Fidelity VIP Growth Opportunities Portfolio

Size: px
Start display at page:

Download "Fidelity VIP Growth Opportunities Portfolio"

Transcription

1 Fidelity VIP Growth Opportunities Portfolio Key Takeaways For the semiannual reporting period ending June 30, 2017, the fund's share classes gained about 20%, well ahead of the 13.99% return of the benchmark Russell 1000 Growth Index. As U.S. stocks pushed higher into record territory, Portfolio Manager Kyle Weaver's emphasis on companies he believed had compelling business models and strong organic (internal) growth prospects was rewarded by the market. Stock selection within the consumer discretionary and information technology sectors was especially beneficial to relative performance. Overall, seven of 11 sectors added value. Conversely, stock selection in materials and industrials modestly detracted from our relative result, as did positioning in energy. Despite high market valuations, Kyle remains focused on businesses he believes can grow into attractive valuations over a three- to seven-year time horizon. MARKET RECAP The U.S. equity bellwether S&P 500 index returned 9.34% for the six months ending June 30, 2017, gaining strongly to begin the new year on optimism for President Trump's probusiness agenda. Equity markets leveled off in March, however, as the fledgling administration faced the first test of its domestic agenda. The index reacted with uncertainty to efforts by Congress to repeal and replace the Affordable Care Act (ACA) and then turned upward through June 30. In a stark reversal from 2016, growthoriented stocks handily topped their value counterparts for the first half of Among sectors, information technology (+17%) fared best, surging as a handful of major index constituents posted stellar returns. Health care (+16%) was close behind, climbing in February and again in the second quarter, following the ACA's reprieve. Meanwhile, consumer staples (+8%) and utilities (+9%) fell just shy of the broader market amid investors' general preference for risk assets. Financials (+7%) lagged because sentiment regarding the potential for deregulation and lower taxes faded as the White House turned its attention to other initiatives. Rising interest rates hurt real estate (+6%) and dividend-rich telecommunication services (-11%), the latter of which was further hampered by increased competition. Lastly, lower oil prices sent energy (-13%) to the bottom of the sector performance rankings. Not FDIC Insured May Lose Value No Bank Guarantee

2 Q&A An interview with Portfolio Manager Kyle Weaver Fund Facts Kyle Weaver Portfolio Manager Start Date: January 03, 1995 Size (in millions): $ Investment Approach Fidelity VIP Growth Opportunities Portfolio is a diversified domestic equity strategy that invests across a spectrum of companies, from blue chip to aggressive growth. Our investment approach is anchored by the philosophy that the market often underestimates the duration of a company's growth, particularly in cases where the resilience of the business model are underappreciated. We focus on companies that are inexpensive relative to our expectations of their earnings per share in three to five years. We establish conviction in our investments through deep fundamental research and industry analysis. We seek companies with revenue that is growing and durable, profit margins that are stable or improving, above-average capital stewardship, and valuations that are reasonable or reflect skepticism or misunderstanding. Q: Kyle, how did the fund perform for the six months ending June 30, 2017 The fund's share classes posted gains of about 20%, well ahead of the 13.99% gain of the benchmark Russell 1000 Growth Index. The fund also topped its peer group average by a healthy margin. As U.S. stocks pushed higher into record territory, my emphasis on companies I believed had compelling business models and strong organic growth prospects was rewarded by the market. Looking back a full year, the fund again outperformed the benchmark and peer average by considerable amounts. Q: What influenced the investment environment the past six months U.S. stocks remained buoyant on the heels of the U.S. presidential election. Improving prospects for corporate earnings and, later in the period, the economy's apparent rebound from the weak first quarter of 2017 were some factors keeping the stock market on its upward track. Interestingly, the market continued to shrug off negative news and move higher, despite the fact that most of the new presidential administration's time and energy was consumed by a contentious and, as of period end, unsuccessful battle to repeal or replace the Affordable Care Act, also known as Obamacare. Although I was aware of these factors, I don't invest on the basis of my expectations about health care reform, government spending, the economy, the direction of interest rates or other events that are difficult to predict. Instead, I plug away with my analysis of corporate business models, favoring companies that I believe can maintain above-average revenue and earnings growth coupled with a high or improving return on invested capital. For valuation, I look for companies trading at prices that, given the growth in earnings and free cash flow (FCF) I expect for them, should result in price-earnings and price- FCF ratios of less than 10 over, say, three to seven years. Typically, the stock market is fixated on the short term, and many standard risk and valuation metrics are actually 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

3 backward-looking. As famed value investor Benjamin Graham is reputed to have said, though, "In the short run, the market is a voting machine, but in the long run, it is a weighing machine." What Graham meant is that, although more-frivolous considerations such as popularity might govern a stock's price over the short term, over longer stretches the fundamental condition of the underlying business is the key determinant of a stock's performance a sentiment with which I wholeheartedly agree. Q: What were some of the largest contributors to relative performance the past six months Stock selection was the key driver of the fund's excess return versus the benchmark, especially in the consumer discretionary and information technology sectors. Overall, active management added value in seven of 11 sectors. By a long shot, the top individual relative contributor was electric-vehicle maker Tesla, a major fund holding and a good example of how short-term concerns can sometimes hinder the market's appreciation of longer-term value. Tesla's share price ended 2016 at roughly the $214 level, and the stock had been stuck in a trading range for most of 2016 as investors worried about the firm's recent SolarCity acquisition and potential delays in the launch of the widely heralded Model 3 sedan. Starting at $35,000, this vehicle is priced for the mass market and is considered a potential key driver of the company's future earnings growth. Although Tesla had missed launch dates with other models, I believed investors were allowing a minor shortterm uncertainty to cloud their appreciation for what I considered a potentially game-changing product, whether or not it came to market late. As things turned out, Tesla stayed on track for an expected July launch, and the stock ran up to the $360 level by period end, rewarding our sizable overweighting there. I reduced this position as the stock advanced but maintained sizable exposure. Q: What else helped Also bolstering the fund's relative result was an out-of-index stake in Carvana, which I bought in May, soon after its IPO (initial public offering). The company operates a website for used-car shoppers. Although it's a crowded space, the firm has tried to differentiate itself by supplementing its online business with multilevel glass and steel buildings that Carvana describes as "automated car-vending machines." Customers can choose to pick up their purchase at one of these locations or have the vehicle delivered. In its first report as a public company released in June Carvana announced revenue that beat estimates and also forecast further strong growth for the second quarter. Our non-index stake in website-builder Wix.com further lifted the fund's relative result. The company continued to benefit from strong demand for its site-building tools from smaller businesses, nonprofits and individuals. I roughly halved this position for valuation reasons, given the stock's roughly fivefold increase from its low around $15 a share early in Q: What about detractors Stock selection in the materials sector detracted modestly from our relative result; picks in industrials and positioning in energy also nicked us slightly. Within materials, our overweighting in chemical company LyondellBasell Industries was the fund's largest relative detractor, as the stock posted a marginal gain this period. Investors were concerned that expanding industry capacity in 2018 and 2019 would erode the company's profitability. That said, I thought the market failed to appreciate that LyondellBasell is one of the lowest-cost producers of polyethylene. Shale and fracking technology has produced a glut of natural gas in the U.S., resulting in lower prices for that commodity. In turn, these lower prices have conferred a significant competitive advantage on the company, which uses natural gas instead of naphtha, a derivative of crude oil in manufacturing its products, as well as to help power its plants. Consequently, I added to this position. A non-benchmark stake in China-based Vipshop Holdings which I bought this period also hurt. The firm offers branded products to consumers in China through "flash sales" in which it offers limited quantities of discounted branded products for short periods of time. Although the stock received an analyst downgrade near period end, I continued to like the firm's growth prospects. Q: What are your thoughts at period end I believe that what matters most are long-term results. And despite relatively high valuations for the market overall, I remain confident in my focus on and our research team's capabilities in finding companies with underappreciated long-term growth potential in earnings and free cash flow. 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

