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PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 29, 2020
Fidelity® Select Leisure Portfolio
Key Takeaways MARKET RECAP
• For the fiscal year ending February 29, 2020, the fund gained 1.76%, U.S. stocks stalled to begin the new year
modestly outpacing the 1.62% advance of the MSCI U.S. IMI and declined in late February, as the
Consumer Services 25/50 Index, but trailing the 8.19% result of the outbreak and spread of the new
coronavirus threatened to hamper global
broad-based S&P 500® index.
economic growth and corporate
earnings. For the 12 months ending
• It was a generally strong backdrop for consumer-oriented and leisure February 29, 2020, the U.S. equity
stocks for much of the past 12 months, with rising wages and low bellwether S&P 500® index gained
unemployment serving as tailwinds, though stocks suffered near 8.19%. The period began with equities
period end as investors grew concerned about the impact a novel rising amid upbeat company earnings
coronavirus outbreak would have on demand for leisure products and and signs the U.S. Federal Reserve may
experiences. pause on rates. The uptrend extended
until May, when the index dipped as
• Favorable stock selection in the casinos & gaming, leisure facilities, trade talks between the U.S. and China
and hotels, resorts & cruise lines groups contributed most to the broke down. The bull market roared back
fund's performance relative to the MSCI industry index this period. to record a series of highs in July, when
the Fed cut interest rates for the first time
• The fund's biggest relative contributor was an underweight position in since 2008. Volatility intensified in
August, as the Treasury yield curve
poor-performing cruise line operator Carnival, followed by an
inverted, which some investors viewed as
overweighting in strong-performing racetrack operator Churchill
a sign the U.S. economy could be
Downs.
heading for recession. But the market
proved resilient, hitting a new high on
• Conversely, the fund's underweighting in the restaurant industry hurt, October 30, when the Fed lowered rates
as this group performed relatively well, while a non-index position in for the third time in 2019, and moving
application software company 2U also detracted. higher through December 31. Following
a roughly flat January, stocks sank in late
• In terms of individual stock disappointments, the fund's biggest February, after a surge in coronavirus
relative underperformers were online education provider Grand cases outside China created considerable
Canyon Education and an underweight in strong-performing uncertainty and pushed investors to safer
Domino's Pizza. asset classes. By sector, information
technology (+27%) led the way by a wide
• Despite unprecedented volatility at period end, Portfolio Manager margin, followed by utilities and
communication services (+13% each). In
Becky Baker generally remains optimistic about the longer-term
contrast, energy (-25%) was by far the
prospects for leisure stocks, and views the recent market downturn as
weakest category, struggling due to
an opportunity to invest in great businesses, particularly those with
sluggish oil prices. Other notable
strong balance sheets to help navigate this volatility and those trading laggards included materials and
at extreme discounts. industrials (-2% each).
Not FDIC Insured • May Lose Value • No Bank GuaranteePORTFOLIO MANAGER Q&A | AS OF FEBRUARY 29, 2020
Q&A
An interview with Portfolio Manager
Becky Baker
Becky Baker Q: Becky, how did the fund and industry
Portfolio Manager perform for the 12 months ending February 29,
2020
Fund Facts
The fund gained 1.76%, modestly outpacing the 1.62%
Trading Symbol: FDLSX advance of the MSCI U.S. IMI Consumer Services 25/50
Index, but trailing the 8.19% result of the broad-based S&P
Start Date: May 08, 1984 500® index. The fund also underperformed its peer group
average.
Size (in millions): $435.39
It was a generally strong backdrop for consumer-oriented
and leisure stocks for much of the past 12 months, with rising
wages and low unemployment providing tailwinds. However,
stocks tumbled toward the end of the reporting period, as
Investment Approach many investors started to worry about the impact a novel
• Fidelity® Select Leisure Portfolio is an industry-based, coronavirus outbreak would have on demand for leisure
equity-focused strategy that seeks to outperform its products and experiences. As a result, the fund and index
benchmark through active management. trailed the broad market for the full year.
