TIPS
real (inflation-adjusted) rate lower, especially as the
U.S. Federal Reserve (Fed) continues to keep
nominal policy rates at a historically low level, as it
has previously stated. Negative real rates historically
have been the primary driver of gold and gold-
mining stock prices, and they maintain an inverse
relationship, meaning when real rates decline, the
price of gold moves up, and vice versa.
"The Fed has stated its commitment to keeping
rates low and near zero until the U.S. economy was
firmly back on its feet. The Fed has also expressed a
willingness to let inflation run above 2% – at an
elevated or 'hotter' rate – for some time, without an
expectation of higher policy rates. That represents a
shift in the Fed's policy, and I believe it would be
very conducive for gold and gold stocks.
"We've already started to see prices rising rapidly in
pockets of the economy as of period end, such as in
the price of real estate, lumber, gasoline, crude oil,
and other commodities. Other goods and services,
such as air fares and hotels, have also started ticking
up as consumers are chomping at the bit to travel.
"Many price increases have yet to fully emerge in
reported industry data, but I believe they will given
the recent pickup in demand. We've also seen a
significant recent increase in the M2 money supply
data, which represents the cash, checking deposits
and other highly liquid assets that are easily
convertible to cash in the economy. M2 is a closely
watched indicator of money supply and future
inflation by the Fed.
"I think it's possible the U.S. economy could see 3%
to 4% inflation once most Americans are vaccinated
and the economy begins humming along. And as
inflation increases, I believe the 10-year TIPS real
rate will decline further given the Fed's stated policy
of keeping nominal rates low, which altogether
should influence demand for gold and gold stocks
and drive gold prices higher.
"Further, the recent fiscal stimulus spending by the
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 FEBRUARY 28, 2021
U.S. government could increase the federal
government's already breathtaking budget deficit,
putting additional pressure on the U.S. dollar. The
U.S.'s debt as a percentage of GDP is elevated, and
at levels not seen since the wartime buildup in the
mid-1940s, when government spending was off the
charts in an effort to win WWII, or since the late
1970s, when real rates were low and the economy
was weak.
"Back then, gold also soared in value, and
conditions were similar to what exists today. For
these reasons, I believe the backdrop looks
favorable for gold for some time."
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 FEBRUARY 28, 2021
LARGEST CONTRIBUTORS VS. BENCHMARK
Average Relative
Relative Contribution
Holding Market Segment Weight (basis points)*
MAG Silver Corp. Silver 1.21% 94
Orla Mining Ltd. Gold 1.84% 91
Premier Gold Mines Ltd. Gold 0.68% 61
Pan American Silver Corp. Silver 1.23% 54
Gatos Silver, Inc. Silver 0.16% 54
* 1 basis point = 0.01%.
LARGEST DETRACTORS VS. BENCHMARK
Average Relative
Relative Contribution
Holding Market Segment Weight (basis points)*
Zijin Mining Group Co. Ltd. (A Shares) Gold -1.44% -208
Kinross Gold Corp. Gold -1.50% -90
Sibanye Stillwater Ltd. Precious Metals & Minerals -0.50% -68
Impala Platinum Holdings Ltd. Precious Metals & Minerals 0.09% -64
Polyus PJSC Gold -1.81% -57
* 1 basis point = 0.01%.
10 LARGEST EQUITY HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Newmont Corp. Gold 13.11% 12.90%
Barrick Gold Corp. (Canada) Gold 9.63% 13.11%
Franco-Nevada Corp. Gold 8.10% 7.77%
Wheaton Precious Metals Corp. Gold 6.09% 6.89%
Agnico Eagle Mines Ltd. (Canada) Gold 5.70% 5.47%
Northern Star Resources Ltd. Gold 3.79% 3.10%
Zijin Mining Group Co. Ltd. (H Shares) Gold 3.53% --
Kinross Gold Corp. Gold 3.00% --
Novagold Resources, Inc. Gold 2.44% 1.96%
Orla Mining Ltd. Gold 2.41% 1.98%
10 Largest Holdings as a % of Net Assets 57.80% 61.61%
Total Number of Holdings 48 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 or underlying bullion investments.
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 FEBRUARY 28, 2021
ASSET ALLOCATION
Relative Change
From Six Months
Asset Class Portfolio Weight Index Weight Relative Weight Ago
Domestic Equities 15.20% 17.42% -2.22% -2.74%
International Equities 83.14% 82.58% 0.56% 2.53%
Developed Markets 78.00% 63.85% 14.15% 6.39%
Emerging Markets 5.14% 18.73% -13.59% -3.86%
Tax Advantaged Domiciles 0.00% 0.00% 0.00% 0.00%
Commodities & Related Investments 0.70% 0.00% 0.70% 0.19%
Bonds 0.00% 0.00% 0.00% 0.00%
Cash & Net Other Assets 0.96% 0.00% 0.96% 0.02%
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.