4 LARGEST CONTRIBUTORS VS. BENCHMARK Kyle Weaver on investment lessons learned from the recent past: "Although the broader market has performed well since the steep drop early in 2016, different sectors and industries have had their moment in the sun as market favorites. "In the first half of 2016, investors were attracted to stocks with low volatility or high dividend yields or both. That trade went out of favor in the second half of the year, as interest rates reversed their downward trend and investors rotated capital into semiconductor and other technology shares. "Another favored group in 2016 was energy, as the price of crude oil rebounded from extreme lows early in the year to close 2016 above $50 per barrel. That made energy the top-performing sector for 2016 in a number of widely followed stock benchmarks. So far in 2017, though, it's been the worst performer. "Toward the end of 2016, the 'Trump Bump' sent banks, industrials tied to infrastructure-spending, and groups with high tax rates shooting higher, with investors betting that policy initiatives from the new administration would benefit these areas. Most did well right after the election but have since seen their momentum slow. "To me, all this rotation has only reinforced the importance of consistently sticking with my methodology of seeking out companies with robust business models that I believe can be successful in a wide range of economic conditions. Despite claims to the contrary, no one can predict the future of energy prices, interest rates or other factors that can have an impact on stock prices. However, I believe choosing fundamentally strong firms benefiting from multiple tailwinds can put us in a position to succeed over the long term." Holding Tesla, Inc. Carvana Co. Class A Wix.com Ltd. Market Segment Consumer Discretionary Consumer Discretionary Information Technology Average Relative Weight Relative Contribution (basis points)* 2.85% % % 40 American Tower Corp. Real Estate 2.78% 34 Vertex Pharmaceuticals, Inc. * 1 basis point = 0.01%. Health Care 0.50% 30 LARGEST DETRACTORS VS. BENCHMARK Holding LyondellBasell Industries NV Class A Vipshop Holdings Ltd. ADR Endurance International Group Holdings, Inc. Market Segment Average Relative Weight Relative Contribution (basis points)* Materials 2.07% -31 Consumer Discretionary Information Technology 0.45% % -26 Synchrony Financial Financials 0.72% -26 Spirit Airlines, Inc. Industrials 0.86% -23 * 1 basis point = 0.01%. 4 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

5 10 LARGEST HOLDINGS Holding Market Segment Portfolio Weight Portfolio Weight Six Months Ago Apple, Inc. Information Technology 6.02% 6.05% Alphabet, Inc. Class C Information Technology 3.90% 3.64% Amazon.com, Inc. Consumer Discretionary 3.51% 3.32% American Tower Corp. Real Estate 3.07% 3.41% Facebook, Inc. Class A Information Technology 2.89% 2.32% LyondellBasell Industries NV Class A Materials 2.60% 1.69% Microsoft Corp. Information Technology 2.46% 2.80% Tesla, Inc. Consumer Discretionary 2.35% 2.91% Alphabet, Inc. Class A Information Technology 2.18% 2.15% Amgen, Inc. Health Care 2.08% 1.53% 10 Largest Holdings as a % of Net Assets 31.07% 32.13% Total Number of Holdings 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. MARKET-SEGMENT DIVERSIFICATION Market Segment Portfolio Weight Portfolio Weight Six Months Ago Information Technology 40.88% 38.73% Health Care 16.82% 17.76% Consumer Discretionary 14.13% 14.82% Consumer Staples 7.20% 7.89% Materials 5.12% 4.61% Real Estate 4.69% 6.12% Financials 4.18% 2.79% Industrials 2.89% 4.14% Telecommunication Services 1.39% 1.34% Energy 1.23% 1.28% Other 0.00% 0.00% ASSET ALLOCATION Asset Class Portfolio Weight Portfolio Weight Six Months Ago Domestic Equities 92.69% 93.74% International Equities 5.83% 5.74% Developed Markets 4.55% 5.13% Emerging Markets 1.28% 0.61% Tax-Advantaged Domiciles 0.00% 0.00% Bonds 0.00% 0.00% Cash & Net Other Assets 1.48% 0.52% 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. 5 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

