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PORTFOLIO MANAGER Q&A | AS OF JUNE 30, 2021
Fidelity Advisor® New Insights
Fund
Key Takeaways MARKET RECAP
• For the semiannual reporting period, the fund's Class I shares gained The S&P 500® index gained 15.25% for
14.93%, modestly lagging the 15.25% advance of the benchmark S&P the six months ending June 30, 2021,
500® index. with U.S. equities rising on the prospect
of a surge in economic growth amid
widespread COVID-19 vaccinations, fiscal
• Co-Managers Will Danoff and Nidhi Gupta say the sharp economic stimulus and fresh spending programs.
recovery the past six months has been driven by increasing COVID-19 As 2021 began, investors saw reasons to
vaccination rates, the "reopening of society" and low interest rates in be hopeful. The rollout of three COVID-
the United States. 19 vaccines was underway, the U.S.
Federal Reserve pledged to hold interest
• Against this backdrop, Will and Nidhi are disappointed the fund rates near zero until the economy
modestly lagged the benchmark in the first half of 2021. recovered, and the federal government
would deploy trillions of dollars in aid to
• Will and Nidhi stayed true to their emphasis on earnings growth and boost consumers and the economy.
free cash flow, and their belief that stock prices follow the earnings per Many economists raised their
share of their underlying companies over time. expectations for a powerful recovery, as
opposed to a sluggish rebound,
bolstering stocks through April. Choppy
• Amazon.com (+6%), Netflix (-2%) and Qualcomm (-5%) were large
trading in a flattish May reflected
active overweights that lagged the benchmark and notably detracted
concerns about inflation and jobs, but the
from performance versus the benchmark for the six months.
uptrend resumed to close the first half of
the year. This backdrop fueled a powerful
• In contrast, communication services stocks stood out as a relative market rotation, with small-cap value
contributor, led by two large "tech" companies, social-media leader stocks usurping long-standing leadership
Facebook (+27%) and Google parent Alphabet (+39%), that are top- from large growth shares. As part of the
five positions in the fund. "reopening" trade, investors moved out
of tech-driven mega-caps that had
• As of midyear, Will believes the outlook for U.S. corporate earnings is thrived due to the work-from-home trend
bright, and he notes that companies cut costs and invested heavily in in favor of cheap smaller companies they
technology during the pandemic. Now, with society opening up and believed stood to benefit from a broad
the government stimulating the economy with unprecedented vigor, cyclical recovery. Reflecting this shift, the
demand is very strong, according to Will. energy sector gained about 46% for the
six months, boosted by a sharp rally in
the price of oil. Financials (+26%) rode
• Looking ahead to the second half of 2021, Will and Nidhi plan to focus
strength among banks (+29%).
on companies that are attractively valued on their long-term earnings
Conversely, notable "laggards" included
power, noting they are impressed by the level of innovation they are the defensive utilities (+2%), consumer
seeing across the market – in software, life sciences, autos and many staples (+5%) and health care (+12%)
other industries. sectors. Industrials (+16%) and materials
(+15%) roughly matched the index.
Not FDIC Insured • May Lose Value • No Bank Guarantee
PORTFOLIO MANAGER Q&A | AS OF JUNE 30, 2021
Q&A
An interview with Co-Managers
William Danoff and Nidhi Gupta
William Danoff Nidhi Gupta Q: Will, how did the fund perform for the six
Co-Manager Co-Manager months ending June 30, 2021
W.D. The fund's Class I shares gained 14.93%, modestly
Fund Facts lagging the 15.25% advance of the benchmark S&P 500®
Trading Symbol: FINSX index and topping the peer group average. As a fellow
shareholder, I am disappointed that Advisor New Insights fell
Start Date: July 31, 2003 short of the benchmark in the first half of 2021, but Nidhi and
I recognize that the fund is unlikely to outperform the S&P
Size (in millions): $26,274.15 500® in every six-month period.