EQUITY MARKET-SEGMENT DIVERSIFICATION
Relative Change
From Six Months
Market Segment Portfolio Weight Index Weight Relative Weight Ago
Gold 90.19% 100.00% -9.81% -3.07%
Silver 3.74% -- 3.74% 0.27%
Diversified Metals & Mining 2.48% -- 2.48% 1.59%
Precious Metals & Minerals 1.92% -- 1.92% 1.00%
FISCAL PERFORMANCE SUMMARY: Cumulative Annualized
Periods ending February 28, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Select Gold Portfolio
-25.56% -15.55% 16.96% 11.78% 8.52% -5.67%
Gross Expense Ratio: 0.79%2
S&P 500 Index 9.74% 1.72% 31.29% 14.14% 16.82% 13.43%
S&P Global BMI Gold Capped Index 20/45 Linked Index -24.22% -13.13% 20.25% 16.77% 12.52% -4.08%
Morningstar Fund Equity Precious Metals -12.87% -10.67% 39.66% 14.15% 13.04% -5.95%
% Rank in Morningstar Category (1% = Best) -- -- 84% 80% 87% 56%
# of Funds in Morningstar Category -- -- 68 61 59 50
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 12/16/1985.
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 FEBRUARY 28, 2021
Definitions and Important Information
RANKING INFORMATION
Information provided in this document is for informational and © 2021 Morningstar, Inc. All rights reserved. The Morningstar
educational purposes only. To the extent any investment information information contained herein: (1) is proprietary to Morningstar
in this material is deemed to be a recommendation, it is not meant to and/or its content providers; (2) may not be copied or
be impartial investment advice or advice in a fiduciary capacity and is redistributed; and (3) is not warranted to be accurate, complete or
not intended to be used as a primary basis for you or your client's timely. Neither Morningstar nor its content providers are
investment decisions. Fidelity, and its representatives may have a responsible for any damages or losses arising from any use of this
conflict of interest in the products or services mentioned in this information. Fidelity does not review the Morningstar data and, for
material because they have a financial interest in, and receive mutual fund performance, you should check the fund's current
compensation, directly or indirectly, in connection with the prospectus for the most up-to-date information concerning
management, distribution and/or servicing of these products or applicable loads, fees and expenses.
services including Fidelity funds, certain third-party funds and % Rank in Morningstar Category is the fund's total-return
products, and certain investment services. percentile rank relative to all funds that have the same Morningstar
Category. The highest (or most favorable) percentile rank is 1 and
FUND RISKS the lowest (or least favorable) percentile rank is 100. The top-
Stock markets, especially foreign markets, are volatile and can performing fund in a category will always receive a rank of 1%. %
decline significantly in response to adverse issuer, political, Rank in Morningstar Category is based on total returns which
regulatory, market, or economic developments. The gold industry include reinvested dividends and capital gains, if any, and exclude
can be significantly affected by international monetary and political sales charges. Multiple share classes of a fund have a common
developments such as currency devaluations or revaluations, central portfolio but impose different expense structures.
bank movements, economic and social conditions within a country,
trade imbalances, or trade or currency restrictions between
countries, as well as supply and demand for gold and operational RELATIVE WEIGHTS
costs associated with mining. Foreign securities are subject to Relative weights represents the % of fund assets in a particular
interest rate, currency exchange rate, economic, and political risks. market segment, asset class or credit quality relative to the
The fund may have additional volatility because of its narrow benchmark. A positive number represents an overweight, and a
concentration in a specific industry. Non-diversified funds that focus negative number is an underweight. The fund's benchmark is listed
on a relatively small number of stocks tend to be more volatile than immediately under the fund name in the Performance Summary.
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.
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.
S&P Global BMI Gold Capped 20/45 Linked Index is a modified
market capitalization-weighted index of stocks designed to measure
the performance of companies that produce gold and related
products, including companies that mine or process gold and the
South African finance houses which primarily invest in, but do not
operate, gold mines. Index returns shown for periods prior to April 1,
2017 are returns of the S&P Global BMI Gold Capped Index.
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.
8 |PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021 Manager Facts Steven Calhoun 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. Calhoun manages Fidelity Select Gold Portfolio. Additionally, his research coverage includes gold and agriculture stocks within the materials sector. Prior to assuming his current role in 2018, Mr. Calhoun held various roles in Fidelity's Equity division, including portfolio manager for Fidelity and Fidelity Advisor Growth Strategies and Fidelity Mid Cap Growth. He has been in the financial industry since joining Fidelity as an equity analyst in 1994. Mr. Calhoun earned his bachelor of arts degree, with honors, in earth science from Dartmouth College. 9 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PERFORMANCE SUMMARY: Annualized
Quarter ending March 31, 2021 1 3 5 10 Year/
Year Year Year LOF1
Select Gold Portfolio
37.42% 12.68% 8.26% -5.44%
Gross Expense Ratio: 0.79%2
1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/16/1985.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It
does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.
Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a
gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the
fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different
returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance,
institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains,
if any. Cumulative total returns are reported as of the period indicated.
Before investing in any mutual fund, please carefully consider Information included on this page is as of the most recent calendar
the investment objectives, risks, charges, and expenses. For quarter.
this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial
prospectus or, if available, a summary prospectus. Read it Services LLC.
carefully before you invest. Other third-party marks appearing herein are the property of their
respective owners.
Past performance is no guarantee of future results.
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