Fidelity Advisor Financial Services Fund
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PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
Fidelity Advisor® Financial
Services Fund
Key Takeaways MARKET RECAP
• For the fiscal year ending July 31, 2021, the fund's Class I shares The S&P 500® index gained 36.45% for
gained 62.31%, handily topping the 57.15% advance of the MSCI U.S. the 12 months ending July 31, 2021, as
IMI Financials 5% Capped Linked Index, and well ahead of the 36.45% U.S. equities continued a historic
rebound following a steep but brief
increase in the broad-based S&P 500® index.
decline due to the early-2020 outbreak
and spread of COVID-19. A confluence of
• In the first three months of the period, U.S. stocks were choppy, powerful forces propelled risk assets,
reflecting uncertainty about surging COVID-19 infection rates and returning the stock market to pre-
lawmakers' inability to agree on another economic stimulus package. pandemic highs by late August 2020. The
rally slowed in September, when stocks
• However, the market trended mainly upward from November through began a two-month retreat amid
July, aided by the emergency approval and subsequent rollout of Congress's inability to reach a deal on
three COVID-19 vaccines, investor expectations of accelerating global additional fiscal stimulus, as well as
economic growth, and considerable fiscal and monetary stimulus. uncertainty about the election. But as the
calendar turned, investors grew hopeful.
• For the 12 months overall, financials recorded, by far, the best The rollout of three COVID-19 vaccines
performance among the 11 market sectors within the S&P 500®. was underway, the U.S. Federal Reserve
pledged to hold interest rates near zero
until the economy recovered, and the
• Versus the MSCI sector index, favorable stock selection in the
federal government planned to deploy
consumer finance and regional banks industries notably contributed
trillions of dollars to boost consumers
to the fund's performance, as did a sizable underweighting in the and the economy. This backdrop fueled a
lagging financial exchanges & data group. sharp rotation, with small-cap value
usurping leadership from large growth.
• Conversely, a modest out-of-benchmark stake in the data processing As part of the "reopening" theme,
& outsourced services segment detracted the past 12 months, as did investors moved out of tech-driven
picks among investment banking & brokerage stocks and positioning mega-caps that had thrived due to the
in the reinsurance industry. work-from-home trend in favor of cheap
smaller companies that stood to benefit
• As of July 31, Portfolio Manager Matthew Reed continues to believe from a broad cyclical recovery. A flattish
that the economic recovery may experience fits and starts as the U.S. May reflected concerns about inflation
works to achieve herd immunity from COVID-19. However, he also and jobs, but the uptrend resumed
thinks that the government should ultimately be successful in its through July, driven by corporate
earnings. Notably, this leg saw
efforts to manage the disease and stimulate growth, which should
momentum shift back to large growth, as
benefit the financial services sector.
easing rates and a hawkish Fed stymied
the reflation trade. By sector, financials
(+55%) led, driven by banks (+63%),
whereas utilities (+12%) and consumer
staples (+18%) notably lagged.
Not FDIC Insured • May Lose Value • No Bank GuaranteePORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
Q&A
An interview with Portfolio Manager
Matthew Reed
Matthew Reed Q: Matt, how did the fund perform for the fiscal
Portfolio Manager year ending July 31, 2021
The fund's Class I shares gained 62.31%, handily topping the
Fund Facts 57.15% advance of the MSCI U.S. IMI Financials 5% Capped
Trading Symbol: FFSIX Linked Index, and well ahead of the 36.45% increase in the
broad-based S&P 500® index. The fund also outpaced its
Start Date: September 03, 1996 peer group average, which performed a little stronger than
the MSCI sector index.
Size (in millions): $466.98
Q: What was the investment backdrop for
financial services stocks the past year
In the first three months of the period, U.S. stocks were
Investment Approach choppy, reflecting uncertainty about surging COVID-19
• Fidelity Advisor® Financial Services Fund is a sector- infection rates and lawmakers' inability to agree on another
based, equity-focused strategy that seeks to outperform economic stimulus package.
its benchmark through active management.
