Strategic Advisers Small-Mid Cap Fund
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- Shanna Harrison
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1 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) benchmark, the Russell 2500 TM Index. During a period in which growth stocks and strategies substantially outperformed their value-oriented counterparts, underlying managers with a growth emphasis fueled the Fund's benchmark-relative performance. Sub-advisers ArrowMark Partners formerly known as Arrowpoint Asset Management and Invesco Advisers were the top relative contributors. Both managers' growth-driven investment styles were in favor this period, and both were wellpositioned in leading market sectors. Sub-advisers Systematic Financial Management and LSV Asset Management detracted, as their value-driven strategies lagged the Fund's more core-oriented benchmark. While Portfolio Manager Barry Golden is optimistic about the investment backdrop, he is also cautious, given that stock valuations appear stretched by historical standards. MARKET RECAP The U.S. equity bellwether S&P 500 index returned 5.65% for the six months ending August 31, Following a strong start to 2017, equity markets leveled off in March amid fading optimism for President Trump's pro-business agenda and stalled efforts by Congress to repeal and replace the Affordable Care Act (ACA). Upward momentum soon returned and continued until the index cooled off in August, when geopolitical tension escalated and uncertainty grew regarding the future of health care, tax reform and the debt ceiling. In a stark reversal from 2016, growth-oriented stocks handily topped their value counterparts. Among sectors, information technology (+15%) was a standout, surging as a handful of major index constituents posted strong returns. Health care (+9%) also topped the broader market, climbing from April to period end following renewed efforts to reconsider the ACA. Conversely, financials (+1%) lagged because sentiment regarding the potential for reduced regulation and lower taxes faded as the White House turned its attention to other initiatives. Rising interest rates held back real estate (+4%). Investors' general preference for risk assets, coupled with increased competition, hampered consumer staples (+1%) and telecommunication services (-5%). Lastly, lower oil prices sent energy (-10%) to the bottom of the sector performance rankings. Shares are offered only to certain clients of Strategic Advisers, Inc. not available for sale to the general public Not FDIC Insured May Lose Value No Bank Guarantee
2 Q&A An interview with Portfolio Manager Barry Golden Fund Facts Trading Symbol: Barry Golden Portfolio Manager FSCFX Start Date: June 23, 2005 Size (in millions): $7, Investment Approach Strategic Advisers Small-Mid Cap Fund (the Fund) is a multi-manager investment strategy that seeks capital appreciation by investing primarily in stocks of small- and mid-cap companies, as defined by the Russell 2500 Index. The Fund provides diversified exposure to multiple investment vehicles including sub-advised strategies, mutual funds and, at times, exchange-traded funds (ETFs) selected from what we believe are the best ideas of Strategic Advisers' research department. We evaluate the tradeoff between cost, liquidity and investment flexibility to determine the optimal investment mix. Our investment process emphasizes prudent manager selection based on the view that different investment approaches may outperform at different times over a full market cycle, and that combining these investment disciplines may result in a more consistent performance profile. We believe the ability to utilize the distinctive skills of a variety of managers helps provide investment diversification and also may provide the portfolio manager(s) more flexibility to invest more adeptly throughout the market cycle, and potentially allow for better risk management. Q: Barry, how did the Fund perform for the six months ending August 31, 2017 The Fund gained 3.48%, outpacing the 2.26% return of the benchmark Russell 2500 TM Index but lagging our peer group average. During a period in which growth stocks and strategies substantially outperformed their value-oriented counterparts, underlying managers with a growth emphasis fueled the Fund's benchmark-relative result. I think it's worth mentioning that the Fund is grouped within the Morningstar Small Growth Category. Consequently, during periods when growth-driven strategies outperform, the Fund's more core-oriented positioning tends to lag the peer average. Looking back a full 12 months, the Fund once again topped the benchmark and trailed the peer group average. Q: What was the investment environment like during the review period For the six months, growth stocks within the Russell 2500 Index advanced 6.50%, whereas value stocks declined, returning -1.43%. So, underlying managers pursuing growth-driven strategies benefited from a substantial market tailwind. At the sector level, health care, information technology and utilities were the best-performing groups. Energy was the biggest laggard by far, declining by about 26% due to ongoing uncertainty about supply and demand dynamics in the oil market. From a style/factor perspective, aggressive growth delivered the best results, followed by momentum. On the downside, deep value sharply lagged, weighed down by exposure to energy. Dividend yield also performed poorly, hampered to a great extent by the underperformance of REITs (real estate investment trusts). Q: How did this backdrop influence your investment process I kept my investment process consistent, reflecting my view that the most effective way to add value is by investing with a group of managers that have proven and differentiated 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
