Fidelity Advisor Stock Selector All Cap Fund
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PORTFOLIO MANAGER Q&A | AS OF MARCH 31, 2021
Fidelity Advisor® Stock Selector
All Cap Fund
Key Takeaways MARKET RECAP
• For the semiannual reporting period ending March 31, 2021, the The S&P 500® index gained 19.07% for
fund's Class I shares gained 22.97%, outperforming the 19.07% the six months ending March 31, 2021,
advance of the benchmark S&P 500® index. rising on the prospect of a surge in
economic growth amid widespread
COVID-19 vaccinations, fiscal stimulus
• Against a backdrop of heightened investor enthusiasm about COVID- that included a third round of relief
19 vaccine development and distribution fueling an acceleration in payments and fresh spending programs.
U.S. economic growth, strong security selection drove the fund's As the period began, the historic rally
relative outperformance of the benchmark the past six months. that began in March 2020 had slowed
due to Congress's inability to reach a
• Overweighted positions in diversified financial services provider deal on additional fiscal stimulus, as well
Capital One Financial and semiconductor maker Micron Technology as concerns about election uncertainty.
were among the top relative contributors. Not owning But as the calendar turned, investors saw
underperforming graphics chip maker and benchmark component reasons to be hopeful. The rollout of two
Nvidia also added considerable value on a relative basis, as did the COVID-19 vaccines was underway, the
decision to avoid lagging pharmaceutical heavyweight Merck. U.S. Federal Reserve pledged to hold
interest rates near zero until the economy
• In contrast, larger-than-benchmark stakes in enterprise sales software recovered, and the federal government
would deploy trillions of dollars in aid to
provider Salesforce.com and drug company Regeneron
boost consumers and the economy. This
Pharmaceuticals dampened performance versus the benchmark. A
backdrop fueled a powerful market
non-benchmark position in Swiss multinational pharmaceutical giant
rotation, with small-cap value stocks
Roche Holdings also detracted. usurping longstanding leadership from
large growth shares. As part of the so-
• Looking ahead, Lead Portfolio Manager Geoff Stein believes the called reopening trade, investors moved
environment for stocks remains supportive. More specifically, he out of tech-driven mega-caps that thrived
thinks a substantial amount of pent-up consumer demand could lead due to the work-from-home trend in favor
to robust growth in U.S. gross domestic product in the second and of cheap smaller companies they
third quarters of 2021. believed stood to benefit from a broad
cyclical recovery. Reflecting this shift, the
energy sector gained 67% for the six
months, boosted by a rally in the price of
oil. Financials rose 43%, riding
momentum among banks (+65%), whose
profitability outlook improved amid rising
long-term interest rates and a steepening
yield curve. Conversely, notable
"laggards" included the defensive
consumer staples (+8%), utilities (+10%)
and health care (+11%) sectors.
Not FDIC Insured • May Lose Value • No Bank GuaranteePORTFOLIO MANAGER Q&A | AS OF MARCH 31, 2021
Q&A
An interview with Portfolio Manager
Geoff Stein, with additional comments
from Katie Shaw, who is responsible
Geoff Stein
Portfolio Manager for the fund's consumer discretionary
investments
Fund Facts
Trading Symbol: FBRNX Q: Geoff, how did the fund perform for the six
months ending March 31, 2021
Start Date: September 28, 1990
The fund's Class I shares advanced 22.97%, outpacing the
Size (in millions): $11,113.45 19.07% increase in the benchmark S&P 500® index and
topping the peer group average by a wider margin.
Looking a bit longer term, the fund gained 66.11% for the
trailing 12 months, outperforming both the benchmark and
Investment Approach peer group average.
• Fidelity Advisor® Stock Selector All Cap Fund is a Q: Please tell us about your investment strategy
diversified domestic equity strategy that invests broadly
across all sectors, market capitalizations and styles. and how it played out the past six months.