6 PERFORMANCE SUMMARY Variable annuity contracts are issued by insurance companies through separate accounts that are part of the insurer. The value of a variable annuity contract depends on the values of units of subaccounts of the separate account. Each subaccount purchases shares of a corresponding mutual fund. Subaccount investment performance is based on the performance of the mutual fund in which it invests, less insurance company charges made against the assets of the separate account. A subaccount is not a mutual fund. The information provided in this Performance Summary contains performance information for the fund, or class, and each variable subaccount, with comparisons over different time periods to the fund's relevant benchmarks including an appropriate index as well as a group of similar funds whose average returns are compiled and monitored by an independent mutual fund research company. Figures for more than one year assume a steady compounded rate of return and are not a class' year-by-year results, which fluctuated over the periods shown. Fund performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If fund performance information included the effect of these additional charges, the total returns would have been lower. The performance table also contains performance information for certain insurance company subaccounts that invest in the fund. Each variable subaccount's performance, as shown, is net of all fees and expenses, including those charges imposed by your insurance company. Seeing the returns over different time periods can help you assess the performance against relevant measurements and across multiple market environments. The performance information includes average annual total returns and cumulative total returns and is further explained in this section.* Investing in a variable annuity involves risk of loss investment returns, contract value, and, for variable income annuities, payment amounts are not guaranteed and will fluctuate. Withdrawals of taxable amounts from an annuity are subject to ordinary income tax, and, if taken before age 59 1/2, may be subject to a 10% IRS penalty. Current performance may be higher or lower than the performance data quoted below. An investor's shares, when redeemed, may be worth more or less than their original cost. For month-end performance figures, please visit or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Fiscal periods ending June 30, 2017 Cumulative Annualized Total Returns for the Fund 6 Month YTD / LOF 1 VIP Growth Opportunities Portfolio - Initial Class Gross Expense Ratio: 0.68% % 19.93% 27.17% 10.94% 15.64% 7.89% VIP Growth Opportunities Portfolio - Investor Class Gross Expense Ratio: 0.76% % 19.88% 27.04% 10.85% 15.54% 7.79% Russell 1000 Growth Index 13.99% 13.99% 20.42% 11.11% 15.30% 8.91% S&P 500/Russell 1000 Growth 13.99% 13.99% 20.42% 11.11% 15.30% 8.91% Morningstar Insurance Large Growth 15.63% 15.63% 22.14% 9.79% 14.80% 7.90% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 01/03/ 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. Performance and disclosure information continued on next page. 6 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

7 PERFORMANCE SUMMARY (continued): Fiscal periods ending June 30, 2017 Total Returns for the Variable Subaccount** Annualized Cumulative Annualized New York Only: 10 /Life of Subaccount 6 Month YTD /Life of Subaccount Fidelity Retirement Reserves A 7.02% 19.49% 19.49% 26.15% 10.06% 14.71% 7.02% Fidelity Income Advantage B 6.81% 19.37% 19.37% 25.90% 9.83% 14.48% 6.81% Fidelity Personal Retirement Annuity C (for contracts purchased prior to 1/1/09 and on or after 9/7/10) Fidelity Personal Retirement Annuity C (for contracts purchased between 1/1/09 and 9/6/10) Fidelity Personal Retirement Annuity C (for contracts purchased on or after 9/7/10 with an initial purchase payment of $1M+) 7.52% 19.77% 19.77% 26.72% 10.58% 15.25% 7.52% 7.48% 19.77% 19.77% 26.72% 10.58% 15.26% 7.48% 7.68% 19.86% 19.86% 26.91% 10.74% 15.43% 7.68% Fidelity Retirement Reserves - Subaccount Inception: January 03, 1995; New York Only Inception: January 27, Fidelity Income Advantage - Subaccount Inception: January 03, 1995; New York Only Inception: January 27, Fidelity Personal Retirement Annuity - Subaccount Inception: August 15, 2005; New York Only Inception: October 28, Fidelity Retirement Reserves' underlying fund options are Initial Class fund offerings. Fidelity Income Advantage's underlying fund options are Initial Class fund offerings. Fidelity Personal Retirement Annuity's underlying fund options are Investor Class fund offerings. A In NY, Retirement Reserves B In NY, Income Advantage C In NY, Personal Retirement Annuity * Total returns are historical and include changes in share price (for the fund) and unit price (for the variable subaccount) and reinvestment of dividends and capital gains, if any. ** Returns for Fidelity Retirement Reserves include the 0.80% annual annuity charge. For Fidelity Retirement Reserves contracts, returns do not reflect the annual $30 maintenance fee which applies to contracts where purchase payments less any withdrawals are less than $25,000. Returns for Fidelity Income Advantage include the 1.00% annual annuity charge. Returns for Fidelity Personal Retirement Annuity ("FPRA") include the 0.25% annual annuity charge for contracts purchased prior to 1/1/2009, and on or after 9/7/2010. For FPRA contracts purchased between 1/1/2009 and 9/6/2010, returns include a 0.35% annual annuity charge prior to 9/7/2010 and 0.25% thereafter. For FPRA contracts purchased on or after 9/7/2010 with an initial purchase payment of $1,000,000 or more, returns include a 0.10% annual annuity charge. Life of subaccount returns are from the subaccount inception, the date the portfolio was first available in the insurance company's variable product. 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.

8 Definitions and Important Information Fidelity Income Advantage (policy form nos. FVIA-92100, et al. and FVIA-99100, et al.), Fidelity Retirement Reserves (policy form no. NRR-96100, et al.), Fidelity Personal Retirement Annuity (policy form no. DVA-2005, et al.), Fidelity Freedom Lifetime Income (policy form nos. FFLI-Q-2005, et al. and FFLI-NQ-2005, et al.), and Fidelity Growth and Guaranteed Income (policy form no. DVA-GWB- 2007, et al.) are issued by Fidelity Investments Life Insurance Company, 100 Salem Street, Smithfield, RI 02917, and for NY residents, Income Advantage (policy form nos. EFVIA-92100, et al. and EFVIA-99100, et al.), Retirement Reserves (policy form no. EVA-91100, et al.), Personal Retirement Annuity (policy form no. EDVA-2005, et al.), Fidelity Freedom Lifetime Income (policy form nos. EFLI-Q-2005, et al. and EFLI-NQ-2005, et al.), and Growth and Guaranteed Income (policy form no. EDVA-GWB-2007, et al.) are issued by Empire Fidelity Investments Life Insurance Company, New York, NY. Annuities are distributed by Fidelity Brokerage Services (Member NYSE, SIPC) and Fidelity Insurance Agency, Inc. MORNINGSTAR INFORMATION 2017 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses. RELATIVE WEIGHTS Relative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary. FUND RISKS Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. 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. VIP refers to Variable Insurance Products Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, act as an impartial adviser, or to give advice in a fiduciary capacity. 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. Russell 1000 Growth Index is a market-capitalization-weighted index designed to measure the performance of the large-cap growth segment of the U.S. equity market. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth rates. S&P 500/Russell 1000 Growth Index represents the performance of the Russell 1000 Growth Index since February 1, 2007, and the S&P 500 Index prior to that date. 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. Should not be construed or used as a recommendation for any sector or industry. 8