However, the market trended mainly upward from
• The fund focuses on higher-quality companies, as November through July, aided by the emergency approval
measured by return on equity, which we believe can and subsequent rollout of three COVID-19 vaccines, investor
drive robust growth and create more-attractive risk- expectations of accelerating global economic growth, and
adjusted returns for shareholders. Additionally, the fund
considerable fiscal and monetary stimulus.
targets improving businesses where such improvement
is underappreciated by the market and allows the Financial services stocks meaningfully outperformed the S&P
company to transition to a more profitable franchise in 500® from November through the end of May, before giving
the future. back some of that relative gain in June and July. For the 12
• We look for firms with attractive valuations relative to the months overall, financials recorded, by far, the best
index, and believe combining high quality and low performance among the 11 market sectors in the S&P 500®.
valuation should compound returns over time with lower
More specifically, the financials sector enjoyed a particularly
risk of multiple compression, as well as less downside
capture.
strong first quarter of 2021, when longer-term interest rates
rose considerably. Higher rates tend to indicate expectations
• Stock selection and idea generation come from of more-robust economic growth and serve to boost the net
fundamental, bottom-up research that leverages
interest margins that largely determine banks' profitability.
Fidelity's deep and experienced global financials team.
We consider attractive financial stocks outside of the Following Q1, and especially in June and July, rates gave
benchmark that offer the potential for favorable risk- back some of their earlier increases, and the stock market
adjusted returns. tempered its expectations for economic growth. Investors
• Sector strategies could be used by investors as also eyed the delta variant of the virus that causes COVID-19,
alternatives to individual stocks for either tactical- or as it spread in certain areas of the U.S. and abroad.
strategic-allocation purposes.
Importantly, in late June the Federal Reserve (Fed) released
the results of its annual bank stress test, indicating that all 23
large banks tested carried "well above" minimum capital
levels required to withstand a severe economic downturn. I'll
have more to say about the Fed's regulatory impact on banks
in the callout portion of this review.
2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
Q: How was the fund positioned in this Overweighting investment bank Morgan Stanley (+101%)
also lifted the fund's relative result. The stock was one of
environment
many in the sector that began a stretch of strong
I made some incremental changes aimed at providing more performance in November. The prior month, the firm
exposure to companies I thought would benefit from a broad completed its acquisition of discount broker E*TRADE
economic recovery. For example, I increased our weighting Financial. The $13 billion deal brought 5.2 million new
in regional banks and also added to our stake in the customer accounts and $360 billion in assets to Morgan
consumer finance industry. Asset management & custody Stanley, as well as a highly developed technology platform.
banks is another category where I boosted the fund's In the second quarter of 2021, Morgan Stanley continued a
exposure. string of strong earnings reports, notably driven by solid
results in its equities trading and investment banking
To fund these purchases, I reduced some positions in
divisions. Consequently, I reduced this position to lock in
diversified banks, which tend to perform more defensively
profits.
than regional banks. I also reduced a number of insurance-
related holdings, along with either selling or trimming some
investment banking & brokerage stakes that I felt were no Q: What about detractors
longer attractively valued. A modest out-of-benchmark stake in the data processing &
outsourced services segment detracted the past 12 months,
Q: What factors aided performance most versus as did investment choices among investment banking &
the MSCI index brokerage stocks and positioning in the reinsurance industry.
Favorable stock selection in the consumer finance and Overweighted exposure to Cannae Holdings proved to be
regional banks industries notably contributed to the fund's the fund's largest individual relative detractor, with the stock
performance, as did a sizable underweighting in the lagging returning -11% in the portfolio. This is a holding company
financial exchanges & data group. engaged in actively managing and operating a group of
companies and investments. I liked this stock because I
On a stock-specific basis, the portfolio's sizable thought it was trading at a sizable discount to its intrinsic
overweighting in Capital One Financial made this holding value on a sum-of-the-parts basis, and the firm is run by
our largest relative contributor. Shares of the provider of management with a strong track record. With that said, some
credit cards, auto loans and savings accounts gained about businesses in Cannae's portfolio underperformed during the
156% the past 12 months, riding a steady stream of upbeat period, and the disconnect with intrinsic value grew even
news. In late January, the company reported favorable Q4 wider. However, the long-term prospects remained bright, in
financial results, highlighting improved credit trends, the my view.