• The fund is constructed to maximize ownership of
companies with characteristics we believe can drive Q: How did your investment strategy influence
outperformance over a multiyear period: have the fund's performance versus the MSCI index
competitive "moats" or secular tailwinds; are in
subindustries where demand is strong and supply
the past 12 months
growth is constrained; and have either strong cash Despite the late-period market turbulence, the environment
generation or high-return investment opportunities. was largely conducive to my investment approach. As a
These attributes are generally slow to change, giving us reminder, I look to invest in stocks of companies with
conviction that over three to five years, we can see competitive moats or secular tailwinds, or those that are in
earnings and free-cash-flow growth that can significantly industries where demand growth is strong and supply is
outpace any valuation-multiple compression that may
constrained. Within the cruise line industry, in particular, I
occur.
prefer companies with a durable competitive moat. That's
• Position sizes and fund concentration are a function of one of the reasons I favored Royal Caribbean Cruises (-30%)
our conviction level in our investment ideas, weighed
over both Carnival (-39%) and Norwegian Cruise Line
against the probability of upside to a stock's intrinsic
Holdings (-33%) the past year. Overall, I think Royal
(fair) value and the time horizon needed to capture it.
Caribbean has an edge, as the company is leveraging
• Stock selection and idea generation come from bottom-
technology to improve the guest experience in a way that
up research that leverages Fidelity's deep and
translates into greater pricing power. All three stocks fell this
experienced global consumer team. We consider
period, as investors became increasingly concerned about
attractive consumer stocks outside of the benchmark
that offer the potential for favorable risk-adjusted how the spread of the coronavirus around the world will
returns. affect the cruise industry's business in 2020. As a result, my
underweightings in Carnival and Norwegian helped – with
• Sector and industry strategies could be used by investors
as alternatives to individual stocks for either tactical- or
Carnival by far the fund's top relative contributor this period.
strategic-allocation purposes. Meanwhile, Royal Caribbean was our third-largest detractor
versus the index.
Still, Royal Caribbean held up marginally better than its
competitors this period, supported by the launch of its new
private island, and as its investments in technology helped
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 29, 2020
drive stronger net yield (pricing times occupancy) growth. I arms – one for-profit and one non-profit. However, I thought
pared the fund's positions in the cruise industry given my the split did make the company less susceptible to regulatory
more-cautious outlook amid the coronavirus outbreak near concerns, and continued to hold the stock at period end as I
period end. I eliminated our holdings in Carnival and believe the company is the best of the education service
Norwegian; however, I maintained an outsized stake in Royal providers and I try to maintain relatively neutral subindustry
Caribbean because I still believe it's the best-positioned exposure for the fund.
cruise line, and felt it would help keep the fund's risk profile
Early in the period, I exited our small position in Domino's
in line with the index.
Pizza, which hurt the fund because the stock gained about
37% the past 12 months. I suspected the company, which
Q: What other stocks worked out well was an early adopter of guest-facing technology, could lose
From an industry perspective, favorable stock selection in the its advantage over time as competitors adopted similar
casinos & gaming, leisure facilities, and hotels, resorts & systems. Third-party delivery, in particular, may be a
cruise lines groups contributed most to the fund's headwind for Domino's, and I expect the firm to cede market
performance relative to the MSCI industry index this period. share, as consumers now have additional options for food
Among individual stocks was Churchill Downs (+41%), a new delivery. This ended up being the wrong call – at least this
position I established this period and a meaningful individual period – because investors counted on strong demand for
contributor. Churchill is a good example of one type of the company amid the coronavirus outbreak. I still preferred
investment I look for: stocks in industries where demand not to own that stock in the fund because I think the market
growth is strong and supply is constrained. Churchill Downs is missing the fact that roughly half of Domino's business is
operates horse racetracks, including its namesake in takeout sales, which will be negatively affected by weaker
Louisville, Ky., and casinos throughout the country. It's also consumer traffic as we all are likely to stay at home for an
the home of the Kentucky Derby – a unique event that has extended period of time. In addition, the stock trades at a
been running for 146 years and probably can't be replicated, very significant premium to peers despite coronavirus being
giving the firm pricing power. a transient tailwind rather than a secular tailwind.