3 investment approaches. I also believe there are many ways to achieve investment success, and that prudently diversifying across investment styles and disciplines may lead to more-consistent relative results. Consequently, my team and I conduct fundamental research to identify and select what we believe to be the best managers across a range of investment styles. In constructing the portfolio, I establish strategic allocations and ranges for each investment style, as well as weights for each individual manager, and I will incrementally shift among styles as the economic cycle changes. Q: Which managers aided performance versus the benchmark A common theme among the Fund's leading contributors was that they either pursued a growth-oriented strategy consistent with their normal investment style, or they incorporated a meaningful growth emphasis into their investment process this period. Sub-adviser ArrowMark Partners formerly known as Arrowpoint Asset Management was the top relative contributor. ArrowMark follows a quality-focused growth strategy with a contrarian bias. It benefited from overweighting health care, along with strong security selection in that sector, particularly in pharmaceuticals and biotechnology. Additionally, ArrowMark was helped by favorable overall positioning in technology and energy. Sub-adviser Invesco Advisers also added significant value. Invesco pursues a relatively conservative GARP (growth at a reasonable price) strategy that seeks to invest in what it considers to be high-quality companies that have sustainable growth potential. This period, Invesco outperformed due to adroit positioning and selection within technology and health care, along with positive stock picks in industrials. Sub-adviser Portolan Capital Management outpaced the Russell 2500 Index by the largest margin of any underlying manager, fueled partly by a large overweighting in technology, along with picks in that sector, primarily in software & services. Portolan employs an opportunistic, goanywhere strategy that was quite growth-tilted this period. Sub-adviser Fisher Investments rounded out the group of leading contributors. It, too, had a beneficial growth tilt the past six months, although this manager's style is more of an all-weather value approach. Fisher did its best work in the health care and energy sectors, and it also benefited from selections in automobiles and consumer durables within the consumer discretionary group. Q: How about detractors The primary relative detractors were two value-oriented sub-advisers: Systematic Financial Management and LSV Asset Management. Both managers faced a considerable headwind this period, as value strategies were out of favor. Of the two, Systematic detracted more, due to an overweighting in the energy sector, combined with poor overall positioning in financials and health care. LSV's performance was in line with my expectations, given that it pursues a quantitatively driven deep-value strategy. This manager was hurt by lighter-than-benchmark exposure to technology, along with weak stock selection in that sector, and adverse positioning in health care. Elsewhere, sub-adviser JPMorgan Investment Management slightly dampened the Fund's relative performance due to subpar picks in consumer discretionary and financials. Q: Did you make any notable changes to the Fund this period Yes. In March, we reallocated assets away from sub-adviser Advisory Research and in June we did the same with subadviser Kennedy Capital Management. These changes were motivated by a desire to focus on managers in which we have greater conviction. Most of the assets previously managed by Advisory were shifted to LSV, while the assets that had been managed by Kennedy were allocated across various underlying managers. Q: What is your outlook as of period end Growth rebounded this spring, repeating a pattern we've seen over the past two years: weak growth in the winter followed by stronger growth in the spring and summer. Outside the United States, growth appears to be picking up, particularly in the eurozone. Second-quarter growth in the 20-nation currency bloc came in at a 2.6% annual rate, and is growing at a faster pace than the European Central Bank (ECB) had expected at the beginning of the year. Global inflation remains benign, running below targets set by both the U.S. Federal Reserve and the ECB. Against this macro backdrop, I'm cautiously optimistic. Valuations for small- and SMID-cap stocks appear stretched based on history. As a result, I'm looking for opportunities to incrementally increase our allocations to quality-focused managers, as well as other styles that historically have performed well later in the cycle. I plan to continue de-emphasizing dividend-focused strategies, given the elevated valuations of many of these stocks and fundamentals that, to me, have become decidedly less appealing. 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
4 ASSET ALLOCATION Barry Golden on the advantages of sub-advisers: "As of period end, roughly 90% of the Fund's assets were being managed by sub-advisers, with the balance in mutual funds. Over time, I have concentrated the portfolio among fewer managers and in so doing have favored sub-advisers. "We think sub-advisers provide the Fund and our shareholders with a variety of advantages. First off, working with sub-advisers enables us to negotiate management fees, which may result in lower costs versus mutual funds. Sub-advisers also allow us to have greater insight into the manager's investment process, as well as closer overall working relationships. "Allocating assets to sub-advisers gives the Fund access to institutional managers that may not be available in a mutual fund format. "Lastly, emphasizing sub-advisers provides us with more autonomy, due to the fact that we own the underlying securities. "For these reasons, I expect that sub-advisers will continue to play a dominant role in the Fund. "Over the past 18 months, I increased the Fund's exposure to sub-advisers managing SMID-cap mandates in order to align the portfolio more closely with the benchmark. This activity helped bring the Fund's market cap more in line with that of the Russell 2500 Index." Asset Class Portfolio Weight Portfolio Weight Six Months Ago Equity Investments 97.92% 97.72% Equities 87.18% 86.98% Mutual Funds 10.74% 10.74% ETFs 0.00% 0.00% Bonds 0.00% 0.00% Cash & Net Other Assets 2.08% 2.28% 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. MANAGER ALLOCATION Manager Portfolio Weight Sub-Adviser Total 84.77% JP MORGAN INV MGMT 12.30% LSV ASSET MANAGEMENT 10.83% ARROWMARK PARTNERS 9.83% SYSTEMATIC FINANCIAL MGMT LP 9.65% INVESCO ADVISERS INC 8.83% BOSTON CO ASSET MANAGEMENT LLC 8.50% FISHER INVESTMENTS 6.79% PORTOLAN CAPITAL MANAGEMENT 5.47% ALLIANCEBERNSTEIN LP 4.27% VICTORY CAPITAL MANAGEMENT INC 4.22% NEUBERGER BERMAN INVST ADVS 4.08% Top Mutual Fund Positions 17.88% Fid Securit Lend Csh Centralfd 7.14% Fidelity Small Cap Value Fund 5.38% Sai Small-Mid Cap 500 Ind 3.90% Fid Sai Re Indx Fnd 1.37% Vulcan Value Partners Small Ca 0.09% Remaining Investments -2.65% Manager allocations are as of the end of the reporting period and may not be representative of the fund's current or future investments. Excludes money market investments. 4 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
