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PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2024
Fidelity Advisor® Founders
Fund
Key Takeaways MARKET RECAP
• For the fiscal year ending April 30, 2024, the fund's Class I shares U.S. equities gained 22.66% for the 12
gained 30.48%, notably outperforming the 22.30% advance of the months ending April 30, 2024, according
benchmark, the Russell 3000® Index. to the S&P 500® index, driven by resilient
corporate profits, a frenzy over
generative artificial intelligence and the
• Portfolio Manager Dan Kelley says growth stocks rallied sharply the Federal Reserve's likely pivot to cutting
past 12 months amid plateauing interest rates and the U.S. Federal interest rates later this year. Amid this
Reserve's pivot in late 2023 to a less restrictive stance. Also, easing favorable backdrop for higher-risk assets,
financial conditions allowed more stocks – not just a handful of mega- the S&P 500® continued its late-2023
cap growth securities – to participate in the market's rally. momentum and ended March at its all-
time high before snapping a five-month
• He notes that founder-involved companies, which often are in the uptrend in April (-4.08%). Growth stocks
early stages of growth, especially benefited from stabilizing interest led the broad rally, mostly driven by a
rates and improved financial conditions, given that a good chunk of narrow set of firms in the communication
their earnings and free cash flow tend to be in the future. services (+41%) and information
technology (+37%) sectors, largely due to
• Security selection in the information technology, communication excitement for AI. In particular,
services and industrials sectors gave a meaningful boost to the fund's semiconductor-related stocks (+104%)
were a standout. Following the Fed's
outperformance of its benchmark this period.
November 1 meeting, when the central
bank hinted it might be done raising
• Large overweight positions in semiconductor company Nvidia rates, the S&P 500® reversed a three-
(+212%), ride-hailing service Uber Technologies (+112%) and month decline and gained 14.09% in the
Facebook parent Meta Platforms (+79%) notably contributed to the final two months of 2023 and 10.56% in
fund's relative result. the first quarter. Risk assets were further
aided on March 20, when the central
• Conversely, security selection in the materials and health care sectors bank held steady its benchmark federal
detracted from relative performance. Of note was a non-benchmark funds rate and affirmed its projection to
stake in Barrick Gold (-19%) and a lack of exposure to benchmark cut in 2024. The index then slipped in
component and benchmark component Eli Lilly (+99%). April, as inflation remained stickier than
expected, spurring doubts of a soft
• As of April 30, Dan is encouraged about prospects for founder- economic landing. For the full 12 months,
involved companies, given that interest rates have stabilized. He's the financials, industrials and consumer
discretionary sectors each gained about
focused on finding companies that have an attractive product or
24%. In sharp contrast, real estate and
service that the market isn't fully appreciating.
the defensive-oriented utilities sector
each roughly broke even. Other notable
"laggards" included consumer staples
(+3%) and health care (+7%).
Not FDIC Insured • May Lose Value • No Bank GuaranteePORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2024
Q&A
An interview with Portfolio Manager
Daniel Kelley
Daniel Kelley Q: Dan, how did the fund perform for the fiscal
Portfolio Manager year ending April 30, 2024
The fund's Class I shares rose 30.48% the past 12 months,
Fund Facts with most of the advance coming in the second half of the
Trading Symbol: FIFVX period. The fund notably outperformed the 22.30% gain of
the broad-based Russell 3000® Index and finished slightly
Start Date: February 14, 2019 ahead of the large-cap growth peer group average.
Size (in millions): $135.86
Q: How did the market environment influence
the fund's result this period
Growth stocks trounced value stocks this period, as interest
rates stabilized following the Federal Reserve's pivot in late-
Investment Approach 2023 to a less restrictive stance. In turn, financial conditions
• Fidelity Advisor® Founders Fund is a diversified domestic started to ease, enabling more companies – not just the
equity strategy focused on the entrepreneurial spirit of handful of mega-cap, technology-related stocks that had
founder-led companies. We believe that companies led been driving the rally – to participate in the market's upside.
by people with the greatest vested interest tend to As the backdrop improved, investors became more willing to
outperform over the long term. invest in stocks that had been hard hit in 2022.