reinstatement of its dividend – which had been cut in July
2020 as a part of a technical rule change by the Fed during An outsized stake in Reinsurance Group of America (+15%),
the pandemic, despite the firm having ample capital as which I began acquiring in the third quarter of 2020, also
revealed in stress tests – a $7.5 billion share-buyback pressured relative performance. After rallying to begin the
program and broadly higher interest rates. period, shares of the reinsurer of life and health insurance
companies essentially treaded water after November, as the
Then, in late April, Capital One reported record Q1 earnings stock digested its recent gains. Concerns about the spread of
that substantially topped consensus expectations. The firm the delta variant of the coronavirus and the claims it could
cited "strikingly strong credit" and a $1.6 billion release of generate further weighed on the stock. Given the
loan-loss reserves, with the latter indicating that loans did not considerable progress with worldwide vaccinations,
sour as feared during the pandemic. Lending profitability, as however, I thought investors overreacted to this threat.
measured by net interest margin, also held up well and
topped investors' estimates. Given the stock's strong gain, I
Q: What's your outlook as of July 31, Matt
reduced the fund's exposure here to keep the position
manageable. I continue to believe that the economic recovery may
experience fits and starts as the U.S. works to achieve herd
An outsized position in Wells Fargo – the fund's largest
immunity from COVID-19. However, I also think that the
holding this period – also contributed, rising 92%. The firm
government should ultimately be successful in its efforts to
had a number of advantages going for it, including significant
manage the disease and stimulate growth, which should
earnings potential that should be aided by an easing
benefit the financial services sector. ■
regulatory environment, a history of mismanagement that is
hopefully now behind it and attenuating macroeconomic
headwinds. Wells also announced in February that it planned
to sell its asset management business, a move the market
liked.
3 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
LARGEST CONTRIBUTORS VS. BENCHMARK
Average Relative
Matt Reed on banks' new flexibility to Holding Market Segment
Relative Contribution
Weight (basis points)*
distribute capital: Capital One Financial
Consumer Finance 2.47% 194
Corp.
"As mentioned earlier, in June the Fed reported that Financial Exchanges
S&P Global, Inc. -2.16% 93
23 of the nation's largest banks passed their most & Data
recent stress tests with flying colors. This caps a Investment Banking &
Morgan Stanley 2.50% 91
series of successful stress tests that the U.S. banking Brokerage
system completed before and during the pandemic, Wells Fargo & Co. Diversified Banks 2.63% 91
and, with the U.S. economy apparently on the OneMain Holdings,
Consumer Finance 1.15% 88
mend, represents something of a watershed Inc.
moment for the banking industry. * 1 basis point = 0.01%.
"Following the success of the latest results, I believe
the banking industry will regain a measure of
autonomy that has been missing since the Great LARGEST DETRACTORS VS. BENCHMARK
Recession of 2007–2009. After being the focal point
of that earlier crisis, banks were forced to undergo Average Relative
periodic stress tests and had to ask regulators for Relative Contribution
Holding Market Segment Weight (basis points)*
permission to boost dividends and repurchase
shares – typically, through a capital plan submitted Cannae Holdings, Inc. Multi-Sector Holdings 1.08% -90
at the beginning of each year. Reinsurance Group of
Reinsurance 1.28% -83
America, Inc.
Now, under something called the 'stress capital The Travelers Property & Casualty
3.38% -78
buffer' framework, banks will gain flexibility in how Companies, Inc. Insurance
they dole out dividends and stock buybacks. The Investment Banking &
Charles Schwab Corp. -1.95% -75
stress capital buffer is a measure of capital each firm Brokerage
needs to carry based on the riskiness of its The Blackstone Group Asset Management &
-1.06% -73
operations, as determined by the most recent LP Custody Banks
annual stress test. The new regime was supposed to * 1 basis point = 0.01%.
start last year, but the pandemic intervened, so it
was delayed until the third quarter of 2021.
"As long as U.S. banks stay above their respective
stress capital buffer requirements and meet all their
other regulatory demands every quarter, they can
choose more freely how much capital is required to
support lending growth and how much can be
returned to shareholders through buybacks and
dividends. That gives them much more flexibility to
adapt to situations as they arise, as opposed to
trying to anticipate how conditions will be up to a
year in advance.