For the trailing 12 months, the fund gained 39.37%, lagging
both the benchmark and peer group average.
Investment Approach Q: Would you reflect on the developments of
• Fidelity Advisor® New Insights Fund is an opportunistic, the past six months, including the pandemic
diversified equity strategy with a large-cap growth bias.
W.D. As a reminder, Nidhi Gupta joined the fund as co-
The flexibility of the fund's investment mandate leads to
manager on June 30, 2020, and assumed primary
exposure across the market-cap spectrum.
management responsibility for one of the fund's two
• Philosophically, we believe stock prices follow subportfolios three months later.
companies' earnings, and those companies that can
deliver durable multiyear earnings growth provide I handpicked Nidhi after she did a fabulous job as Fidelity's
attractive investment opportunities. technology sector leader for five years. Nidhi and I are
working very well together, and I am confident that her 18
• As a result, our investment approach seeks firms we
years of investing experience will meaningfully help the fund
believe are poised for sustained, above-average
earnings growth that is not accurately reflected in the in the future.
stocks' current valuation. We believe this change has helped to provide closer
• In particular, we emphasize companies with "best of alignment with the fund's growth orientation and heritage.
breed" qualities, including those with a strong Furthermore, Nidhi's background and expertise investing
competitive position, high returns on capital, solid free- globally should prove vital moving forward, given the ever-
cash-flow generation and management teams that are increasing importance of technology in the markets and
stewards of shareholder capital. society more broadly.
• We strive to uncover these investment opportunities Looking at the past six months, increasing COVID-19
through in-depth bottom-up, fundamental analysis, vaccination rates, the "reopening of society" and low interest
working in concert with Fidelity's global research team. rates in the U.S. sparked a sharp economic recovery. Leading
economists project the U.S. economy to grow 6% to 7% in
real terms this year, the highest growth rate since 1983.
This economic surge has propelled earnings for firms in the
S&P 500®. Earnings this year are projected to increase 37%
from a depressed level in 2020, and 18% from pre-COVID
2019. Estimates for 2021 rose 15% the past six months, as
first-quarter financial results were generally excellent. Nidhi
and I believe that stock prices follow earnings, so we are not
surprised that the S&P 500 rose 15% in the first half of 2021.
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 JUNE 30, 2021
Q: As the six months unfolded, did you make performance. We deemphasized Exxon and virtually all other
oil and gas companies because the traditional energy
any notable changes to the fund's positioning
business is capital intensive and cyclical, and we believe it is
W.D. As the economy strengthened, we assumed interest now in climate-change-driven secular decline.
rates would rise. And the yield on the 10-year U.S. Treasury
note did increase, from 0.93% at the end of 2020 to 1.45% at Q: Will, what contributed to fund performance
midyear. But the yield is still below the 1.9% level of early
2020, before the outbreak and spread of COVID-19. W.D. Communication services stocks helped most for the six
months. The sector includes two large "tech" companies,
We bought shares in banks and other financial companies social-media leader Facebook (+27%) and Google parent
during the period because rising interest rates and a Alphabet (+39%), that are top-five positions in the fund.
recovering economy usually benefit bank earnings, and Facebook and Alphabet increased revenue 40% and 28%,
valuations for the group were very reasonable at respectively, and improved profit margins during the period.
approximately 12 times earnings. We funded these
purchases in the financials sector by selling select health care Facebook is the fund's largest holding, representing 9.37%
stocks, which tend to perform better when the economy is of assets at midyear, and our largest overweight by a wide
weak, and certain tech stocks that were trading at a very high margin. The company has three primary platforms –
valuation – 50 times earnings or more, in some cases. Facebook, Instagram and WhatsApp – and a daily active user
base of more than 2.5 billion people. Facebook continues to
innovate at a rapid pace, as seen by the success of its video
Q: What detracted from fund performance
product, Reels, and its virtual reality headset, Oculus Quest
W.D. Not having enough exposure to the energy and 2. Facebook's earnings per share are expected to increase
financials sectors detracted versus the benchmark, as each 30% this year and 20%-plus next year and in 2023, so as of
rallied sharply for the six months. Both tend to perform well June 30 the stock remains attractive to me at 22 times next
when the economy is expected to recover, as has been the year's estimate.