• Our investment approach favors firms with a rate and/or Founder-involved companies, which often are in the early
sustainability of growth that we believe has been stages of growth and investing heavily to build their
mispriced by the market. We think investors have a businesses, typically project a good chunk of their earnings
tendency to overextrapolate recent trends, which can and free cash flow well into the future. Plateauing – and
cause equity prices to disconnect from their underlying
potentially lower – interest rates meant these future earnings
fair values, creating investment opportunities.
wouldn't be discounted at higher rates by the market. Plus,
• Valuation is an important element of our investment borrowing costs weren't going up. As always, I stayed
process, as we believe cheap stocks with improving focused on founder-involved companies that I viewed as
fundamentals can offer a higher probability of relative mispriced relative to their revenue- and earnings-growth
outperformance. outlooks a few years out.
• Our extensive use of both fundamental and quantitative
analysis helps us to screen for stocks that appear Q: Which sectors and stocks notably helped the
attractive relative to their long-term earnings-growth fund for the 12 months
potential.
Security selection in the information technology sector
contributed to the fund's performance versus its benchmark.
Stock picks in the outperforming semiconductors &
semiconductor equipment segment and very limited
exposure to the underperforming technology hardware &
equipment category also helped. Security selection and a
large overweight in communication services, primarily in the
media & entertainment industry, and investment choices in
industrials also notably aided the portfolio's result.
The fund's biggest individual contributor was semiconductor
company Nvidia (+212%), a large overweight and our top
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 APRIL 30, 2024
holding at period end. Nvidia has 95% market share in high- fund's stake in the second half of the period and rotated into
performance computer chips, called GPUs or graphics a pure gold stock that had less geopolitical risk. CEO Mark
processing units. These chips are needed to train the large Bristow was one of the founders of Randgold Resources,
language models used in generative AI. A lot of data centers which merged with Barrick in 2019.
are in the process of upgrading to GPUs, bolstering demand
Not owning pharmaceuticals company and benchmark
for Nvidia's chips. Despite the stock's recent strength, I think
component Eli Lilly hurt our relative result. The stock rose
it remains attractively priced versus the company's earnings-
99% this period, buoyed by the successful launch of its GLP-1
growth potential, given my belief that we're in the early
weight-loss drug Mounjaro®. More-mature companies, such
innings of the AI investment cycle. Nvidia co-founder Jensen
as this, typically don't have any founder involvement and,
Huang is CEO and a top shareholder.
thus, don't fit my investment criteria.
Q: What about other notable contributors A lack of exposure to semiconductor maker and benchmark
component Broadcom (+112%) detracted from relative
In industrials, our large overweight in ride-hailing and food- performance. Broadcom is a leader in custom silicon chips,
delivery service Uber Technologies surged 112%. The which it makes for companies that want to design their own
company went from losing money in 2022 to being profitable chips. Growing demand for custom silicon chips boosted the
in 2023, thanks to initiatives aimed at driving better stock. The fund owned other chip companies that I saw as
utilization, more UberOne subscribers and cross-platform more mispriced relative to their earnings potential.
benefits from Uber Eats. New products, such as Uber
Connect and Ubership, further aided revenue growth.