Both Churchill Downs and Penn National Gaming (+26%) –
Q: What's your outlook as of February 29
another fund holding and contributor this year – benefited
from the legalization of sports betting across several states. Investors are rightly concerned about the market amid
Licenses have been awarded to existing casino operators, unprecedented volatility. In the near term, I am cautious on
giving these companies a unique competitive moat as sports consumer spending as we are likely facing at least a few
betting grows, which I believe it will. Penn, in particular, weeks of much weaker retail and restaurant traffic, as well as
recently created a strategic partnership with Barstool Sports travel demand, as we try to flatten the curve of the COVID-19
to create a sports betting app, which I believe will drive fans coronavirus globally. Even once the virus is under control
loyal to Barstool's content to try Penn's app over and traffic begins to recover, the pandemic will likely have a
competitors. Given my bullish outlook for Penn, I increased lingering impact on the economy. We're already seeing
our stake from an underweighting to an overweighting consumers getting laid off from their jobs in industries where
versus the MSCI industry index during the period. the virus outbreak is dampening revenue.
It also helped to avoid several underperforming index However, I maintain a longer-term view, and I'm generally
components, including Darden Restaurants (-10%). Darden optimistic about the prospects for leisure stocks, in part
owns restaurant chains Olive Garden and LongHorn because I see recent market dislocation as a unique
Steakhouse, which I believe are reasonably strong brands investment opportunity. Unlike prior downturns, where it
but lack the big secular tailwinds that lead to increased seemed unclear how demand shocks could be resolved, I
demand because the casual dining industry has had negative believe actions such as self-quarantine, testing, and a vaccine
traffic for nearly 10 straight years. on the horizon will eventually get the spread of the virus
under control. In all likelihood, the coronavirus headwinds
Q: Besides Royal Caribbean, which other fund are going to be near-term. I'm also bullish on the significant
monetary and fiscal support globally focused on stabilizing
holdings detracted
the economy, which I think will help leisure companies get
The fund's biggest individual detractor was online education over the hump. I've seen no change in the long-term
provider Grand Canyon Education (-30%). The stock earnings power of the leisure firms we're invested in, even
underperformed this period on slowing enrollment growth though many companies, including cruise lines, have been
and concerns about how the 2020 U.S. presidential election severely hurt in the short term. The fund is down about 11%
might impact the for-profit education sector. While political year to date through February. I view the downturn as an
concerns waned, in February a noted short-seller issued a opportunity to invest in what I see as great businesses
scathing report of the company, criticizing its split into two trading at extreme discounts. ■
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 29, 2020
LARGEST CONTRIBUTORS VS. BENCHMARK
Average Relative
Becky Baker elaborates on where Holding Market Segment
Relative Contribution
Weight (basis points)*
she's finding attractive long-term Hotels, Resorts &
Carnival Corp. -2.15% 110
opportunities as of period end: Cruise Lines
Churchill Downs, Inc. Casinos & Gaming 1.54% 55
"We have significant monetary and fiscal support Norwegian Cruise Line Hotels, Resorts &
-1.05% 40
globally focused on stabilizing the economy. Holdings Ltd. Cruise Lines
Therefore, as long as the companies owned in the Six Flags
Leisure Facilities -0.53% 36
Entertainment Corp.
fund have strong enough balance sheets to weather
this storm, COVID-19 should not meaningfully Darden Restaurants,
Restaurants -2.12% 26
Inc.
impact the intrinsic value of these leisure
businesses. * 1 basis point = 0.01%.
"For these reasons, I've been trying to take
advantage of weakness in the stocks of companies
LARGEST DETRACTORS VS. BENCHMARK
that have strong balance sheets. Two names I've
increased in the fund are coffee retail giant
Average Relative
Starbucks and casual-food chain Chipotle. I think Relative Contribution
both companies have very strong operating Holding Market Segment Weight (basis points)*
momentum, balance sheets, and are doing the right Grand Canyon
thing for their employees (paying them through Education Services 1.29% -56
Education, Inc.
store closures) to ensure they are ready to resume Domino's Pizza, Inc. Restaurants -1.51% -56
operating at a very high level when consumer Royal Caribbean Hotels, Resorts &
demand recovers. 1.84% -44
Cruises Ltd. Cruise Lines
"Similarly, I'm maintaining some exposure to the Starbucks Corp. Restaurants 0.47% -37
stocks of certain hotel companies, such as Hilton 2U, Inc. Application Software 0.11% -28
Worldwide Holdings, which generate more than * 1 basis point = 0.01%.