• The fund is managed by two members of Fidelity's I'm joined by 11 sector specialists who are responsible for
Global Asset Allocation division and a team of sector picking stocks within the benchmark's major economic
portfolio managers, each responsible for picking stocks sectors. We maintain broad exposure to the equity market,
within one or more of the major market sectors. and do so in a sector-neutral fashion, keeping the fund
roughly in line with the benchmark's corresponding
• Portfolio sector weightings are kept similar to those of its
allocations. This approach allows us to focus portfolio risk in
benchmark in an effort to add value through active stock
areas where we think we have the greatest potential for
selection – our core competency – and also to minimize
repeatable success – the stock-picking ability of our sector
the risks associated with sector or market timing.
specialists.
• Focused sector expertise, supported by our deep
research infrastructure, is combined with disciplined These specialists take opportunistic, active positions at both
portfolio construction to provide investment-process the industry and individual stock levels within their respective
consistency in seeking to deliver attractive risk-adjusted sector sleeves in an effort to capitalize on their highest-
returns over time. conviction ideas. We invest across market-capitalization and
style segments, but overall, the fund tends to have a smaller-
• Our sector-based structure preserves individual
cap, higher-growth bias than the S&P 500®, harnessing
creativity and accountability, core to Fidelity's
security selection and research capabilities from across the
investment culture.
Fidelity organization.
Over the past six months, heightened investor enthusiasm
about the U.S. economy reopening amid the development
and distribution of COVID-19 vaccines drove market
dynamics.
Against this backdrop, broadly positive security selection
fueled the fund's relative outperformance of the benchmark.
Picks among consumer discretionary and financials stocks
led the way, with 10 of 11 sector sleeves topping their
respective benchmark components.
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 MARCH 31, 2021
Q: Which stocks were the top contributors compete with Microsoft Teams. While the firm posted
slightly better-than-expected financial results for the quarter
versus the benchmark
ended January 31, 2021, Salesforce.com's numbers weren't
An outsized stake in Capital One Financial (+77%) helped the strong enough to provide any significant lift to its stock price.
most versus the benchmark this period, boosted by favorable
Within the health care sector, two holdings notably
financial results in the fourth quarter of 2020. The provider of
hampered the fund's relative result: Regeneron
credit cards, auto loans and savings accounts cited a number
Pharmaceuticals (-15%) and Roche Holdings (-3%), the latter
of key drivers, including improved credit trends, the
of which is a non-benchmark position.
reinstatement of its dividend – which was cut in July 2020 – a
$7.5 billion share-buyback program and broadly higher Regeneron's stock declined despite strong third-quarter
interest rates. financial results boosted by solid sales of the firm's
blockbuster Eylea®, an injection to treat the wet form of age-
Not owning graphics chips maker Nvidia (-1%) worked in our
related macular degeneration. The company also garnered
favor as well the past six months. Early on, the company
headlines in early October when President Trump was
reported record quarterly revenue in its gaming and data
treated with an antibody cocktail to combat COVID-19
center businesses, but with somewhat disappointing
developed by Regeneron and Roche Holdings. In addition,
guidance in which the firm's management projected a slight
on January 8, the Food and Drug Administration accepted
sequential decline in fourth-quarter data center revenue.
the firm's application for approval of its antibody treatment
Also, Nvidia highlighted that it continues to work through the
for rheumatoid arthritis – a partnership with Sanofi. Still,
regulatory approval process regarding its $40 billion
shares of Regeneron struggled amid concerns that vaccine
acquisition of Arm Holdings. The deal is expected to help the
success could limit the need for Regeneron's antibody
combined company further its pursuits in artificial
treatment in the battle against COVID-19.
intelligence and could better support data centers used to
power remote work. That said, the agreement may face Lastly, Roche's stock underperformed this period, even amid
regulatory hurdles in the U.S., China and the U.K. the strong market for its coronavirus diagnostics tests and
treatments. In October, the Swiss multinational firm reported
An overweighting in Micron Technology (+88%) was another
disappointing third-quarter sales due to some of its aging
key relative contributor. The semiconductor maker posted
prescription drugs, although the company lifted its 2021
better-than-expected earnings-per-share and revenue during
sales and profit outlook in January, given continued strong
the period. Additionally, Micron's gross margins continued to
sales of COVID-19 tests.