Q: Did you change the fund's positioning
Positive earnings for four consecutive quarters led to Uber's
inclusion in the S&P 500 this past December. That, plus news Our allocation to information technology stocks rose from
of a $7 billion share repurchase program – Uber's first stock 23% to 32% of assets this period, largely due to strong
buyback – also helped propel the stock higher. Co-founder appreciation in the sector. Exposure to financials increased
Garrett Camp is a large shareholder and board advisor. I from 9% to 14% of assets. The fund's weighting in materials
reduced exposure to Uber this period to lock in some profit. went from 6% to nearly 0%. Although I'm fairly constructive
on prospects for the materials sector, it's hard to find many
In communication services, a sizable overweight in Facebook
opportunities here because a lot of firms have been around a
parent Meta Platforms (+79%), the fund's No. 3 holding,
long time and the founders are not involved. I reduced
benefited as its short-form video feature Reels gained
exposure to health care (from 12% to 7% of assets), trimming
traction and AI investments in machine learning helped the
our stakes in some medical equipment stocks that had risen
company's algorithms. A powerful advertising cycle heading
and seemed expensive, in my view.
into an election year also helped drive improved revenue
growth, while cost cutting boosted profit margins. The stock
took a bit of a late-period breather due to news Meta would Q: What's your outlook as of April 30, Dan
increase capital expenditures. However, I still believe in its I'm positive. In 2022, people hunkered down for the biggest
longer-term earnings growth prospects. Facebook co- recession of the past decade. But the economy has been
founder Mark Zuckerberg remains at the helm of Meta and is resilient. Homeowners still have a lot of net worth in their
a controlling shareholder. houses and have continued to spend. Although longer term,
Not owning consumer electronics leader Apple (+1%), a we're likely ingraining higher rates of inflation than we've
large benchmark component, helped relative performance. enjoyed in the past, inflation has come down, and the
The company had no founder involvement. Plus, it didn't fit economy and liquidity have improved.
my focus on mispriced revenue or earnings growth, given a I'm encouraged about the outlook for founder-involved
recent dearth of product innovation, disappointing earnings companies over the next year. I think the operating
growth, and exposure to geopolitical challenges in China. environment is better now that we're done with aggressive
interest rate hikes. However, as we grow into higher rates of
Q: Conversely, what notably detracted from inflation and a less-free-flowing financing environment, I
performance versus the benchmark expect the strongest founder-involved companies will
survive, while those that have been struggling will likely have
Security selection in the materials and health care sectors a tougher time. I'm looking for underappreciated founder-
hurt the fund's relative result. Among individual involved companies with products or services that are still
disappointments was a non-benchmark position in Barrick resonating with their customers and that also may have
Gold (-19%), a Canada-headquartered gold and copper reeled in their spending. ■
company with mines worldwide. Its stock was pressured by
falling gold prices and high real interest rates, which measure
the difference between nominal rates and inflation. I sold the
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 APRIL 30, 2024
LARGEST CONTRIBUTORS VS. BENCHMARK
Average Relative
Dan Kelley on increasing the fund's Holding Market Segment
Relative Contribution
Weight (basis points)*
exposure to the financials sector: Information
NVIDIA Corp. 3.12% 339
Technology
"The past 12 months, I boosted the fund's stake in Uber Technologies,
Industrials 3.38% 267
financials. I expect many companies in the sector to Inc.
benefit from the likelihood that the U.S. will avoid a Meta Platforms, Inc. Communication
3.15% 157
major recession and severe credit losses, given that Class A Services
employment trends have remained strong and Apple, Inc.
Information
-6.05% 137
consumer balance sheets have improved. Plus, the Technology
stocks of many financials look cheap versus my MicroStrategy, Inc. Information
0.70% 135
estimate of their earnings potential. Class A Technology
* 1 basis point = 0.01%.
"Within the sector, I notably increased the fund's
stake in alternative asset managers. I expect more
investors to want exposure to private equity and
private credit, which may be riskier than more-liquid
LARGEST DETRACTORS VS. BENCHMARK
investments but can potentially provide a degree of
diversification and a higher return. Private equity Average Relative
Relative Contribution
invests in or acquires companies that are not listed Holding Market Segment Weight (basis points)*
on a public stock exchange. Similarly, private credit
Barrick Gold Corp. Materials 1.43% -90
is a type of debt that is not traded publicly.