case since the COVID-19 vaccines were proven effective and
Shares of Alphabet have been driven by strong financial
authorized for use, and the newly elected administration
results that were fueled by a surge in digital ad spending.
signaled it would aggressively stimulate the economy.
Nvidia (+53%) is another large fund holding that contributed
Oil prices rose 50% during the period amid firming demand
to relative performance the past six months. Nvidia makes
and constrained supply due to capacity shut-ins by OPEC
graphics chips for cloud computing, artificial intelligence and
(the Organization of the Petroleum Exporting Countries) and
video games.
plummeting non-OPEC capital expenditures.
This period, deemphasizing Apple (+4%) and essentially
Financials stocks rallied as bond yields rose and credit quality
avoiding Tesla (-2%), both sizable benchmark components,
improved, boosting earnings estimates for the group. As I
helped our relative result. We are glad the fund owns Apple
noted, we increased the fund's allocation to financials this
shares, as management has executed much better than we
period, moving to a slight overweight at midyear.
expected, but we believe that other technology companies
should be able to grow faster than Apple. Tesla makes
Q: Nidhi, which stocks detracted most wonderful electric cars and CEO Elon Musk is an
N.G. Amazon (+6%), Netflix (-2%) and Qualcomm (-5%) were extraordinary entrepreneur, but the stock is too expensive
large active overweights that lagged the benchmark and hurt for us at 140 times earnings.
relative performance.
Q: What is your outlook as of June 30
E-commerce giant Amazon and video-streaming service
provider Netflix executed well during the stay-at-home W.D. The outlook for U.S. corporate earnings is bright.
conditions of the pandemic. Some investors anticipated Companies cut costs and invested heavily in technology
tougher growth comparisons as the world opened up this during the pandemic.
year, and the stocks languished for the six months.
Now, with society opening up and the government
Investors questioned continued growth in the smartphone stimulating the economy with unprecedented vigor, demand
market, hampering shares of chipmaker Qualcomm. is very strong.
Will and I believe the outlook for all three companies is Earnings estimates have risen to $192 for companies in the
bright, so each is a top-12 holding as of midyear. S&P 500® index for 2021 and $216 for 2022, compared with
pandemic-disrupted earnings of $140 last year and $163 in
Lastly, largely avoiding energy giant and benchmark
2019. For 2021, corporate earnings could increase about 9%
component Exxon Mobil (+58%) detracted from relative
per year from non-COVID-affected 2019, which would
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 JUNE 30, 2021 exceed the 7% long-term earnings growth rate of the S&P 500. At 20 times next year's estimates, the S&P 500 remains attractive relative to government bonds yielding only 1.5%. Investors are concerned about recent signs of burgeoning inflation. Prices for used cars and homes have popped 42% and 24%, respectively, in the past year. The ballooning balance sheet at the U.S. Federal Reserve and the skyrocketing U.S. budget deficit will most likely produce inflation. In managing the fund, Nidhi and I are favoring well- positioned, well-managed companies with solid revenue growth, strong profit margins and excellent free cash flow. As an example, the leading U.S. tech companies have free-cash- flow yields averaging 14%, which compares favorably with the 6% free-cash-flow yield of the rest of the stock market and the 1.5% yield on government bonds. Q: Nidhi, what is your outlook as of June 30 N.G. I expect a strong recovery in demand, particularly in the U.S., where the COVID-19 vaccination rate is relatively high, savings have ballooned and the government has provided stimulus. However, supply may not recover at the same rate in the near term, due to countries and regions recovering at different rates around the world, as well as labor