Fidelity Select Materials Portfolio
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- Dana Shields
- 5 years ago
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1 QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2018 Fidelity Select Materials Portfolio Investment Approach Fidelity Select Materials Portfolio is a sector-based equity-focused strategy that seeks to outperform its benchmark through active management. We conduct in-depth fundamental research, supported by Fidelity's deep and experienced global cyclicals team, to develop a differentiated view from consensus on product- and endmarket trends. We follow a contrarian investment approach and focus on companies in which we anticipate a positive change in business fundamentals before it is recognized and properly valued in the company's stock price. We also look for reasonably valued stocks of firms with improving returns on capital, healthy freecash-flow yields, the potential for price-earnings multiple expansion, or defensive-growth characteristics. Sector strategies could be used by investors as alternatives to individual stocks for either tacticalor strategic-allocation purposes. PERFORMANCE SUMMARY Cumulative 3 Month YTD 1 Year Annualized 3 Year 5 Year 10 Year/ LOF 1 Select Materials Portfolio Gross Expense Ratio: 0.79% % -8.55% -2.20% 11.41% 5.06% 9.76% S&P 500 Index 7.71% 10.56% 17.91% 17.31% 13.95% 11.97% MSCI US IMI Materials 25/50 Linked Index 0.15% -2.75% 3.76% 16.64% 9.01% 9.17% Morningstar Fund Natural Resources -0.32% -1.12% 6.07% 13.53% 1.55% 3.97% % Rank in Morningstar Category (1% = Best) % 57% 30% 10% # of Funds in Morningstar Category Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 09/29/ This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the most recent 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. For definitions and other important information, please see the Definitions and Important Information section of this Fund Review. FUND INFORMATION Manager(s): Rick Malnight Trading Symbol: FSDPX Start Date: September 29, 1986 Size (in millions): $1, Morningstar Category: Fund Natural Resources Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. The materials industries can be significantly affected by the level and volatility of commodity prices, the exchange value of the dollar, import and export controls, worldwide competition, liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. The fund may have additional volatility because of its narrow concentration in a specific industry. Nondiversified funds that focus on a relatively small number of stocks tend to be more volatile than diversified funds and the market as a whole. Not FDIC Insured May Lose Value No Bank Guarantee
2 Market Review For the three months ending September 30, 2018, the materials sector, as measured by the MSCI U.S. IMI Materials 25/50 Index, returned 0.15%, trailing the 7.71% gain of the broadly based S&P 500 index. Weak commodity prices except in the energy markets held back materials stocks during the quarter, as did ongoing concerns about international trade tensions. Despite the best quarterly advance for the S&P 500 since the fourth quarter of 2013, materials finished last among that benchmark's 11 sectors. Looking at groups within the MSCI index, silver (-24%), copper (-19%) and gold (-19%) performed weakest, although each was a relatively small component of the index. Among segments with larger index weightings, commodity chemicals (-7%) weighed on the index, as did diversified chemicals (-3%). Conversely, specialty chemicals (+8%), a relatively defensive group and the largest weighting in the MSCI index, performed fairly strongly this quarter. Other industries that performed comparatively well included metal & glass containers (+14%) and fertilizers & agricultural chemicals (+9%). According to financial data provider FactSet Research Systems, as of early October, the materials sector was projected to record the third-highest year-over-year earnings growth in the third quarter among the 11 S&P 500 sectors, at 26.8%. Only energy (+94.9%) and financials (+33.8%) were forecast to record higher profit growth. All four industries in the materials sector were expected to report double-digit growth in the third quarter: metals & mining (+52%), construction materials (+38%), containers & packaging (+31%), and chemicals (+20%). However, FactSet reported that 15 of the 24 companies in the materials sector that it tracks suffered a decrease in their mean analyst earnings estimates during the third quarter. LARGEST CONTRIBUTORS VS. BENCHMARK Vulcan Materials Co. Univar, Inc. Braskem SA (PN-A) Platform Specialty Products Corp. Construction Materials Trading Companies & Distributors Average Contribution (basis points)* -1.77% % % 19 Specialty 3.04% 17 International Paper Co. Paper Packaging -2.36% 11 * 1 basis point = 0.01%. Performance Review For the third quarter, the fund's Retail Class shares returned -4.25%, considerably behind the MSCI U.S. IMI Materials 25/50 Index and the S&P 500. Versus the MSCI sector index, stock selection and industry weightings each detracted. The biggest underperformance came from positioning in commodity chemicals, while specialty chemicals and diversified chemicals also hurt. At the stock level, an overweighting in Westlake Chemical was one of the larger detractors. Shares of Westlake returned roughly -23% for the period. Our position in Westlake is based on one of the key themes in the portfolio: the structural change in the global market for polyvinyl chloride (PVC) and caustic soda resulting from China's commitment to more-strict environmental enforcement. Recently, weakness in highly volatile Asian spot caustic-soda prices spooked investors who were worried that the cycle had peaked, which