"As a result of this new flexibility and banks'
continued strong performance in the stress tests,
Morgan Stanley announced late in June that,
beginning in the third quarter, its dividend would
double, and it would buy up to $12 billion of its own
stock through June 2022. State Street, Wells Fargo
and Capital One Financial also announced plans to
return more capital to shareholders. All four stocks
are overweights in the portfolio as of July 31."
4 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
ASSET ALLOCATION
Relative Change
From Six Months
Asset Class Portfolio Weight Index Weight Relative Weight Ago
Domestic Equities 95.57% 100.00% -4.43% -2.54%
International Equities 3.74% 0.00% 3.74% 2.23%
Developed Markets 2.39% 0.00% 2.39% 0.88%
Emerging Markets 1.35% 0.00% 1.35% 1.35%
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% 0.31%
Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of
the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future
settlement, Net Other Assets can be a negative number.
"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.
MARKET-SEGMENT DIVERSIFICATION
Relative Change
From Six Months
Market Segment Portfolio Weight Index Weight Relative Weight Ago
Regional Banks 17.47% 16.85% 0.62% 1.53%
Diversified Banks 17.01% 16.99% 0.02% -1.76%
Asset Management & Custody Banks 12.04% 10.85% 1.19% 1.79%
Consumer Finance 9.56% 7.70% 1.86% -1.97%
Property & Casualty Insurance 8.21% 8.59% -0.38% -1.59%
Investment Banking & Brokerage 7.54% 9.30% -1.76% -0.89%
Multi-Line Insurance 5.75% 2.11% 3.64% 0.08%
Thrifts & Mortgage Finance 4.92% 1.41% 3.51% 1.13%
Insurance Brokers 3.53% 4.35% -0.82% 0.00%
Reinsurance 3.19% 1.05% 2.14% 0.73%
Other 10.09% 19.09% -9.00% 0.55%
5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Wells Fargo & Co. Diversified Banks 5.95% 5.59%
Morgan Stanley Investment Banking & Brokerage 4.78% 4.68%
American Express Co. Consumer Finance 4.57% 4.21%
Citigroup, Inc. Diversified Banks 4.36% 5.70%
Bank of America Corp. Diversified Banks 4.25% 4.91%
Capital One Financial Corp. Consumer Finance 3.75% 4.04%
The Travelers Companies, Inc. Property & Casualty Insurance 3.28% 4.30%
State Street Corp. Asset Management & Custody Banks 3.09% 1.50%
PNC Financial Services Group, Inc. Regional Banks 2.53% 2.70%
Bank of New York Mellon Corp. Asset Management & Custody Banks 2.48% 2.50%
10 Largest Holdings as a % of Net Assets 39.04% 41.16%
Total Number of Holdings 70 66
The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings
do not include money market investments.
FISCAL PERFORMANCE SUMMARY: Cumulative Annualized
Periods ending July 31, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Advisor Financial Services Fund - Class I
26.38% 25.09% 62.31% 12.23% 15.15% 12.52%
Gross Expense Ratio: 0.80%2
S&P 500 Index 19.19% 17.99% 36.45% 18.16% 17.35% 15.35%
MSCI US IMI Financials 5% Capped Linked Index 27.12% 25.29% 57.15% 11.18% 15.13% 13.58%
Morningstar Fund Financial 23.54% 22.89% 58.20% 9.37% 13.50% 11.98%
% Rank in Morningstar Category (1% = Best) -- -- 36% 26% 30% 45%
# of Funds in Morningstar Category -- -- 103 94 84 71
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 09/03/1996.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It
does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.
Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a
gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the
fund's Class I shares. Class I shares are sold to eligible investors without a sales charge or 12b-1 fee as defined in the fund's Class I prospectus.
Other share classes with these fees would have had lower performance. To learn more or to obtain the most recent month-end or other share-class
performance, visit institutional.fidelity.com or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends
and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this document for most-recent
calendar-quarter performance.