shortages. This has led to fears of higher inflation and interest rates, causing violent rotations underneath the surface of an overall strong market. The macroeconomic environment is difficult to predict, and these rotations could continue in the near term. There are some unknowns in the coming months, as economies around the world navigate their way out of the pandemic and others grapple with new virus variants. Speculation in the market remains relatively elevated, as evidenced by continued SPAC (special purpose acquisition company) activity and the number of companies that have negative free cash flow but trade at a high sales multiple. Against this backdrop, Will and I continue to focus on companies that are attractively valued on their long-term earnings power. We are impressed by the level of innovation we're seeing across the market – in software, life sciences, autos and many other industries. Access to capital remains strong, the cloud has lowered the barriers to digitization for many companies, and technologies like artificial intelligence and machine learning are becoming mainstream and unlocking real gains. We balance these long-term "winners" in the portfolio with some cyclical exposure in the financials, consumer discretionary and industrials sectors as the economy and market find their way toward a more normalized environment in the months and year ahead. ■ 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 JUNE 30, 2021
LARGEST CONTRIBUTORS VS. BENCHMARK
Average Relative
Will Danoff on Amazon's Jeff Bezos: Holding Market Segment
Relative Contribution
Weight (basis points)*
Communication
"Jeff Bezos, founder and CEO of internet behemoth Facebook, Inc. Class A
Services
6.23% 83
Amazon.com, recently retired to executive chairman
Information
of the company. Bezos's stewardship at Amazon for NVIDIA Corp. 1.68% 66
Technology
the past 25 years has been extraordinary – from Information
1995, when it started selling books online, to its Apple, Inc. -4.26% 55
Technology
current dominant position in e-commerce and cloud Consumer
computing, with annual revenue of $400 billion. Tesla, Inc. -1.57% 34
Discretionary
"I highly recommend that Advisor New Insights Communication
Alphabet, Inc. Class A 1.80% 30
Services
shareholders read all of Jeff's letters to Amazon's
stockholders. My personal favorite is in the 2016 * 1 basis point = 0.01%.
Amazon annual report, in which Bezos describes a
'starter pack of essentials' underlying the company's
mindset that 'every day is Day 1.' He emphasizes LARGEST DETRACTORS VS. BENCHMARK
the importance of 'customer obsession, a skeptical
view of proxies, the eager adoption of external Average Relative
trends, and high-velocity decision making.' Relative Contribution
Holding Market Segment Weight (basis points)*
"Amazon's culture is one of relentlessness, Communication
resilience and inventiveness. Amazon has not been Netflix, Inc. 2.17% -45
Services
afraid to fail, and it strives to learn from its failures Consumer
and successes. Amazon.com, Inc. 3.70% -37
Discretionary
Information
"Its managers have always kept the long term in Qualcomm, Inc. 0.89% -23
Technology
mind, and never lost track of the power of 'broad
Exxon Mobil Corp. Energy -0.65% -22
selection, low prices and outstanding convenience'
Vestas Wind Systems
when building its e-commerce business. Industrials 0.41% -18
A/S
"Advisor New Insights has owned Amazon as a top- * 1 basis point = 0.01%.
10 position since October 2015. In the roughly six
years since, Advisor New Insights has appreciated
17.7% annually, topping the 17.3% gain of the
benchmark S&P 500.
"Amazon shares appreciated 39.3% annually during
this time, and the stock has been the fund's No. 2
relative contributor. It is the fund's second-largest
holding as of midyear, at 7.6% of assets.
"Thank you, Jeff Bezos, for your incredible
stewardship of Amazon.com and for setting the
standard for every CEO in the world. Amazon has
meaningfully helped Advisor New Insights'
performance for the past six years, and you have
made me a better investor."