9 Manager Facts Kyle Weaver is a portfolio manager at Fidelity Management & Research Company (FMRCo), the investment advisor for Fidelity's family of mutual funds. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. In this role, Mr. Weaver manages Fidelity Select IT Services Portfolio, (since 2009), as well Fidelity Advisor Growth Opportunities Portfolio, VIP Growth Opportunities Portfolio, and Fidelity Advisor Series Growth Opportunities Fund (all since 2015). Prior to assuming his current responsibilities, Mr. Weaver has been a research analyst covering various industries within the Tech and Telecom sectors. Before joining Fidelity in 2008, he worked at RiverSource Investments, LLC from 2002 to 2008 as a research analyst and portfolio manager of sector sleeves in Consumer, Telecom, and IT Services. Previously, Mr. Weaver was a private equity analyst at Bain Capital from 2001 to 2002 and an associate consultant at Bain & Company from 1999 to He has been in the investments industry since Mr. Weaver earned his bachelor of arts degree in public policy from Stanford University, where he graduated Phi Beta Kappa with honors. 9 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

10 PERFORMANCE SUMMARY Quarter ending September 30, 2017 Total Returns for the Variable Subaccount New York Only: 10 /Life of Subaccount 1 Annualized /Life of Subaccount Fidelity Retirement Reserves 6.88% 24.12% 11.88% 14.17% 6.88% Fidelity Income Advantage 6.66% 23.87% 11.65% 13.94% 6.66% Fidelity Personal Retirement Annuity (for contracts purchased prior to 1/1/09 and on or after 9/7/10) Fidelity Personal Retirement Annuity (for contracts purchased between 1/1/09 and 9/6/10) Fidelity Personal Retirement Annuity (for contracts purchased on or after 9/7/10 with an initial purchase payment of $1M+) 7.37% 24.72% 12.41% 14.71% 7.37% 7.34% 24.72% 12.41% 14.71% 7.34% 7.54% 24.90% 12.58% 14.89% 7.54% Current performance may be higher or lower than the performance data quoted above. For month-end performance figures, please visit or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investing in a variable annuity involves risk of loss investment returns, contract value, and, for variable income annuities, payment amounts are not guaranteed and will fluctuate. Withdrawals of taxable amounts from an annuity are subject to ordinary income tax, and, if taken before age 59 1/2, may be subject to a 10% IRS penalty. Please see the Fiscal Performance Summary section of this Q&A document for performance footnotes and additional information. Before investing, please carefully consider the investment objectives, risks, charges, and expenses of the fund or annuity and its investment options. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. Information included on this page is as of the most recent calendar quarter. S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee Diversification does not ensure a profit or guarantee against a loss.

Fidelity VIP Disciplined Small Cap Portfolio

Fidelity VIP Disciplined Small Cap Portfolio Fidelity VIP Disciplined Small Cap Portfolio Key Takeaways The fund's share classes rose about 7% in calendar year 2017, meaningfully trailing the 14.65% gain of the benchmark Russell 2000 Index. Stocks

More information

Fidelity VIP Value Strategies Portfolio

Fidelity VIP Value Strategies Portfolio Fidelity VIP Value Strategies Key Takeaways The fund's share classes gained about 10% for the semiannual reporting period ending June 30, 2017, handily outpacing the 5.18% return of the benchmark Russell

More information

Fidelity VIP Real Estate Portfolio

Fidelity VIP Real Estate Portfolio Fidelity VIP Real Estate Portfolio Key Takeaways The fund's share classes gained about 2% for the semiannual reporting period ending June 30, 2017, outperforming the Dow Jones U.S. Select Real Estate Securities

More information

Fidelity Independence Fund

Fidelity Independence Fund Fidelity Independence Fund Key Takeaways For the semiannual reporting period ending May 31, 2017, the fund's share classes gained about 11%, topping the 10.81% advance of the benchmark S&P 500 index. Versus

More information

Fidelity VIP Financial Services Portfolio

Fidelity VIP Financial Services Portfolio Fidelity VIP Financial Services Key Takeaways For the semiannual reporting period ending June 30, 2017, the fund's share classes returned roughly 5.7%, versus the 5.85% gain of the MSCI U.S. IMI Financials

More information

Fidelity VIP Value Portfolio

Fidelity VIP Value Portfolio Fidelity VIP Value Portfolio Key Takeaways The fund's share classes gained about 7% for the semiannual reporting period ending June 30, 2017, handily outpacing the 4.32% return of the benchmark Russell

More information

Fidelity Small Cap Enhanced Index Fund

Fidelity Small Cap Enhanced Index Fund Fidelity Small Cap Enhanced Index Fund Key Takeaways For the semiannual reporting period ending August 31, 2018, the fund rose 13.75%, trailing the 15.84% gain of the Russell 2000 Index. For the past six

More information

Fidelity Large Cap Growth Enhanced Index Fund

Fidelity Large Cap Growth Enhanced Index Fund Fidelity Large Cap Growth Enhanced Index Fund Key Takeaways The fund gained 7.04% for the six months ending August 3, 207 the period since our last annual report lagging the 0.69% increase in the benchmark

More information

Fidelity Telecom and Utilities Fund

Fidelity Telecom and Utilities Fund Fidelity Telecom and Utilities Fund Key Takeaways For the semiannual reporting period ending July 31, 2017, the fund rose 7.57%, significantly outpacing the 4.50% result of the Russell 3000 Utilities Index.

More information

Fidelity VIP Consumer Discretionary Portfolio

Fidelity VIP Consumer Discretionary Portfolio Fidelity VIP Consumer Discretionary Portfolio Key Takeaways For the semiannual reporting period ending June 30, 2017, the fund's share classes gained about 9%, trailing the 11.12% return of the MSCI U.S.