expand rapidly, and the company issued stronger-than-
anticipated guidance for its fiscal third quarter ending June
28, 2021. As the period came to a close, analysts cheered the Q: What is your outlook as of March 31, Geoff
news that the firm was considering making a bid for I think the overall backdrop for stocks remains supportive. As
Japanese NAND maker Kioxia Holding. NAND chips are the the U.S. economy begins to reopen amid widespread
flash memory chips used in smaller devices like smartphones distribution of COVID-19 vaccines, I believe gross domestic
and USB drives. Analysts believe any consolidation in the product growth could be robust, particularly in the second
oversupplied NAND market would be a big positive for the and third quarters of 2021, fueled by pent-up consumer
memory industry as a whole, given it could drive significant demand. I'm also anticipating a strong recovery in corporate
pricing power and leverage, especially in light of looming earnings growth. In my view, earnings-per-share growth is
chip shortages. likely to exceed pre-pandemic levels before the end of 2021.
Within health care, it helped to avoid pharmaceutical Of course, much of this anticipated good news may already
heavyweight Merck (-6%), as the company, along with other be reflected in stock prices, so further gains could be limited.
larger, more defensive drugmakers, lagged during the Near-term inflation expectations are significantly above
market's rotation into riskier stocks. Merck faced pressure as where they were prior to the pandemic. While it is possible
non-COVID-19-related drug usage declined amid the that higher-than-expected inflation could unnerve
pandemic. policymakers and investors alike, we think the U.S. Federal
Reserve (Fed) will view any near-term uptick in domestic
Q: What about detractors inflation as transitory. Furthermore, I believe the Fed will
maintain its accommodative policy as it seeks broader and
An overweighting in Salesforce.com (-16%), a cloud-based
more inclusive employment gains. ■
provider of enterprise sales software, was among the
portfolio's biggest detractors versus the benchmark. Many
investors reacted negatively to the December
announcement in which the company revealed its plans to
buy Slack Technologies for $28 million. Some analysts
doubted that Slack could help Salesforce.com effectively
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 MARCH 31, 2021
LARGEST CONTRIBUTORS VS. BENCHMARK
Average Relative
Katie Shaw highlights three retailers Holding Market Segment
Relative Contribution
Weight (basis points)*
that care about the environment: Capital One Financial
Financials 0.91% 44
Corp.
"When it comes to monitoring carbon emissions, Consumer
Tesla, Inc. -0.28% 37
minimizing packaging materials, and using water Discretionary
wisely, a trio of brands and retailers stand out. Information
NVIDIA Corp. -1.07% 25
Lululemon Athletica, Nike and TJX are getting it Technology
right in this regard and, partly as a result, they're Amazon.com, Inc.
Consumer
-1.08% 21
earning a higher stock premium for their attention to Discretionary
the environment. Each was a holding within the Micron Technology, Information
0.38% 21
portfolio on March 31. Inc. Technology
* 1 basis point = 0.01%.
"Apparel company Lululemon is seeking to power
all company-owned operations using 100% recycled
electricity this year. The firm also is testing nylon-
dying techniques that use at least 75% less water, in
LARGEST DETRACTORS VS. BENCHMARK
addition to seeking to make its products with 75%
sustainable materials by 2025. Average Relative
Relative Contribution
"Nike plans to operate on 100% renewable energy Holding Market Segment Weight (basis points)*
by the end of 2025 and is currently on track to JPMorgan Chase &
Financials -0.74% -26
achieve this goal. What's more, Nike has exceeded Co.
its target for reducing water usage, and 76% of its Applied Materials, Inc.
Information
-0.27% -21
styles use some kind of recycled material. Technology
General Electric Co. Industrials -0.29% -18
"Taking care of the environment is part of the TJX
Regeneron
ethos. Although the company lags Lululemon and Health Care 0.39% -16
Pharmaceuticals, Inc.
Nike in its efforts to reduce carbon emissions, TJX is Roche Holding AG
a standout in minimizing packaging materials and (participation Health Care 0.63% -16
waste. In 2019, the company diverted more than certificate)
75,000 metric tons of waste out of landfills and is * 1 basis point = 0.01%.
seeking ways to recycle more than just cardboard –
including scrap metal, paper, glass, and the hangers
and fixtures used in its stores.