5 FISCAL PERFORMANCE SUMMARY: Periods ending August 31, Month Cumulative YTD 1 3 Annualized 5 10 / LOF 1 Strategic Advisers Small-Mid Cap Fund Gross Expense Ratio: 1.02% % 7.66% 14.82% 6.64% 12.15% 6.96% Russell 2500 Index 2.26% 6.18% 13.22% 7.08% 13.44% 7.96% Strategic Advisers Small-Mid Cap Linked Index 2.26% 6.18% 13.22% 7.08% 13.44% 7.83% Morningstar Fund Small Growth 6.01% 10.43% 15.98% 7.66% 12.55% 7.42% % Rank in Morningstar Category (1% = Best) % 68% 58% 64% # of Funds in Morningstar Category Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 06/23/ 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. 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. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendar-quarter performance. 5 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
6 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. FUND RISKS Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. These risks may be magnified in foreign markets. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. The securities of smaller, less wellknown companies can be more volatile than those of larger companies. The fund can invest in ETFs which may trade at a discount to their NAV. Fund of funds bear the risks of the investment strategies of their underlying funds. IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. Russell 2500 Index is a market-capitalization-weighted index designed to measure the performance of the small to mid-cap segment of the U.S. equity market. It includes approximately 2,500 of the smallest securities in the Russell 3000 Index. Strategic Advisers Small-Mid Cap Linked Index represents the performance of the Russell 2500 Index since May 1, 2010, and the Russell 2000 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. 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. 6
7 Manager Facts Barry Golden is a portfolio manager at Strategic Advisers, Inc. (SAI), a registered investment adviser and a Fidelity Investments company. 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. Golden manages Strategic Advisers Small-Mid Cap Fund and Strategic Advisers Small-Mid Cap Multi-Manager Fund (both since 2013). Prior to assuming his current position in May 2013, Mr. Golden worked as the alternative investments research team leader in SAI from 2012 to Previously, Mr. Golden was the U.S. growth research team leader from 2009 to 2011, during which he also co-managed Strategic Advisers Growth Fund from 2010 to Prior to that, Mr. Golden was an associate director of investments on the Fidelity Charitable Gift Fund from 2008 to 2009, research analyst from 2005 to 2008, and a data analyst at Fidelity Management & Research Company (FMRCo) from 2003 to He has been in the investments industry since joining Fidelity in Mr. Golden earned his bachelor of science degree in business information systems from University College Cork in Ireland, where he graduated with first class honors, and his master of science degree in finance (international investments) from Brandeis University's International Business School. He is a Chartered Financial Analyst (CFA) charterholder and a Chartered Alternative Investment Analyst (CAIA). 7 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
8 PERFORMANCE SUMMARY: Quarter ending September 30, Annualized 5 10 / LOF 1 Strategic Advisers Small-Mid Cap Fund Gross Expense Ratio: 1.02% % 9.96% 12.61% 7.14% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 06/23/ 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. 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. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Before investing in any mutual fund, please carefully consider 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. Diversification does not ensure a profit or guarantee against a loss. 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
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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
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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
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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
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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
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QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 Fidelity Select Financial Services Investment Approach Fidelity Select Financial Services is a sector-based, equity-focused strategy that seeks to outperform
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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
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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%
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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
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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
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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
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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
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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
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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
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Fidelity Small Cap Growth Fund Key Takeaways For the semiannual reporting period ending January 31, 2018, the fund's Retail Class shares rose 17.86%, well outpacing the 14.44% return of the benchmark Russell
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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
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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
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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
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