More information

Fidelity Large Cap Value Enhanced Index Fund

Fidelity Large Cap Value Enhanced Index Fund Fidelity Large Cap Value Enhanced Index Fund Key Takeaways For the semiannual reporting period ending February 28, 208, the fund gained 9.53%, well ahead of the benchmark Russell 000 Value Index, which

More information

Fidelity Mid Cap Enhanced Index Fund

Fidelity Mid Cap Enhanced Index Fund Fidelity Mid Cap Enhanced Index Fund Key Takeaways The fund gained 1.72% for the six months ending August 31, 2017 the period since our previous annual report lagging the 3.24% increase in the benchmark

More information

Fidelity VIP Mid Cap Portfolio

Fidelity VIP Mid Cap Portfolio Fidelity VIP Mid Cap Portfolio Key Takeaways For the semiannual reporting period ending June 30, 2017, the fund's share classes recorded gains of roughly 9%, well ahead of the 5.99% return of the benchmark

More information

Fidelity VIP Real Estate Portfolio

Fidelity VIP Real Estate Portfolio Fidelity VIP Real Estate Portfolio Key Takeaways For the semiannual reporting period ending June 30, 2018, the fund's share classes gained roughly 1.6%, slightly trailing the 1.82% return of the Dow Jones

More information

Fidelity Mid Cap Value Fund

Fidelity Mid Cap Value Fund Fidelity Mid Cap Value Fund Key Takeaways For the semiannual reporting period ending July 31, 2017, the fund's Retail Class shares gained 4.24%, trailing the 4.81% return of the benchmark Russell Midcap

More information

Fidelity Select Software and IT Services Portfolio

Fidelity Select Software and IT Services Portfolio Fidelity Select Software and IT Services Key Takeaways For the semiannual reporting period ending August 31, 2017, the fund gained 15.25%, about in line with the 15.88% result of the MSCI U.S. IMI Software

More information

Strategic Advisers Small-Mid Cap Multi-Manager Fund

Strategic Advisers Small-Mid Cap Multi-Manager Fund Strategic Advisers Small-Mid Cap Multi-Manager Fund Key Takeaways For the fiscal year ending February 28, 2018, the Fund's Retail Class shares rose 13.49%, leading its SMID (small- to mid-cap) benchmark,

More information

Fidelity Disciplined Equity Fund

Fidelity Disciplined Equity Fund Fidelity Disciplined Equity Fund Key Takeaways The fund's Retail Class shares gained 22.51% for the 12 months ending October 31, 2017, modestly lagging the 23.63% return of the benchmark S&P 500 index

More information

Fidelity Trend Fund MARKET RECAP. Key Takeaways

Fidelity Trend Fund MARKET RECAP. Key Takeaways Fidelity Trend Fund Key Takeaways For the semiannual reporting period ending June 30, 2017, the fund gained 14.20%, outperforming the 13.99% return of the benchmark Russell 1000 Growth Index. Portfolio

More information

Fidelity VIP Energy Portfolio

Fidelity VIP Energy Portfolio Fidelity VIP Energy Portfolio Key Takeaways For the 12-month period ending December 31, 2017, the fund's share classes performed close to in line with the -2.33% return of the MSCI U.S. IMI Energy 25/50

More information

Fidelity Leveraged Company Stock Fund

Fidelity Leveraged Company Stock Fund QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Leveraged Company Stock Fund Investment Approach Fidelity Leveraged Company Stock Fund is a domestic equity strategy focused on investing in companies

More information

Fidelity Disciplined Equity Fund

Fidelity Disciplined Equity Fund Fidelity Disciplined Equity Fund Key Takeaways For the semiannual reporting period ending April 30, 2017, the fund's share classes gained about 12%, modestly lagging the 13.32% return of the benchmark

More information

Fidelity Equity Dividend Income Fund

Fidelity Equity Dividend Income Fund Fidelity Equity Dividend Income Fund Key Takeaways For the semiannual reporting period ending May 31, 2017, the fund's share classes gained about 6%, topping the 5.19% return of the benchmark Russell 3000

More information

Fidelity 500 Index Fund

Fidelity 500 Index Fund QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity 500 Index Fund Investment Approach Fidelity 500 Index Fund is a diversified domestic large-cap equity strategy that seeks to closely track the returns

More information

Fidelity Real Estate Investment Portfolio

Fidelity Real Estate Investment Portfolio Fidelity Real Estate Investment Key Takeaways In an up-and-down market for real estate investment trusts (REITs), the fund returned -4.94% for the fiscal year ending July 31, 2017, modestly outperforming

More information

Fidelity VIP International Capital Appreciation Portfolio

Fidelity VIP International Capital Appreciation Portfolio Fidelity VIP International Capital Appreciation Key Takeaways For the year ending December 31, 2017, the fund's share classes rose about 36%, well ahead of the 27.40% return of the benchmark MSCI ACWI

More information

Strategic Advisers International II Fund (to be renamed Strategic Advisers Fidelity International Fund)

Strategic Advisers International II Fund (to be renamed Strategic Advisers Fidelity International Fund) Strategic Advisers International II Fund (to be renamed Strategic Advisers Fidelity International Fund) Key Takeaways For the fiscal year ending February 28, 2018, the Fund gained 22.01%, outpacing the

More information

Fidelity Growth & Income Portfolio

Fidelity Growth & Income Portfolio Fidelity Growth & Income Key Takeaways For the fiscal year ending July 31, 2017, the fund's Retail Class shares gained 17.48%, topping the 16.04% advance of the benchmark S&P 500 index. The fund's outperformance

More information

Fidelity Large Cap Stock Fund

Fidelity Large Cap Stock Fund Fidelity Large Cap Stock Fund Key Takeaways For the semiannual reporting period ending October 31, 2017, the fund gained 6.85%, significantly trailing the 9.10% advance of the benchmark S&P 500 index.

More information

Fidelity Growth & Income Portfolio

Fidelity Growth & Income Portfolio Fidelity Growth & Income Key Takeaways For the semiannual reporting period ending January 31, 2018, the fund's Retail Class shares gained 14.05%, lagging the 15.43% advance of the benchmark S&P 500 index.

More information

Fidelity VIP Freedom Funds

Fidelity VIP Freedom Funds Fidelity VIP Freedom Funds Key Takeaways For the semiannual reporting period ending June 0, 207, VIP Freedom Fund share classes posted gains ranging roughly from % to %. Each Fund outperformed its respective

More information

Fidelity VIP Overseas Portfolio

Fidelity VIP Overseas Portfolio Fidelity VIP Overseas Portfolio Key Takeaways For the semiannual reporting period ending June 30, 2017, the fund's share classes gained roughly 19%, considerably ahead of the 13.99% return of the benchmark

More information

Fidelity Total Market Index Fund

Fidelity Total Market Index Fund QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Total Market Index Fund Investment Approach Fidelity Total Market Index Fund is a diversified domestic all-cap equity strategy that seeks to closely

More information

Fidelity VIP Emerging Markets Portfolio

Fidelity VIP Emerging Markets Portfolio Fidelity VIP Emerging Markets Key Takeaways For the year ending December 31, 2017, the fund's share classes returned about 47%, considerably ahead of the 37.75% gain of the benchmark MSCI Emerging Markets