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 JUNE 30, 2021
ASSET ALLOCATION
Relative Change
From Six Months
Asset Class Portfolio Weight Index Weight Relative Weight Ago
Domestic Equities 89.86% 100.00% -10.14% 1.09%
International Equities 8.82% 0.00% 8.82% -1.70%
Developed Markets 6.94% 0.00% 6.94% -0.14%
Emerging Markets 1.88% 0.00% 1.88% -1.56%
Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00%
Bonds 0.13% 0.00% 0.13% 0.05%
Cash & Net Other Assets 1.19% 0.00% 1.19% 0.56%
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 28.57% 27.42% 1.15% -3.54%
Communication Services 20.37% 11.14% 9.23% 1.51%
Consumer Discretionary 14.82% 12.28% 2.54% -0.45%
Financials 11.89% 11.28% 0.61% 3.46%
Health Care 11.34% 12.99% -1.65% -1.56%
Industrials 6.14% 8.54% -2.40% 0.69%
Materials 2.74% 2.60% 0.14% -0.17%
Consumer Staples 1.68% 5.86% -4.18% -0.27%
Energy 0.97% 2.85% -1.88% -0.30%
Real Estate 0.17% 2.58% -2.41% -0.10%
Utilities 0.08% 2.45% -2.37% 0.17%
Other 0.00% 0.00% 0.00% 0.00%
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 JUNE 30, 2021
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Facebook, Inc. Class A Communication Services 9.37% 7.68%
Amazon.com, Inc. Consumer Discretionary 7.61% 8.22%
Alphabet, Inc. Class A Communication Services 5.59% 4.34%
Microsoft Corp. Information Technology 5.11% 5.14%
Berkshire Hathaway, Inc. Class A Financials 3.98% 3.48%
NVIDIA Corp. Information Technology 3.61% 2.38%
Adobe, Inc. Information Technology 2.36% 2.84%
Netflix, Inc. Communication Services 2.29% 3.36%
Salesforce.com, Inc. Information Technology 2.28% 3.17%
UnitedHealth Group, Inc. Health Care 2.07% 2.08%
10 Largest Holdings as a % of Net Assets 44.27% 42.81%
Total Number of Holdings 470 431
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 June 30, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Advisor New Insights Fund - Class I
14.93% 14.93% 39.37% 17.87% 19.14% 14.84%
Gross Expense Ratio: 0.86%2
S&P 500 Index 15.25% 15.25% 40.79% 18.67% 17.65% 14.84%
Morningstar Fund Large Growth 12.38% 12.38% 41.70% 22.56% 21.98% 15.99%
% Rank in Morningstar Category (1% = Best) -- -- 62% 89% 77% 69%
# of Funds in Morningstar Category -- -- 1,239 1,138 1,024 761
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 07/31/2003.
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.
7 | 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 JUNE 30, 2021
Definitions and Important Information 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
Information provided in this document is for informational and
sales charges. Multiple share classes of a fund have a common
educational purposes only. To the extent any investment information
portfolio but impose different expense structures.
in this material is deemed to be a recommendation, it is not meant to
be impartial investment advice or advice in a fiduciary capacity and is
not intended to be used as a primary basis for you or your client's RELATIVE WEIGHTS
investment decisions. Fidelity, and its representatives may have a
Relative weights represents the % of fund assets in a particular
conflict of interest in the products or services mentioned in this market segment, asset class or credit quality relative to the
material because they have a financial interest in, and receive benchmark. A positive number represents an overweight, and a
compensation, directly or indirectly, in connection with the negative number is an underweight. The fund's benchmark is listed
management, distribution and/or servicing of these products or immediately under the fund name in the Performance Summary.
services including Fidelity funds, certain third-party funds and
products, and certain investment services.
FUND RISKS
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.
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.
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
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-
8 |PORTFOLIO MANAGER Q&A | AS OF JUNE 30, 2021
Manager Facts expenses.