"It's clear to me that environmental, social and other
important stakeholder concerns are integrated into
all three of these companies' business models."
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 MARCH 31, 2021
ASSET ALLOCATION
Relative Change
From Six Months
Asset Class Portfolio Weight Index Weight Relative Weight Ago
Domestic Equities 94.16% 99.97% -5.81% 0.94%
International Equities 4.76% 0.03% 4.73% -1.27%
Developed Markets 4.24% 0.03% 4.21% -1.28%
Emerging Markets 0.46% 0.00% 0.46% -0.05%
Tax-Advantaged Domiciles 0.06% 0.00% 0.06% 0.06%
Bonds 0.00% 0.00% 0.00% 0.00%
Cash & Net Other Assets 1.08% 0.00% 1.08% 0.33%
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 24.59% 25.76% -1.17% -1.32%
Health Care 12.94% 13.44% -0.50% -1.13%
Financials 11.86% 11.79% 0.07% -0.28%
Consumer Discretionary 11.79% 12.34% -0.55% 0.83%
Communication Services 10.59% 10.01% 0.58% -0.04%
Industrials 9.36% 9.80% -0.44% 0.22%
Consumer Staples 5.87% 5.55% 0.32% 0.03%
Real Estate 3.08% 3.22% -0.14% 0.15%
Materials 2.72% 2.89% -0.17% 0.38%
Energy 2.65% 2.66% -0.01% -0.13%
Utilities 2.52% 2.54% -0.02% 0.21%
Multi Sector 0.95% -- 0.95% 0.75%
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 MARCH 31, 2021
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Microsoft Corp. Information Technology 5.51% 5.94%
Apple, Inc. Information Technology 5.13% 6.35%
Alphabet, Inc. Class A Communication Services 3.89% 3.13%
Amazon.com, Inc. Consumer Discretionary 3.07% 2.64%
Facebook, Inc. Class A Communication Services 2.30% 1.94%
UnitedHealth Group, Inc. Health Care 1.13% 1.29%
Capital One Financial Corp. Financials 1.13% 0.92%
Adobe, Inc. Information Technology 0.99% 1.21%
Procter & Gamble Co. Consumer Staples 0.99% 1.17%
Exxon Mobil Corp. Energy 0.95% 0.43%
10 Largest Holdings as a % of Net Assets 25.09% 25.96%
Total Number of Holdings 542 503
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 March 31, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Advisor Stock Selector All Cap Fund - Class I
22.97% 6.22% 66.11% 16.62% 17.31% 13.17%
Gross Expense Ratio: 0.62%2
S&P 500 Index 19.07% 6.17% 56.35% 16.78% 16.29% 13.91%
Dow Jones U.S. Total Stock Market Index 22.16% 6.45% 62.68% 17.05% 16.60% 13.75%
Morningstar Fund Large Growth 15.06% 2.23% 63.57% 20.44% 19.42% 14.73%
% Rank in Morningstar Category (1% = Best) -- -- 30% 83% 70% 77%
# of Funds in Morningstar Category -- -- 1,282 1,186 1,065 788
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 09/28/1990.
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 MARCH 31, 2021
Definitions and Important Information 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
Information provided in this document is for informational and
applicable loads, fees and expenses.
educational purposes only. To the extent any investment information
in this material is deemed to be a recommendation, it is not meant to % Rank in Morningstar Category is the fund's total-return
be impartial investment advice or advice in a fiduciary capacity and is percentile rank relative to all funds that have the same Morningstar
not intended to be used as a primary basis for you or your client's Category. The highest (or most favorable) percentile rank is 1 and
investment decisions. Fidelity, and its representatives may have a the lowest (or least favorable) percentile rank is 100. The top-
conflict of interest in the products or services mentioned in this performing fund in a category will always receive a rank of 1%. %
material because they have a financial interest in, and receive Rank in Morningstar Category is based on total returns which
compensation, directly or indirectly, in connection with the include reinvested dividends and capital gains, if any, and exclude
management, distribution and/or servicing of these products or sales charges. Multiple share classes of a fund have a common
services including Fidelity funds, certain third-party funds and portfolio but impose different expense structures.
products, and certain investment services.