6 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
Definitions and Important Information 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 provided in this document is for informational and
information. Fidelity does not review the Morningstar data and, for
educational purposes only. To the extent any investment information
mutual fund performance, you should check the fund's current
in this material is deemed to be a recommendation, it is not meant to
prospectus for the most up-to-date information concerning
be impartial investment advice or advice in a fiduciary capacity and is
applicable loads, fees and expenses.
not intended to be used as a primary basis for you or your client's
investment decisions. Fidelity, and its representatives may have a % Rank in Morningstar Category is the fund's total-return
conflict of interest in the products or services mentioned in this percentile rank relative to all funds that have the same Morningstar
material because they have a financial interest in, and receive Category. The highest (or most favorable) percentile rank is 1 and
compensation, directly or indirectly, in connection with the the lowest (or least favorable) percentile rank is 100. The top-
management, distribution and/or servicing of these products or performing fund in a category will always receive a rank of 1%. %
services including Fidelity funds, certain third-party funds and Rank in Morningstar Category is based on total returns which
products, and certain investment services. include reinvested dividends and capital gains, if any, and exclude
sales charges. Multiple share classes of a fund have a common
FUND RISKS portfolio but impose different expense structures.
Stock markets, especially foreign markets, are volatile and can
decline significantly in response to adverse issuer, political,
RELATIVE WEIGHTS
regulatory, market, or economic developments. Focus funds can be
more volatile because of their narrow concentration in a specific Relative weights represents the % of fund assets in a particular
industry. The financials industries are subject to extensive market segment, asset class or credit quality relative to the
government regulation, can be subject to relatively rapid change benchmark. A positive number represents an overweight, and a
due to increasingly blurred distinctions between service segments, negative number is an underweight. The fund's benchmark is listed
and can be significantly affected by availability and cost of capital immediately under the fund name in the Performance Summary.
funds, changes in interest rates, the rate of corporate and consumer
debt defaults, and price competition. 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.
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 U.S. IMI Financials 5% Capped Linked Index represents the
performance of the MSCI U.S. IMI Financials 5% Capped Index since
9/1/2016, and the MSCI U.S. IM Financials 25/50 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. They
should not be construed or used as a recommendation for any
sector or industry.
RANKING INFORMATION
© 2021 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
7 |PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021 Manager Facts Matthew Reed is a research analyst and portfolio manager in the Equity division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals. In this role, Mr. Reed is responsible for the research and analysis of the financial sector. Additionally, he manages Fidelity Advisor Financial Services Fund, Fidelity Select Banking Portfolio, Fidelity VIP Financial Services Portfolio, and Fidelity Select Financial Services Portfolio. Prior to assuming his current responsibilities, Mr. Reed covered a variety of sectors, including banks and diversified financials, global financials, financial services and tech, health care, and metals and mining. In this capacity, he was responsible for recommending securities across the capital structure for Fidelity's High Income division. Before joining Fidelity as a summer intern in the High Income division in 2008, Mr. Reed was director of Asia Pacific strategy and planning at MetLife, and director of finance at Travelers Group. He has been in the financial industry since 2008. Mr. Reed earned his bachelor of arts degree in finance from Bentley College, and his master of business administration degree from Harvard Business School. 8 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PERFORMANCE SUMMARY: Annualized
Quarter ending June 30, 2021 1 3 5 10 Year/
Year Year Year LOF1
Fidelity Advisor Financial Services Fund - Class I
63.98% 13.74% 15.90% 12.15%
Gross Expense Ratio: 0.80%2
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 09/03/1996.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It
does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.
Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a
gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the
fund's Class I shares. Class I shares are sold to eligible investors without a sales charge or 12b-1 fee as defined in the fund's Class I prospectus.
Other share classes with these fees would have had lower performance. To learn more or to obtain the most recent month-end or other share-class
performance, visit institutional.fidelity.com or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends
and capital gains, if any. Cumulative total returns are reported as of the period indicated.
Before investing in any mutual fund, please carefully consider Information included on this page is as of the most recent calendar
the investment objectives, risks, charges, and expenses. For quarter.
this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial
prospectus or, if available, a summary prospectus. Read it Services LLC.
carefully before you invest. Other third-party marks appearing herein are the property of their
respective owners.
Past performance is no guarantee of future results.
All other marks appearing herein are registered or unregistered
Views expressed are through the end of the period stated and do not trademarks or service marks of FMR LLC or an affiliated company.
necessarily represent the views of Fidelity. Views are subject to change at
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are based on numerous factors, may not be relied on as an indication of 02917.
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LLC. References to specific company securities should not be construed
734833.15.0
as recommendations or investment advice.
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