negatively impacted shares of Westlake. Tronox (-39%) and Chemours (-11%) were two other overweighted chemicals positions that detracted. These two stocks embodied another theme in the portfolio: the structural change in the global titanium dioxide (TiO2) industry and Chemours' emergence as a disciplined market leader that is seeking to reduce future TiO2 price volatility. Here, too, short-term market dynamics outweighed what we considered favorable longer-term prospects for these two companies. Another factor dampening performance versus the MSCI index was our underexposure to defensive, less economically sensitive chemicals stocks, such as Ecolab, a name in the sector benchmark that has a service-based business model providing cleaning supplies to the food service industry and water treatment services to industrial customers. Shares of Ecolab appreciated 12% this quarter and not having exposure to the stock detracted from relative results. Conversely, non-index exposure to trading companies and distributors aided relative performance. Additionally, the fund's foreign holdings contributed overall, despite the headwind of a stronger U.S. dollar. Among individual holdings, an out-ofbenchmark stake in chemicals distributor Univar, up 17%, worked in our favor. The stock rose on news of the company's plans to buy global chemicals and plastics distributor Nexeo Solutions. LARGEST DETRACTORS VS. BENCHMARK Westlake Chemical Corp. Tronox Ltd. Class A The Chemours Co. LLC Diversified Average Contribution (basis points)* 3.16% % % -59 Ecolab, Inc. Specialty -4.41% -50 Ball Corp. * 1 basis point = 0.01%. Metal & Glass Containers -1.54% For definitions and other important information, please see Definitions and Important Information section of this Fund Review.
3 Outlook and Positioning As of September 30, we remain convinced that our emphasis on offense rather than defense is the right call, while realizing that materials remains a volatile sector that tends to reflect larger macroeconomic concerns about the U.S. and other global economies. This quarter, broader worries about global trade continued to impact the sector. However, we believe that many of our largest holdings were overly punished, and the market overlooked their strong fundamentals. Our positioning remains driven by an emphasis on key themes where we believe our expertise gives us insights the market has missed or underappreciated. Currently, our highest-conviction positions are centered on four ideas. Three of those are commodities where we like the supply/demand situation: TiO2, a pigment; caustic soda, an ingredient in PVC; and ethylene. Although the consensus forecast has been that a wave of new U.S. ethylene capacity could lead to global oversupply, as of September 30, we maintain a contrarian view, believing the supply/demand balance could remain tight due to strong growth in global demand and delays in the start of new capacity. We believe several U.S. ethylene producers, including LyondellBassell, the fund's second-largest holding at quarter end, enjoy a shale-driven cost advantage due to the natural gas-based feedstocks they use, relative to the marginal global ethylene producers that rely on oil-based feedstocks. Caustic soda is part of the chlorovinyls market, which as of September 30, continues to benefit from curtailed supply due to China's environmental crackdown. Westlake Chemical and Olin, two notably overweighted positions at period end, are the fund's two primary plays on this theme. The fund also remains overweighted at period end in Chemours and Tronox, which are plays on TiO2 production. Historically, this product has been subject to considerable booms and busts, but we see Chemours as the cost leader in this market. The company appears intent on stabilizing pricing at a level where only it can profitably add new capacity. We continue to monitor the situation as it develops, but as of September 30, we like the company's prospects. We believe Tronox could benefit from more-stable pricing, as well as from its vertical integration to titanium ore, a TiO2 raw material. Additionally, the company plans to merge with the second-largest global producer of TiO2, which might yield notable cost synergies. Our fourth and final key positioning idea is DowDuPont (-2%), the result of the August 2017 merger of Dow Chemical and DuPont. Although DowDuPont was a relative detractor this quarter, we believe the combined company can benefit from possible cost reductions as management integrates assets. In addition, we believe DowDuPont might spin off various businesses into separate companies in agriculture, material science and specialty products, and we think most investors continue to underestimate the potential value that could be created due to these moves. 10 LARGEST HOLDINGS DowDuPont, Inc. LyondellBasell Industries NV Class A The Chemours Co. LLC Linde AG Sherwin-Williams Co. Air Products &, Inc. Platform Specialty Products Corp. Westlake Chemical Corp. Martin Marietta Materials, Inc. Olin Corp. 10 Largest s as a % of Net Assets Total Number of s 46 Diversified Diversified Industrial Gases Specialty Industrial Gases Specialty Construction Materials 64.84% 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. s do not include money market investments. ASSET ALLOCATION Asset Class Portfolio Index Change From Prior Quarter Domestic Equities 89.65% % % -1.66% International Equities 9.66% 0.00% 9.66% 1.23% Developed Markets 7.37% 0.00% 7.37% 1.69% Emerging Markets 2.29% 0.00% 2.29% -0.46% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00% Bonds 0.00% 0.00% 0.00% 0.00% Cash & Net Other Assets 0.69% 0.00% 0.69% 0.43% 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. 3 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.