FUND RISKS RELATIVE WEIGHTS
Stock markets, especially foreign markets, are volatile and can Relative weights represents the % of fund assets in a particular
decline significantly in response to adverse issuer, political, market segment, asset class or credit quality relative to the
regulatory, market, or economic developments. Foreign securities benchmark. A positive number represents an overweight, and a
are subject to interest rate, currency exchange rate, economic, and negative number is an underweight. The fund's benchmark is listed
political risks. While the fund is diversified, the underlying sector immediately under the fund name in the Performance Summary.
central funds may be volatile because of their narrow concentration
in specific industries.
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.
Initial offering of Class A shares for FA Stock Selector All Cap took
place on 10/23/12. Returns prior to the date listed are those of
Fidelity Stock Selector All Cap.
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.
Dow Jones U.S. Total Stock Market Index is a float-adjusted
market-capitalization-weighted index of all equity securities of U.S.
headquartered companies with readily available price data.
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
7 |PORTFOLIO MANAGER Q&A | AS OF MARCH 31, 2021 Manager Facts industry since 2000. Geoff Stein is a portfolio manager in the Global Asset Allocation Ms. Shaw earned her bachelor of arts degree in economics and (GAA) group at Fidelity Investments. Fidelity Investments is a government from The University of Virginia and her master of leading provider of investment management, retirement business administration degree from Harvard Business School. planning, portfolio guidance, brokerage, benefits outsourcing, She is also a CFA® charterholder. and other financial products and services to institutions, financial intermediaries, and individuals. In this role, Mr. Stein serves as manager for a number of multi- asset class mutual funds and subadvisory accounts for U.S. and Canadian investors. Such funds include the Fidelity and Fidelity Advisor Stock Selector All Cap Funds, Fidelity and Fidelity Advisor Asset Manager® Funds, Fidelity VIP Asset Manager and VIP FundsManager® Portfolios, and various other Canadian funds. He focuses primarily on active asset allocation. Prior to assuming his current position in April 2009, Mr. Stein was chief investment officer of Fidelity Charitable Gift Fund from 2007 to 2009. Previously, he worked as a portfolio manager and director of portfolio management for Strategic Advisers LLC from 1998 to 2007, focusing on Fidelity Portfolio Advisory Service Accounts® (formerly Fidelity Portfolio Advisory Service), and as an investment consultant for Fidelity Investments Institutional Services Company, Inc,. and Fidelity Management & Research Company from 1994 to 1998. Before joining Fidelity in 1994, Mr. Stein served as a director of client services at Jacobs Levy Equity Management from 1992 to 1994, and as a consultant for Cambridge Associates from 1988 to 1992. He has been in the financial industry since 1988. Mr. Stein earned his bachelor of arts degree in economics from Yale and his master of business administration degree from Stanford University. He is also a CFA® charterholder and member of the CFA Institute and CFA Society Boston. Katherine Shaw is a sector leader 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, Ms. Shaw serves as sector leader of the Global Consumer team and is responsible for providing research coverage for the consumer discretionary sector. Additionally, she manages Fidelity Select Consumer Discretionary Portfolio, Fidelity Advisor Consumer Discretionary Fund, Fidelity VIP Consumer Discretionary Portfolio, and Fidelity Consumer Discretionary Central Fund. She also co-manages Fidelity Stock Selector All Cap Fund. Prior to joining Fidelity in 2007, Ms. Shaw served as a private equity associate at TA Associates and as an investment banking analyst at Salomon Smith Barney. She has been in the financial 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 Stock Selector All Cap Fund - Class I
43.42% 18.24% 18.47% 14.16%
Gross Expense Ratio: 0.62%2
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 09/28/1990.
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
Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street,
any time based upon market or other conditions and Fidelity disclaims any
Smithfield, RI 02917.
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a Fidelity fund Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI
are based on numerous factors, may not be relied on as an indication of 02917.
trading intent on behalf of any Fidelity fund. The securities mentioned are © 2021 FMR LLC. All rights reserved.
not necessarily holdings invested in by the portfolio manager(s) or FMR Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.
LLC. References to specific company securities should not be construed
702484.14.0
as recommendations or investment advice.
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