More information

Fidelity Event Driven Opportunities Fund

Fidelity Event Driven Opportunities Fund QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 Fidelity Event Driven Opportunities Fund Investment Approach Fidelity Event Driven Opportunities Fund invests opportunistically in companies involved in corporate

More information

Fidelity Extended Market Index Fund

Fidelity Extended Market Index Fund QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Extended Market Fund Investment Approach Fidelity Extended Market Fund is a diversified domestic small- and mid-cap equity strategy that seeks to

More information

Fidelity Low-Priced Stock Fund

Fidelity Low-Priced Stock Fund QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2014 Fidelity Low-Priced Stock Fund Investment Approach Fidelity Low-Priced Stock Fund implements an opportunistic approach, rooted in a strict valuation bias that

More information

Fidelity Select IT Services Portfolio

Fidelity Select IT Services Portfolio Fidelity Select IT Key Takeaways For the semiannual reporting period ending August 31, 2017, the fund gained 12.75%, comfortably ahead of the 8.24% return of the MSCI U.S. IMI IT 25/50 Index and more than

More information

Strategic Advisers Emerging Markets Fund of Funds

Strategic Advisers Emerging Markets Fund of Funds Strategic Advisers Emerging Markets Fund of Funds Key Takeaways For the fiscal year ending February 28, 2018, the Fund's Retail Class shares gained 30.75%, roughly in line with the 30.97% return of the

More information

Fidelity Small Cap Discovery Fund

Fidelity Small Cap Discovery Fund QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Small Cap Discovery Fund Investment Approach Fidelity Small Cap Discovery Fund is a small-cap core strategy focused on companies with low implied

More information

Strategic Advisers Small-Mid Cap Fund

Strategic Advisers Small-Mid Cap Fund Strategic Advisers Small-Mid Cap Fund Key Takeaways For the semiannual reporting period ending August 31, 2017, the Fund gained 3.48%, solidly ahead of the 2.26% return of its SMID (small- to mid-cap)

More information

Fidelity Fund MARKET RECAP. Key Takeaways

Fidelity Fund MARKET RECAP. Key Takeaways Fidelity Fund Key Takeaways For the fiscal year ending June 30, 2017, the fund's share classes returned about 14%, trailing the 17.90% return of the benchmark S&P 500 index. Against the backdrop of a robust

More information

Fidelity Global ex U.S. Index Fund

Fidelity Global ex U.S. Index Fund QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Global ex U.S. Fund Investment Approach Fidelity Global ex U.S. Fund is a diversified international equity strategy that seeks to closely track the

More information

Fidelity Small Cap Growth Fund

Fidelity Small Cap Growth Fund QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Small Cap Growth Fund Investment Approach Fidelity Small Cap Growth Fund seeks small-cap companies with above-average growth prospects and that are

More information

Fidelity VIP Telecommunications Portfolio

Fidelity VIP Telecommunications Portfolio Fidelity VIP s Portfolio Key Takeaways For the 12 months ending December 31, 2017, the fund's share classes gained about 2%, besting the -5.71% result of its sector benchmark, the MSCI IMI U.S. 25/50 Index.

More information

Fidelity Select Energy Portfolio

Fidelity Select Energy Portfolio QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 Fidelity Select Energy Portfolio Investment Approach Fidelity Select Energy Portfolio is a sector-based, equity-focused strategy that seeks to outperform its

More information

Fidelity Low-Priced Stock Fund

Fidelity Low-Priced Stock Fund QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Low-Priced Stock Fund Investment Approach Fidelity Low-Priced Stock Fund implements an opportunistic approach, rooted in a strict valuation bias

More information

Fidelity Select Utilities Portfolio

Fidelity Select Utilities Portfolio Fidelity Select Utilities Key Takeaways For the fiscal year ending February 28, 2018, the fund gained 4.99%, strongly outpacing the -1.55% result of the MSCI U.S. IMI Utilities 25/50 Index. The fund lagged

More information

Fidelity Select Defense and Aerospace Portfolio

Fidelity Select Defense and Aerospace Portfolio Fidelity Select Defense and Aerospace Key Takeaways For the semiannual reporting period ending August 31, 2017, the fund advanced 12.54%, lagging the 15.51% gain of the MSCI U.S. IMI Aerospace & Defense

More information

Fidelity International Index Fund

Fidelity International Index Fund QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity International Fund Investment Approach Fidelity International Fund is a diversified international equity strategy that seeks to closely track the

More information

Fidelity Select Technology Portfolio

Fidelity Select Technology Portfolio Fidelity Select Technology Key Takeaways For the semiannual reporting period ending August 31, 2017, the fund gained 23.59%, well ahead of the 14.36% return of the MSCI U.S. IMI Information Technology

More information

Strategic Advisers Growth Multi-Manager Fund

Strategic Advisers Growth Multi-Manager Fund Strategic Advisers Growth Multi-Manager Fund Key Takeaways For the fiscal year ending May 31, 2018, the Fund's share classes posted gains of roughly 19%, trailing the 21.02% return of the benchmark Russell

More information

Fidelity Select Energy Portfolio

Fidelity Select Energy Portfolio Fidelity Select Energy Key Takeaways For the semiannual reporting period ending August 31, 2017, the fund returned -15.34%, underperforming the -11.69% return of the MSCI U.S. IMI Energy 25/50 Index, as

More information

Fidelity Small Cap Value Fund

Fidelity Small Cap Value Fund Fidelity Small Cap Value Fund Key Takeaways Amid strong market conditions for the fiscal year ending July 31, 2017, the fund's Retail class shares gained a solid 14.99% but nevertheless trailed the benchmark

More information

Fidelity VIP Utilities Portfolio

Fidelity VIP Utilities Portfolio Fidelity VIP Utilities Portfolio Key Takeaways For the semiannual reporting period ending June 30, 2018, the fund's share classes returned roughly 8%, far exceeding the 1.12% return of the sector benchmark

More information

Fidelity Low-Priced Stock Fund

Fidelity Low-Priced Stock Fund QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2018 Fidelity Low-Priced Stock Fund Investment Approach Fidelity Low-Priced Stock Fund implements an opportunistic approach, rooted in a strict valuation bias

More information

Fidelity Select Banking Portfolio

Fidelity Select Banking Portfolio Fidelity Select Banking Key Takeaways For the semiannual reporting period ending August 31, 2017, the fund returned -5.72%, slightly lagging the -5.62% return of the MSCI U.S. IMI Banks 5% Capped Linked

More information

Fidelity Real Estate Investment Portfolio

Fidelity Real Estate Investment Portfolio QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 Fidelity Real Estate Investment Investment Approach Fidelity Real Estate Investment seeks above-average income and long-term capital growth, consistent with

More information

Fidelity Select Brokerage and Investment Management Portfolio

Fidelity Select Brokerage and Investment Management Portfolio Fidelity Select Brokerage and Investment Management Key Takeaways The fund gained 7.32% for the semiannual reporting period ending August 31, 2017. This result outpaced the 6.84% return of the MSCI U.S.