90% of their earnings from franchisees, meaning the
business models should be relatively defensive. I
also think Hilton, along with Marriott International,
should gain share in the global hotel industry over
time due to strong brands and loyalty programs. In
addition, Hilton has a very strong balance sheet with
no near-term debt maturities.
"Elsewhere, I've grown more positive on casino
stocks with exposure to Macau – China's gaming
hub. Examples here include Galaxy Entertainment
Group, a new position I added to the fund the past
year, and Las Vegas Sands, in which I increased the
fund's exposure. Both companies have low
leverage, executive teams that own significant
shares and are committed to navigating this
coronavirus-induced crisis. I also feel more
confident that we know the trajectory of the
demand recovery in China versus the U.S., where
the outbreak is in its earlier days."
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 29, 2020
ASSET ALLOCATION
Relative Change
From Six Months
Asset Class Portfolio Weight Index Weight Relative Weight Ago
Domestic Equities 96.16% 100.00% -3.84% -0.36%
International Equities 3.46% 0.00% 3.46% 1.66%
Developed Markets 1.93% 0.00% 1.93% 0.03%
Emerging Markets 1.53% 0.00% 1.53% 1.53%
Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.10%
Bonds 0.00% 0.00% 0.00% 0.00%
Cash & Net Other Assets 0.38% 0.00% 0.38% -1.30%
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
Restaurants 51.57% 57.03% -5.46% -2.07%
Hotels, Resorts & Cruise Lines 14.75% 19.96% -5.21% -2.20%
Casinos & Gaming 13.83% 11.36% 2.47% 2.34%
Leisure Facilities 6.79% 2.90% 3.89% 2.23%
Education Services 3.94% 4.79% -0.85% -0.86%
Food Distributors 3.40% -- 3.40% 1.10%
Internet & Direct Marketing Retail 2.77% -- 2.77% 0.46%
General Merchandise Stores 1.17% -- 1.17% 1.17%
Apparel, Accessories & Luxury Goods 0.87% -- 0.87% 0.87%
Trucking 0.28% -- 0.28% 0.28%
Other 0.26% 3.96% -3.70% -1.45%
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 29, 2020
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
McDonald's Corp. Restaurants 22.03% 23.06%
Starbucks Corp. Restaurants 18.93% 18.63%
Chipotle Mexican Grill, Inc. Restaurants 5.29% 3.35%
Hilton Worldwide Holdings, Inc. Hotels, Resorts & Cruise Lines 5.17% 4.01%
Las Vegas Sands Corp. Casinos & Gaming 5.11% 1.38%
Vail Resorts, Inc. Leisure Facilities 3.44% 2.29%
Churchill Downs, Inc. Casinos & Gaming 3.19% 2.02%
Royal Caribbean Cruises Ltd. Hotels, Resorts & Cruise Lines 3.12% 4.19%
Yum! Brands, Inc. Restaurants 3.00% 6.37%
The Booking Holdings, Inc. Internet & Direct Marketing Retail 2.77% 1.96%
10 Largest Holdings as a % of Net Assets 72.05% 70.94%
Total Number of Holdings 33 40
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 February 29, 2020 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Select Leisure Portfolio
-10.53% -11.19% 1.76% 9.87% 7.33% 13.57%
Gross Expense Ratio: 0.76%2
S&P 500 Index 1.92% -8.27% 8.19% 9.87% 9.23% 12.65%
MSCI US IMI Consumer Services 25/50 -10.24% -11.74% 1.62% 11.20% 9.89% 14.06%
Morningstar Fund Consumer Cyclical -0.85% -8.56% 2.15% 7.23% 5.19% 12.20%
% Rank in Morningstar Category (1% = Best) -- -- 56% 41% 42% 33%
# of Funds in Morningstar Category -- -- 48 42 39 34
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 05/08/1984.