Eli Lilly & Co. Health Care -1.10% -66
"Previously, alternative asset managers could only Information
Broadcom, Inc. -0.92% -58
sell private investments to highly educated investors Technology
who had made $250,000 annually each of the past Masimo Corp. Health Care 0.36% -54
five years and had at least $1 million to invest. Now, Penumbra, Inc. Health Care 0.84% -49
you don't have to be as sophisticated to invest in
* 1 basis point = 0.01%.
private credit or debt. Companies can sell private
investments to mass-affluent investors, opening up
a big opportunity. As more investors become
interested in private credit and private debt, asset
managers that don't have these types of offerings
will likely try to partner with alternative asset
managers because of the time it would take to build
their own track record.
"Among the alternative asset managers I added to
the portfolio this period are Apollo Global
Management, which is run by co-founder Marc
Rowan. I also initiated stakes in Blue Owl Capital,
KKR and Carlyle Group. Blue Owl co-founders Doug
Ostrover and Marc Lipschultz serve as co-CEOs. KKR
co-founders Henry Kravis and George Roberts are
co-chairmen. And two of Carlyle's co-founders,
William E. Conway Jr. and David Rubenstein, are co-
chairmen. Plus, BlackRock, the world's largest
alternative asset manager, and Ares Management,
each of which is founder run, are among the fund's
largest positions."
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 APRIL 30, 2024
ASSET ALLOCATION
Relative Change
From Six Months
Asset Class Portfolio Weight Index Weight Relative Weight Ago
Domestic Equities 87.13% 99.09% -11.96% 3.65%
International Equities 10.22% 0.91% 9.31% -4.45%
Developed Markets 8.60% 0.72% 7.88% -4.39%
Emerging Markets 1.62% 0.18% 1.44% -0.06%
Tax-Advantaged Domiciles 0.00% 0.01% -0.01% 0.00%
Bonds 0.00% 0.00% 0.00% 0.00%
Cash & Net Other Assets 2.65% 0.00% 2.65% 0.80%
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
Information Technology 31.74% 27.26% 4.48% -0.55%
Consumer Discretionary 16.28% 10.39% 5.89% -0.39%
Financials 14.42% 13.85% 0.57% 5.65%
Communication Services 13.20% 8.52% 4.68% -2.59%
Health Care 7.24% 12.32% -5.08% 0.42%
Industrials 7.05% 10.09% -3.04% -1.67%
Energy 3.85% 4.24% -0.39% -0.53%
Real Estate 2.31% 2.60% -0.29% 0.80%
Consumer Staples 1.06% 5.76% -4.70% -0.19%
Materials 0.20% 2.66% -2.46% -1.88%
Utilities 0.00% 2.30% -2.30% 0.13%
Other 0.00% 0.00% 0.00% 0.00%
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 APRIL 30, 2024
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
NVIDIA Corp. Information Technology 7.76% 5.77%
Microsoft Corp. Information Technology 7.41% 8.92%
Meta Platforms, Inc. Class A Communication Services 5.03% 4.88%
Amazon.com, Inc. Consumer Discretionary 4.93% 3.21%
Alphabet, Inc. Class C Communication Services 4.56% 5.14%
Apollo Global Management, Inc. Financials 2.37% --
Marriott International, Inc. Class A Consumer Discretionary 2.36% 3.43%
Uber Technologies, Inc. Industrials 2.35% 3.97%
Netflix, Inc. Communication Services 2.31% 3.00%
BlackRock, Inc. Class A Financials 1.99% 2.24%
10 Largest Holdings as a % of Net Assets 41.07% 42.89%
Total Number of Holdings 136 135
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 April 30, 2024 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Advisor Founders Fund - Class I
28.28% 8.28% 30.48% 4.75% 14.78% 15.96%
Gross Expense Ratio: 0.64%2
Russell 3000 Index 21.09% 5.18% 22.30% 6.35% 12.43% 13.39%
Morningstar Fund Large Growth 24.13% 6.51% 29.19% 4.04% 12.82% --
% Rank in Morningstar Category (1% = Best) -- -- 50% 53% 23% --
# of Funds in Morningstar Category -- -- 1,184 1,109 1,036 --
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 02/14/2019.