More information

Strategic Advisers Emerging Markets Fund

Strategic Advisers Emerging Markets Fund Strategic Advisers Emerging Markets Fund Key Takeaways For the fiscal year ending February 28, 2018, the Fund gained 30.23%, modestly trailing the 30.97% return of the benchmark MSCI Emerging Markets (EM)

More information

Strategic Advisers International Multi-Manager Fund

Strategic Advisers International Multi-Manager Fund Strategic Advisers International Multi-Manager Fund Key Takeaways For the fiscal year ending February 28, 2018, the Fund's Retail class shares gained 20.41%, roughly in line with the 20.37% return of the

More information

Fidelity Small Cap Value Fund

Fidelity Small Cap Value Fund QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Small Cap Value Fund Investment Approach Fidelity Small Cap Value Fund takes a value approach to investing, focusing on companies with low implied

More information

Fidelity Capital Appreciation Fund

Fidelity Capital Appreciation Fund Fidelity Capital Appreciation Fund Key Takeaways For the fiscal year ending October 31, 2017, the fund's Retail Class shares gained 25.93%, topping the 23.63% advance of the benchmark S&P 500 index. The

More information

Fidelity Dividend Growth Fund

Fidelity Dividend Growth Fund QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Dividend Growth Fund Investment Approach Fidelity Dividend Growth Fund is a diversified domestic equity strategy with a large-cap core orientation.

More information

Fidelity Select Utilities Portfolio

Fidelity Select Utilities Portfolio QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 Fidelity Select Utilities Investment Approach Fidelity Select Utilities is a sector-based, equity-focused strategy that seeks to outperform the benchmark through

More information

Fidelity Select Semiconductors Portfolio

Fidelity Select Semiconductors Portfolio Fidelity Select Semiconductors Key Takeaways For the semiannual reporting period ending August 31, 2017, the fund gained 9.69%, lagging the 10.82% return of the MSCI U.S. IMI Semiconductors & Semiconductor

More information

Strategic Advisers Core Multi- Manager Fund

Strategic Advisers Core Multi- Manager Fund Strategic Advisers Core Multi- Manager Fund Key Takeaways For the fiscal year ending May 31, 2018, the Fund's Retail Class shares gained 12.94%, trailing the 14.38% return of the benchmark S&P 500 index.

More information

Fidelity Export and Multinational Fund

Fidelity Export and Multinational Fund Fidelity Export and Multinational Fund Key Takeaways For the fiscal year ending August 31, 2017, the fund's Retail Class shares gained 12.85%, trailing the 16.23% advance of the S&P 500 index. In a relatively

More information

Fidelity Global ex U.S. Index Fund

Fidelity Global ex U.S. Index Fund QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 Fidelity Global ex U.S. Fund Investment Approach Fidelity Global ex U.S. Fund is a diversified international equity strategy that seeks to closely track the

More information

Fidelity Value Fund. Investment Approach QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 FUND INFORMATION PERFORMANCE SUMMARY

Fidelity Value Fund. Investment Approach QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 FUND INFORMATION PERFORMANCE SUMMARY QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Value Fund Investment Approach Fidelity Value Fund is a core mid-cap value U.S. equity strategy diversified across sectors. The fund is managed by

More information

Fidelity VIP Consumer Staples Portfolio

Fidelity VIP Consumer Staples Portfolio Fidelity VIP Consumer Staples Key Takeaways For the year ending December 31, 2017, the fund's share classes gained about 15%, topping the 11.91% advance of the MSCI U.S. IMI Consumer Staples 25/50 index

More information

Fidelity VIP Asset Manager Growth Portfolio

Fidelity VIP Asset Manager Growth Portfolio Fidelity VIP Asset Manager Growth Portfolio Key Takeaways For the year ending December 31, 2017, the fund's share classes gained roughly 19%, outpacing the 16.73% return of the Fidelity Asset Manager 70%

More information

Strategic Advisers Emerging Markets Fund of Funds

Strategic Advisers Emerging Markets Fund of Funds Strategic Advisers Emerging Markets Fund of Funds Key Takeaways For the semiannual reporting period ending August 31, 2017, the Fund's Retail Class shares gained 18.83%, outpacing the 18.31% return of

More information

Fidelity OTC Portfolio

Fidelity OTC Portfolio Fidelity OTC Portfolio Key Takeaways For the fiscal year ending July 31, 2017, the fund's Retail Class shares gained 27.97%, well ahead of the 24.41% return of the benchmark Nasdaq Composite Index. Stock

More information

Strategic Advisers Emerging Markets Fund

Strategic Advisers Emerging Markets Fund Strategic Advisers Emerging Markets Fund Key Takeaways For the semiannual reporting period ending August 31, 2017, the Fund gained 18.60%, slightly outpacing the 18.31% return of the benchmark MSCI Emerging

More information

Fidelity Leveraged Company Stock Fund

Fidelity Leveraged Company Stock Fund Fidelity Leveraged Company Stock Fund Key Takeaways For the fiscal year ending July 31, 2017, the fund's Retail Class shares gained 17.45%, outpacing the 16.04% advance of the benchmark S&P 500 index but

More information

Fidelity Select Technology Portfolio

Fidelity Select Technology Portfolio QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Select Technology Investment Approach Fidelity Select Technology is a sector-based, equity-focused strategy that seeks to outperform its benchmark

More information

Fidelity New Millennium Fund

Fidelity New Millennium Fund Fidelity New Millennium Fund Key Takeaways The fund gained 8.25% for the semiannual reporting period ending May 31, 2017, trailing the 10.81% return of the benchmark S&P 500 index. Portfolio Manager John

More information

Fidelity International Enhanced Index Fund

Fidelity International Enhanced Index Fund Fidelity International Enhanced Index Fund Key Takeaways The fund gained 14.74% for the six months ending August 31, 2017 the period since our previous annual report surpassing the 12.32% increase in the

