Fidelity VIP Contrafund Portfolio
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- Bonnie Farmer
- 6 years ago
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1 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 segment of the market. The fund is managed by a team of portfolio managers, with each member dedicated to one or more of the major market sectors, plus a group leader who is responsible for general team oversight, cash management and risk monitoring. Portfolio sector weightings are kept similar to those of the index in an effort to add value through active stock selection our core competency and also to minimize the risks associated with sector or market timing. Focused sector expertise, supported by our deep research infrastructure, is combined with disciplined portfolio construction to provide investment-process consistency in seeking to deliver attractive risk-adjusted returns over time. Our sector-based structure preserves individual creativity and accountability, core to Fidelity's investment culture. PERFORMANCE SUMMARY Cumulative 3 Month YTD 1 Year Annualized 3 Year 5 Year 10 Year/ LOF 1 VIP Contrafund Portfolio - Initial Class Gross Expense Ratio: 0.63% % 16.37% 18.96% 9.53% 13.19% 6.88% S&P 500 Index 4.48% 14.24% 18.61% 10.81% 14.22% 7.44% Morningstar Insurance Large Growth 5.54% 22.16% 21.18% 11.56% 14.85% 8.08% % Rank in Morningstar Category (1% = Best) % 67% 62% 66% # of Funds in Morningstar Category ,398 1,259 1, Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 01/03/ This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the most recent fiscal year. 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 Initial Class shares. 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, advisor.fidelity.com, or contact Fidelity. 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 section of this Fund Review. FUND INFORMATION Manager(s): Team Managed Start Date: January 03, 1995 Size (in millions): $19, Morningstar Category: Insurance Large Growth 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. This portfolio is available for investment only by the separate accounts of insurance companies. Annuities are long term investments. Access to this VIP portfolio may be limited by tax penalties and surrender charges, and income taxes are due upon withdrawal of funds. Taxable amounts withdrawn form variable insurance contracts prior to age 59 1/2 may be subject to a 10% IRS penalty tax as well as income tax. For use with broker-dealer registered representatives only. This material does not discuss charges at the separate account level such as policy charges and related insurance fees, and is not appropriate for distribution to the public as sales material. Not FDIC Insured May Lose Value No Bank Guarantee
2 Performance Review For the third quarter, the fund's Initial Class shares gained 4.33%, modestly trailing the 4.48% return of the benchmark S&P 500 index. Versus the benchmark, stock selection in the consumer discretionary sector had the biggest negative impact on fund performance, whereas picks in information technology helped most. The largest individual relative detractor was a non-benchmark stake in U.K.-based British American Tobacco. This position returned about -8% the past three months, suffering along with others in its industry in July after the U.S. Food and Drug Administration announced plans to lower nicotine levels in tobacco products. The news appeared to eclipse largely upbeat first-half 2017 financial results, announced in late July. In consumer discretionary, untimely ownership of Newell Brands worked against the fund, as our holdings in shares of the food and home products company returned roughly -16% since we established the position in August. Hurricane Harvey resulted in a number of supply-chain disruptions, and the firm lowered fiscal 2018 guidance. The revision prompted a number of analysts to downgrade the stock, further hampering its price. It hurt to largely avoid aircraft manufacturer and index stock Boeing, which gained about 29% the past three months. The shares were driven by the Trump administration's promise to boost military spending, along with strong financial results and the firm's recent cost-cutting efforts. The stock of Allergan returned about -15% for the quarter, penalizing the fund's overweighting here. The maker of Botox wrinkle treatment and dry-eye drug Restasis continued to report minimal revenue growth not tied to acquisitions. The Irish firm posted mixed clinical data for a potential treatment for nonalcoholic steatohepatitis (NASH), a liver condition. LARGEST CONTRIBUTORS VS. BENCHMARK Autodesk, Inc. Charter Communications, Inc. Class A 58.com, Inc. ADR Siltronic AG Technology Discretionary Technology Technology Average Contribution (basis points)* 2.64% % % % 11 HD Supply s, Inc. Industrials 0.69% 10 * 1 basis point = 0.01%. On the positive