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, or
estimated amounts for the current fiscal year in the case of a newly launched fund. 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 APRIL 30, 2024
Definitions and Important Information 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
Information provided in, and presentation of, this document are for
informational and educational purposes only and are not a mutual fund performance, you should check the fund's current
recommendation to take any particular action, or any action at all, nor prospectus for the most up-to-date information concerning
an offer or solicitation to buy or sell any securities or services applicable loads, fees and expenses.
presented. It is not investment advice. Fidelity does not provide legal or
% Rank in Morningstar Category is the fund's total-return
tax advice.
percentile rank relative to all funds that have the same Morningstar
Before making any investment decisions, you should consult with your Category. The highest (or most favorable) percentile rank is 1 and
own professional advisers and take into account all of the particular the lowest (or least favorable) percentile rank is 100. The top-
facts and circumstances of your individual situation. Fidelity and its performing fund in a category will always receive a rank of 1%. %
representatives may have a conflict of interest in the products or Rank in Morningstar Category is based on total returns which
services mentioned in these materials because they have a financial include reinvested dividends and capital gains, if any, and exclude
interest in them, and receive compensation, directly or indirectly, in sales charges. Multiple share classes of a fund have a common
connection with the management, distribution, and/or servicing of these portfolio but impose different expense structures.
products or services, including Fidelity funds, certain third-party funds
and products, and certain investment services.
RELATIVE WEIGHTS
Relative weights represents the % of fund assets in a particular
FUND RISKS
market segment, asset class or credit quality relative to the
Stock markets, especially foreign markets, are volatile and can benchmark. A positive number represents an overweight, and a
decline significantly in response to adverse issuer, political, negative number is an underweight. The fund's benchmark is listed
regulatory, market, or economic developments. Foreign securities immediately under the fund name in the Performance Summary.
are subject to interest rate, currency exchange rate, economic, and
political risks. Securities selected using quantitative analysis can
perform differently from the market as a whole. The Adviser's
applications of the founder-involved strategy may not achieve its
intended results and the fund could underperform the market as a
whole.
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 3000 Index is a market-capitalization-weighted index
designed to measure the performance of the 3,000 largest
companies in the U.S. equity market.
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
© 2024 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
7 |PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2024 Manager Facts Daniel Kelley is a 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. Kelley manages Fidelity Founders Fund, Fidelity Advisor Diversified Stock Fund and Fidelity Puritan Fund. Previously, Mr. Kelley managed Fidelity Trend Fund, Fidelity Large Cap Growth Fund, Fidelity Advisor Strategic Growth Fund, and Fidelity VIP Growth Stock Portfolio. He also managed Fidelity Select Construction and Housing Portfolio. Prior to assuming his portfolio management responsibilities, Mr. Kelley served as sector leader of the real estate investment trusts (REITs) research team where he was responsible for the coverage of REITs and homebuilders stocks. Before joining Fidelity in 2005, Mr. Kelley was an associate in the Institutional Equities division at Morgan Stanley. He was also a financial analyst, and later an associate, in the Equities division at Goldman Sachs & Co. He has been in the financial industry since 2001. Mr. Kelley earned his bachelor of science degree, summa cum laude, in finance and accounting from Georgetown University. 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 September 30, 2024 1 3 5 10 Year/
Year Year Year LOF1
Fidelity Advisor Founders Fund - Class I
42.51% 8.83% 18.58% 17.57%
Gross Expense Ratio: 0.70%2
% Rank in Morningstar Category (1% = Best) 32% 46% 21% --
# of Funds in Morningstar Category 1,141 1,076 1,005 --
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 02/14/2019.
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, or
estimated amounts for the current fiscal year in the case of a newly launched fund. 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
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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.
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