More information

Fidelity VIP Health Care Portfolio

Fidelity VIP Health Care Portfolio Fidelity VIP Health Care Portfolio Key Takeaways For the year ending December 31, 2017, the fund's share classes gained about 25%, outpacing the 23.44% result of the MSCI U.S. IMI Health Care 25/50 Index,

More information

Fidelity VIP Contrafund Portfolio

Fidelity VIP Contrafund Portfolio QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity VIP Contrafund Portfolio Investment Approach Fidelity VIP Contrafund Portfolio is a diversified domestic equity strategy focused on the largecap

More information

Fidelity VIP High Income Portfolio

Fidelity VIP High Income Portfolio Fidelity VIP High Income Portfolio Key Takeaways The fund's share classes gained roughly 4.5% for the semiannual reporting period ending June 30, 2017. This result proved competitive versus peers, but

More information

Fidelity Blue Chip Value Fund

Fidelity Blue Chip Value Fund Fidelity Blue Chip Value Fund Key Takeaways For the semiannual reporting period ending January 31, 2018, the fund gained 10.12%, lagging the 11.33% advance of the benchmark Russell 1000 Value Index. The

More information

Fidelity Select Energy Service Portfolio

Fidelity Select Energy Service Portfolio Fidelity Select Energy Service Key Takeaways For the semiannual reporting period ending August 31, 2017, the fund returned -24.46%, notably outperforming the -28.97% result of the MSCI U.S. IMI Energy

More information

Strategic Advisers Growth Fund

Strategic Advisers Growth Fund Strategic Advisers Growth Fund Key Takeaways For the semiannual reporting period ending November 30, 2017, the Fund gained 12.40%, modestly trailing the 13.05% return of the benchmark Russell 1000 Growth

More information

Fidelity Select Environment and Alternative Energy Portfolio

Fidelity Select Environment and Alternative Energy Portfolio Fidelity Select Environment and Alternative Energy Key Takeaways The fund gained 5.84% for the semiannual reporting period ending August 31, 2017, lagging the 9.90% return of the FTSE Environmental Opportunities

More information

Fidelity Value Fund. Investment Approach QUARTERLY FUND REVIEW AS OF JUNE 30, 2018 PERFORMANCE SUMMARY FUND INFORMATION

Fidelity Value Fund. Investment Approach QUARTERLY FUND REVIEW AS OF JUNE 30, 2018 PERFORMANCE SUMMARY FUND INFORMATION QUARTERLY FUND REVIEW AS OF JUNE 30, 2018 Fidelity Value Fund Investment Approach Fidelity Value Fund is a core mid-cap value U.S. equity strategy diversified across sectors. The fund is managed by a lead

More information

Fidelity Dividend Growth Fund

Fidelity Dividend Growth Fund Fidelity Dividend Growth Fund Key Takeaways The fund's Retail Class shares gained 13.06% for the fiscal year ending July 31, 2017, lagging the 16.04% result of the benchmark S&P 500 index. Investors' increasing

More information

Fidelity Small Cap Stock Fund

Fidelity Small Cap Stock Fund Fidelity Small Cap Stock Fund Key Takeaways For the semiannual period ending October 31, 2017, the fund gained 6.64% trailing the 8.01% advance of the benchmark Russell 2000 Index. Investors favored an

More information

Strategic Advisers Income Opportunities Fund

Strategic Advisers Income Opportunities Fund Strategic Advisers Income Opportunities Fund Key Takeaways For the fiscal year ending February 28, 2018, the Fund gained 4.66%, outpacing the 4.12% return of the Fund's benchmark, the ICE BofAML US High

More information

Fidelity Select Chemicals Portfolio

Fidelity Select Chemicals Portfolio Fidelity Select Chemicals Key Takeaways For the semiannual reporting period ending August 31, 2017, the fund rose 6.96%, just ahead of the 6.49% return of the MSCI U.S. IMI Chemicals 25/50 Index. Chemicals

More information

Fidelity International Small Cap Opportunities Fund

Fidelity International Small Cap Opportunities Fund QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 Fidelity International Small Cap Opportunities Fund Investment Approach Fidelity International Small Cap Opportunities Fund is a diversified international

More information

Fidelity Select Multimedia Portfolio

Fidelity Select Multimedia Portfolio Fidelity Select Multimedia Key Takeaways For the semiannual reporting period ending August 31, 2017, the fund gained 4.29%, well ahead of the -0.82% result of the MSCI U.S. IMI Media 25/50 Index but behind

More information

Fidelity Select Insurance Portfolio

Fidelity Select Insurance Portfolio Fidelity Select Key Takeaways The fund gained 3.57% for the semiannual reporting period ending August 31, 2017, roughly in line with the 3.49% return of the MSCI U.S. IMI 25/50 Index but behind the 5.65%

More information

Fidelity Capital Appreciation Fund

Fidelity Capital Appreciation Fund QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 Fidelity Capital Appreciation Fund Investment Approach Fidelity Capital Appreciation Fund is a diversified domestic equity strategy focused on capital appreciation.

More information

Fidelity Select Materials Portfolio

Fidelity Select Materials Portfolio Fidelity Select Materials Key Takeaways For the fiscal year ending February 28, 2018, the fund's Retail Class shares gained 14.96%, modestly ahead of the 14.70% return of the MSCI U.S. IMI Materials 25/50

More information

Fidelity VIP Consumer Discretionary Portfolio

Fidelity VIP Consumer Discretionary Portfolio Fidelity VIP Consumer Discretionary Portfolio Key Takeaways For the semiannual reporting period ending June 30, 2018, the fund's share classes gained about 10%, roughly in line with the 10.09% result of

More information

Fidelity Stock Selector Mid Cap Fund

Fidelity Stock Selector Mid Cap Fund Fidelity Stock Selector Mid Cap Fund Key Takeaways For the semiannual reporting period ending May 31, 2018, the fund's Retail Class shares gained 5.45%, outpacing the 3.28% advance of the benchmark S&P

More information

Fidelity Select Biotechnology Portfolio

Fidelity Select Biotechnology Portfolio Fidelity Select Biotechnology Key Takeaways For the semiannual reporting period ending August 31, 2017, the fund gained 12.33%, lagging the 16.45% return of the MSCI U.S. IMI Biotechnology 25/50 Index,

More information

Fidelity Select Transportation Portfolio

Fidelity Select Transportation Portfolio Fidelity Select Transportation Key Takeaways For the semiannual reporting period ending August 31, 2017, the fund advanced 2.33%, topping the 1.39% gain of the MSCI U.S. IMI Transportation 25/50 Index

More information