side, our beneficial stock selection within tech was largely driven by the fund's holdings in the software & services industry. Here, the fund's top individual contributor in relative terms was Autodesk, a maker of design software for engineering and architectural firms. The company has been transitioning its business to a subscription model, and it reported another solid quarter in August, with strong growth in new-model subscriptions, new-model annualized recurring revenue and deferred revenue. Autodesk was the fund's largest holding at the end of September. An out-of-benchmark stake in China-based online advertising provider 58.com also proved rewarding this quarter. The company, which has been on an acquisition tear of late, has been one beneficiary of the rapid expansion in China's middle class. The stock saw a healthy rise in August, after the firm reported solid second-quarter earnings. In health care, not owning shares of Johnson & Johnson was additive. This index stock returned -1% the past three months. Given the company's solid balance sheet, earnings consistency and near-linear dividend progression over the long term, the stock's lackluster performance this quarter may be attributable to investors' shifting preference for riskier assets. We also made a good call in underweighting shares of cigarette and e-cigarette maker Altria Group, which returned -14% for the quarter, suffering along with others in its industry in July after the U.S. Food and Drug Administration announced plans to lower nicotine levels in tobacco products. Disappointing second-quarter earnings also weighed on the stock. The stock of Citigroup, where we had an overweighting, was a standout among diversified banks, advancing roughly 9% for the three-month period, with the bulk of the rise in September. Presidential promises to roll back recession-era banking regulations supported bank stocks, as did an interest rate hike in mid-june. Investors rewarded the company's solid balance sheet and strong business fundamentals, as well as its performance on the Federal Reserve's stress test, which suggested to some that Citigroup is well-positioned to return capital to shareholders. Citigroup was among our largest holdings. LARGEST DETRACTORS VS. BENCHMARK British American Tobacco PLC sponsored ADR Newell Brands, Inc. L Brands, Inc. Average Contribution (basis points)* Staples 1.10% -15 Discretionary Discretionary 0.31% % -14 The Boeing Co. Industrials -0.60% -13 Allergan PLC Health Care 0.61% -13 * 1 basis point = 0.01%. 2 For definitions and other important information, please see Definitions and Important section of this Fund Review.
3 Outlook and Positioning Although overall equity valuations are higher than they've been for a while, we remain confident in the prospects for our holdings. Our best-case scenario sees the stock market rising more or less in line with earnings growth. We believe there is cause for cautious optimism, as second-quarter earnings for companies in the S&P 500 were strong in aggregate, expanding at roughly a 10% pace, according to late-september estimates. Although third-quarter earnings for S&P 500 companies could slow considerably, they are expected to rebound to double digits in the fourth quarter. We think the market likely will face continued political uncertainty both domestically and abroad. On the positive side, Chancellor Angela Merkel won re-election in Germany, and France has a pro-business president, Emmanuel Macron. However, Brexit the U.K.'s June 2016 decision to depart the European Union continues to be a wild card, as the negotiations there have not been going smoothly. And, as we saw this quarter, there appears to be no global consensus on how to deal with provocateurs such as North Korea's dictator. We remain confident in our investment process, in which shareholders are supported by a team of sector-focused comanagers charged with adding value through security selection, and a group leader who is responsible for general team oversight, asset allocation, cash management and risk monitoring. Against this backdrop, we continue to favor companies that appear poised to deliver improving fundamentals and whose stocks are trading at what we believe to be attractive valuations. MARKET-SEGMENT DIVERSIFICATION Portfolio Index Change From Prior Quarter Technology 20.99% 23.23% -2.24% -0.53% Financials 14.65% 14.61% 0.04% 0.02% Health Care 13.94% 14.51% -0.57% -0.25% Discretionary 13.31% 11.85% 1.46% 0.19% Industrials 9.97% 10.23% -0.26% 0.09% Staples 8.11% 8.23% -0.12% -0.25% Energy 6.15% 6.09% 0.06% 0.25% Utilities 3.01% 3.12% -0.11% -0.10% Materials 2.93% 2.98% -0.05% 0.01% Real Estate 2.90% 2.99% -0.09% -0.23% Telecommunication Services 2.02% 2.17% -0.15% -0.07% Multi Sector 0.45% % 0.17% Other 0.00% 0.00% 0.00% 0.00% In line with its essentially sector-neutral strategy, the fund ended the quarter with minor deviations in