Will Danoff joined Fidelity as an equity research analyst in 1986,
Nidhi Gupta is a portfolio manager in the Equity division at
after graduating from the Wharton School of the University of
Fidelity Investments. Fidelity Investments is a leading provider of
Pennsylvania. He covered the retail industry and managed the
investment management, retirement planning, portfolio
Fidelity Select Retailing Portfolio from 1986 to 1989.
guidance, brokerage, benefits outsourcing, and other financial
products and services to institutions, financial intermediaries,
Mr. Danoff served as the portfolio assistant for the Magellan
and individuals.
Fund in 1989 and 1990, before being asked to manage the
Fidelity Contrafund in September 1990. The fund is the largest
In this role, Ms. Gupta co-manages Fidelity Advisor New Insights
solely managed active equity mutual fund in the world.
Fund.
Contrafund strategies have more than $210 billion in assets.
Previously, Ms. Gupta was the global Technology sector leader.
Mr. Danoff started Fidelity Advisor New Insights Fund in 2003,
She was also responsible for Fidelity Advisor Technology Fund,
which has grown to $26 billion. He currently co-manages the
VIP Technology Portfolio, Fidelity Select Technology Portfolio,
fund with Nidhi Gupta. He started Fidelity Series Opportunistic
and Fidelity Select Communication Services Portfolio. In
Insights Fund in 2012, which has grown to $8 billion.
addition, she covered large cap internet stocks and made buy
and sell recommendations on equity stocks for the firm's equity-
In addition, Mr. Danoff resumed management of the $23 billion
based portfolio managers.
Fidelity VIP Contrafund in May 2018, a portfolio he launched in
1995 before handing off to colleagues in 2007. He co-manages
Prior to joining Fidelity as a global equity research analyst intern
that fund with Jean Park.
in 2007, Ms. Gupta was an analyst at Citadel Investment Group
in Chicago, where she covered U.S. and European
Mr. Danoff also manages Fidelity Insights Class*, Fidelity U.S.
pharmaceuticals. Previously, Ms. Gupta was a business analyst at
Equity**, and co-manages Fidelity Global Growth & Value Class*
McKinsey & Company. She has been in the financial industry
with Joel Tillinghast. These strategies were launched in January
since joining the investment banking division of Goldman, Sachs
2017, May 2018, and June 2018, respectively, and have grown to
& Company as a summer analyst in 2002.
over $11 billion in aggregate.
Ms. Gupta earned her bachelor of science degree in
Morningstar named Mr. Danoff "Domestic Stock Manager of the
management science and engineering and her bachelor of arts
Year"*** in 2007.
degree in international relations from Stanford University. She
also earned her master of business administration degree from
All data related to assets managed is as of 6/30/2021 unless
Harvard Business School.
otherwise noted
* Only available to Canadian Investors
** Only available to Japanese Investors
*** Established in 1988, the Morningstar Fund Manager of the
Year award recognizes portfolio managers who demonstrate
excellent investment skill and the courage to differ from the
consensus to benefit investors. To qualify for the award,
managers' funds must have not only posted impressive returns
for the year, but the managers also must have a record of
delivering outstanding long-term performance and of aligning
their interests with shareholders'. The Fund Manager of the Year
award winners are chosen based on Morningstar's proprietary
research and in-depth evaluation by its fund analysts.
© Morningstar, Inc. All rights reserved. The information
contained herein: (1) is proprietary to Morningstar and/or its
affiliates; (2) may not be copied or distributed; (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.
Morningstar is a registered trademark of Morningstar, Inc., and is
not affiliated with Fidelity Investments. Fidelity does not review
the Morningstar data. For mutual fund performance information,
you should check the fund's current prospectus for the most up-
to-date information concerning applicable loads, fees, and
9 | 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, 2021 1 3 5 10 Year/
Year Year Year LOF1
Fidelity Advisor New Insights Fund - Class I
25.70% 15.91% 17.88% 16.32%
Gross Expense Ratio: 0.86%2
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 07/31/2003.
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
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