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 FEBRUARY 29, 2020
Definitions and Important Information representative of the fund's current or future investments. They
should not be construed or used as a recommendation for any
sector or industry.
Information provided in this document is for informational and
educational purposes only. To the extent any investment information
in this material is deemed to be a recommendation, it is not meant to RANKING INFORMATION
be impartial investment advice or advice in a fiduciary capacity and is
© 2020 Morningstar, Inc. All rights reserved. The Morningstar
not intended to be used as a primary basis for you or your client's
information contained herein: (1) is proprietary to Morningstar
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applicable loads, fees and expenses.
FUND RISKS
The value of the fund's domestic and foreign investments will vary % Rank in Morningstar Category is the fund's total-return
from day to day in response to many factors. Stock values fluctuate percentile rank relative to all funds that have the same Morningstar
in response to issuer, political, regulatory, market, or economic Category. The highest (or most favorable) percentile rank is 1 and
developments. You may have a gain or loss when you sell your the lowest (or least favorable) percentile rank is 100. The top-
shares. Investments in foreign securities, especially those in performing fund in a category will always receive a rank of 1%. %
emerging markets, involve risks in addition to those of U.S. Rank in Morningstar Category is based on total returns which
investments, including increased political and economic risk, as well include reinvested dividends and capital gains, if any, and exclude
as exposure to currency fluctuations. Because FMR concentrates the sales charges. Multiple share classes of a fund have a common
fund's investments in a particular industry, the fund's performance portfolio but impose different expense structures.
could depend heavily on the performance of that industry and could
be more volatile than the performance of less concentrated funds RELATIVE WEIGHTS
and the market as a whole. The fund is considered non-diversified
Relative weights represents the % of fund assets in a particular
and can invest a greater portion of assets in securities of individual
market segment, asset class or credit quality relative to the
issuers than a diversified fund; thus changes in the market value of a
benchmark. A positive number represents an overweight, and a
single investment could cause greater fluctuations in share price
negative number is an underweight. The fund's benchmark is listed
than would occur in a more diversified fund. The leisure industry can
immediately under the fund name in the Performance Summary.
be significantly affected by the performance of the overall economy,
changing consumer tastes, intense competition, technological
developments, and government regulation.
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.
MSCI U.S. IMI Consumer Services 25/50 Index is a modified
market-capitalization-weighted index of stocks designed to measure
the performance of Consumer Services companies in the MSCI U.S.
Investable Market 2500 Index. The MSCI U.S. Investable Market 2500
Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap
450, and Small Cap 1750 Indices.
MARKET-SEGMENT WEIGHTS
Market-segment weights illustrate examples of sectors or
industries in which the fund may invest, and may not be
7 |PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 29, 2020 Manager Facts Rebecca Baker 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, Ms. Baker manages Fidelity Select Leisure Portfolio and covers consumer stocks, including restaurants, hotels, gaming, and cruise lines. Prior to joining Fidelity as an equity research intern in 2012, Ms. Baker served as an equity analyst intern at SEI Investments. She has been in the financial industry since 2013. Ms. Baker earned her bachelor of arts degree in economics from Swarthmore College. 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 March 31, 2020 1 3 5 10 Year/
Year Year Year LOF1
Select Leisure Portfolio
-24.06% -1.01% 1.62% 9.50%
Gross Expense Ratio: 0.76%2
1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 05/08/1984.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It
does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.
Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a
gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the
fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different
returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance,
institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains,
if any. Cumulative total returns are reported as of the period indicated.
Before investing in any mutual fund, please carefully consider Information included on this page is as of the most recent calendar
the investment objectives, risks, charges, and expenses. For quarter.
this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial
prospectus or, if available, a summary prospectus. Read it Services LLC.
carefully before you invest. Other third-party marks appearing herein are the property of their
respective owners.
Past performance is no guarantee of future results.
All other marks appearing herein are registered or unregistered
Views expressed are through the end of the period stated and do not trademarks or service marks of FMR LLC or an affiliated company.
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739463.11.0
as recommendations or investment advice.
Diversification does not ensure a profit or guarantee against a loss.You can also read