relative sector weightings. The largest sector overweighting at the end of September was consumer discretionary, which was about 1 percentage point higher than the allocation in the benchmark. The biggest underweighting was information technology, at 2 percentage points lower than the benchmark. The two largest equity overweightings on September 30 were Autodesk and Capital One Financial. Although Capital One modestly underperformed this quarter, we continue to believe it is well-positioned to benefit from one of the primary pillars underpinning the U.S. economy: consumer spending. British American Tobacco, mentioned earlier as a contributor, was the fund's largest out-of-benchmark position. Among the fund's largest individual underweightings at period end were Johnson & Johnson and Procter & Gamble, neither of which was held in the fund, and Microsoft, where we had notable underexposure. In each case, we thought the valuation was unattractive, given the firm's growth prospects. As of September 30, the fund's average price-to-earnings ratio remained higher than that of the benchmark, while the average expected earnings growth of our holdings was higher and, in our view, more sustainable than that of the S&P 500, on average. In plain language, we paid only a bit more for higher, more durable expected earnings growth, which we believe may result in strong relative performance over the long term. CHARACTERISTICS Valuation Portfolio Index Price/Earnings Trailing 25.2x 21.6x Price/Earnings (IBES 1-Year Forecast) 18.8x 18.0x Price/Book 3.0x 3.2x Price/Cash Flow 14.1x 14.3x Return on Equity (5-Year Trailing) 12.6% 14.6% Growth Sales/Share Growth 1-Year (Trailing) 7.3% 6.1% Earnings/Share Growth 1-Year (Trailing) 2.9% 7.3% Earnings/Share Growth 1-Year (IBES Forecast) 28.9% 22.4% Earnings/Share Growth 5-Year (Trailing) 13.0% 11.1% Size ed Average Market Cap ($ Billions) ed Median Market Cap ($ Billions) Median Market Cap ($ Billions) For definitions and other important information, please see Definitions and Important section of this Fund Review.
4 LARGEST OVERWEIGHTS BY HOLDING Autodesk, Inc. Technology 2.47% Capital One Financial Corp. Financials 1.34% British American Tobacco PLC Staples 1.15% sponsored ADR Citigroup, Inc. Financials 1.09% Amgen, Inc. Health Care 0.97% LARGEST UNDERWEIGHTS BY HOLDING Johnson & Johnson Health Care -1.62% Microsoft Corp. Technology -1.39% Apple, Inc. Technology -1.28% Berkshire Hathaway, Inc. Class A Financials -1.25% Procter & Gamble Co. Staples -1.08% 10 LARGEST HOLDINGS Autodesk, Inc. Apple, Inc. Alphabet, Inc. Class C Citigroup, Inc. Amazon.com, Inc. UnitedHealth Group, Inc. Facebook, Inc. Class A Amgen, Inc. Capital One Financial Corp. The Walt Disney Co. 10 Largest s as a % of Net Assets Technology Technology Technology Financials Discretionary Health Care Technology Health Care Financials Discretionary 19.43% Total Number of s 272 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 94.68% 99.11% -4.43% -0.60% International Equities 3.75% 0.89% 2.86% -0.12% Developed Markets 2.95% 0.67% 2.28% -0.30% Emerging Markets 0.80% 0.22% 0.58% 0.18% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00% Bonds 0.00% 0.00% 0.00% 0.00% Cash & Net Other Assets 1.57% 0.00% 1.57% 0.72% 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-YEAR RISK/RETURN STATISTICS Portfolio Index Beta Standard Deviation 10.60% 10.07% Sharpe Ratio Tracking Error 2.18% -- Ratio R-Squared For definitions and other important information, please see Definitions and Important section of this Fund Review.
5 Definitions and Important 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. CHARACTERISTICS 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. Effective 8/3/17, Chip Perrone was added as co-portfolio manager while Peter Dixon transitioned off the fund. VIP refers to Variable Insurance Products 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. 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 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. % 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 top-performing 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 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. 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. 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. 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. 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. Before investing, have your client consider the portfolio's investment objectives, risks, charges, and expenses. Contact Fidelity for a VIP prospectus or, if available, a summary prospectus containing this information. Have your client read it carefully. 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. Diversification does not ensure a profit or guarantee against a loss. 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
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