4 LARGEST OVERWEIGHTS BY MARKET SEGMENT Portfolio Index Change From Prior Quarter 18.67% 6.69% 11.97% -0.93% Diversified 32.01% 20.54% 11.48% -0.20% Trading Companies & Distributors 1.80% % 0.42% Oil & Gas Refining & Marketing 0.14% % 0.14% Gold 2.53% 2.53% 0.00% 0.02% LARGEST UNDERWEIGHTS BY MARKET SEGMENT Portfolio Index Change From Prior Quarter Specialty 14.46% 25.05% % 2.52% Paper Packaging 3.92% 8.61% -4.69% -2.45% Steel 3.78% 7.24% -3.46% -0.44% Metal & Glass Containers 2.60% 4.83% -2.23% 0.40% Paper Products % -1.50% -0.09% LARGEST OVERWEIGHTS BY HOLDING DowDuPont, Inc. Diversified 6.82% Linde AG Industrial Gases 5.33% The Chemours Co. LLC Diversified 5.28% Platform Specialty Products Corp. Specialty 3.35% Westlake Chemical Corp. 3.14% LARGEST UNDERWEIGHTS BY HOLDING Praxair, Inc. Industrial Gases -5.40% Ecolab, Inc. Specialty -4.76% PPG Industries, Inc. Specialty -3.18% Nucor Corp. Steel -2.36% International Paper Co. Paper Packaging -2.26% 3-YEAR RISK/RETURN STATISTICS Portfolio Index Beta Standard Deviation 14.97% 14.63% Sharpe Ratio Tracking Error 4.40% -- Information Ratio R-Squared For definitions and other important information, please see Definitions and Important Information section of this Fund Review.
5 Definitions and Important Information 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. IMPORTANT FUND INFORMATION positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. portfolio but impose different expense structures. RELATIVE WEIGHTS 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. As of September 28, 2018, S&P and MSCI made changes to the Global Industry Classification Standard (GICS) classification framework. The Telecommunication Services sector was broadened and renamed Communication Services to include additional companies previously classified in the Information Technology and Consumer Discretionary sectors, and the Internet Software & Services industry/sub-industry was eliminated. INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. MSCI US IMI Materials 25/50 Index is a modified marketcapitalization-weighted index of stocks designed to measure the performance of Materials 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. 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. RANKING INFORMATION 2018 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. % Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The topperforming fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common 5
6 3-YEAR RISK/RETURN STATISTICS Beta is a measure of the volatility of a fund relative to its benchmark index. A beta greater (less) than 1 is more (less) volatile than the index. Information Ratio measures a fund's active return (fund's average monthly return minus the benchmark's average monthly return) in relation to the volatility of its active returns. R-Squared measures how a fund's performance correlates with a benchmark index's performance and shows what portion of it can be explained by the performance of the overall market/index. R- Squared ranges from 0, meaning no correlation, to 1, meaning perfect correlation. An R-Squared value of less than 0.5 indicates that annualized alpha and beta are not reliable performance statistics. Standard Deviation is a statistical measurement of the dispersion of a fund's return over a specified time period. Fidelity calculates standard deviations by comparing a fund's monthly returns to its average monthly return over a 36-month period, and then annualizes the number. Investors may examine historical standard deviation in conjunction with historical returns to decide whether a fund's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how the fund actually performed, but merely indicates the volatility of its returns over time. Tracking Error is the divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark, creating an unexpected profit or loss. Sharpe Ratio is a measure of historical risk-adjusted performance. It is calculated by dividing the fund's excess returns (the fund's average annual return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bill rate. Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. 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. 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.
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