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Fidelity Investments
Sector Portfolios
A suite of mutual funds and ETFs for investors looking for targeted
exposure to sectors.

APPROPRIATE INVESTORS: DESCRIPTION:

Sector investments may In 1981, Fidelity launched its first sector fund, showcasing the
be appropriate for investors breadth and depth of our research and investment capabilities.
looking to pursue growth and Today, sector-based research remains the foundation of our
manage risk, including those asset management approach.
investors who:
1. W
 hat are sectors? The equity market is composed of
stocks of thousands of companies. To
Want to Know What They Own analyze and better understand market
While style groupings can dynamics, professional investors often
change (e.g., a company can group companies based on their type
go from growth to value), a of business. These groupings of stocks
company’s sector classification with similar characteristics are typically
usually stays the same, making called sectors, and there are generally
it easier to understand and 11 recognized sectors.
analyze your portfolio.
2. G
 enerally intuitive Most investors are more comfortable
owning something that makes sense
to them, and sector classification is far
Want to Diversify more intuitive and stable than growth
Sectors don’t always respond versus value or small- versus large-
to the economy in the same capitalization groupings. A stock rarely
way and can regularly move out moves from its sector classification, but
of sync with each other, giving stocks will move from growth to value, and
them a low correlation that can from small to large capitalization, many
potentially add diversification times during their lifecycle.
to a portfolio. In addition, sectors
may help diversify against single
3. U
 sed to employ Sectors can be used in many ways
stock exposure risk.
multiple strategies to help achieve the results you are
looking for. They can be used to focus
on opportunistic growth; as various
Want to Easily Identify investing solutions, including increasing
Risk Exposure income or hedging against inflation;
Because sector performance or as a way to manage a tax-loss
is typically tied to the economic harvesting strategy.
environment, sectors often have
clear patterns of volatility.
FIDELITY INVESTMENTS SECTOR PORTFOLIOS

How it works:
Definitions THE VARIOUS WAYS CLIENTS MAY USE SECTORS
of Sectors: By adding specific sectors to your existing portfolio, your financial consultant can offer an
opportunity to enhance returns, manage risk, and protect against inflation. It’s important
Communication Services
to keep in mind that, because of their narrow focus, some sector funds can be more volatile
Companies that facilitate
than diversified equity funds.
communication or provide
access to entertainment
content and other BUSINESS CYCLE INVESTING1
information through various One of the most common ways investors tend to analyze and assess sector opportunities is
types of media alongside the business or economic cycle. Over long periods of time, certain equity sectors
Consumer Discretionary
have tended to assume repeatable patterns of performance leadership at different points in
Goods or services that an economic cycle.
people want, but don’t Sector Early Mid Late Recession
necessarily need Rebounds Peaks Moderates Contracts

Consumer Staples Financials + −

Goods and services that –
people use on a daily basis
Real Estate ++ + −−
Energy Consumer Discretionary ++ −−
Energy resources such as oil, Information Technology + + − −−
gas, and coal
Industrials ++ −−
Financials
Businesses such as banking
Materials + −− −
and brokerage, mortgage Consumer Staples −− – + ++
finance, insurance, and real
estate development
Health Care −− ++
Health Care
Energy −− ++ −−
Production and delivery of Communication Services + −
medicine and health care–
related goods and services
Utilities −− − + ++
Industrials Economically sensitive Making marginal portfolio Defensive and inflation- Since performance is
sectors may tend to allocation changes to resistant sectors tend generally negative in
Manufacturing and outperform, while more manage drawdown risk to perform better, while recessions, investors should
distribution of capital goods defensive sectors have with sectors may enhance more cyclical sectors focus on the most defensive,
tended to underperform. risk-adjusted returns underperform. historically stable sectors.
in support of industries during this cycle.

Information Technology Note: The typical business cycle shown above is a hypothetical illustration. There is not always a chronological progression
Goods and services, in this order, and in past cycles the economy has skipped a phase or retraced an earlier one. Source for sector performance
including hardware, during business cycle: Fidelity Investments (AART). Unshaded (white) portions above suggest no clear pattern of over- or
underperformance vs. broader market. Double +/– signs indicate that the sector is showing a consistent signal across all
software, semiconductors,
three metrics: full-phase average performance, median monthly difference, and cycle hit rate. A single +/– indicates a
and consulting services mixed or less consistent signal. The white line reflects the rise and fall of the business cycle. Returns data from 1962 to 2021.
Annualized returns are represented by the performance of the largest 3,000 U.S. stocks measured by market capitalization,
Materials
and sectors are defined by the Global Industry Classification Standard (GICS®). Past performance is no guarantee of future
Manufacturing, extracting results. See last page for important information.
or processing of chemicals, The typical business cycle depicts the general pattern of economic cycles throughout history, though each cycle is different.
plastics, forests, metals, In general, the typical business cycle demonstrates the following:
and minerals • During the typical early-cycle phase, the economy bottoms and picks up steam until it exits recession and then begins the
recovery as activity accelerates. Inflationary pressures are typically low, monetary policy is accommodative, and the yield
Real Estate curve is steep.
Companies that own, operate, • During the typical mid-cycle phase, the economy exits recovery and enters into expansion, characterized by broader and
or develop commercial real more self-sustaining economic momentum but a more moderate pace of growth. Inflationary pressures typically begin to
rise, monetary policy becomes tighter, and the yield curve experiences some flattening.
estate properties such as
• During the typical late-cycle phase, the economic expansion matures, inflationary pressures continue to rise, and the yield
offices, malls, or warehouses curve may eventually become flat or inverted. Eventually, the economy contracts and enters recession, with monetary
policy shifting from tightening to easing.
Utilities
Please note that there is no uniformity of time among phases, nor is there always a chronological progression in this order.
Electric power, natural gas, For example, business cycles have varied between one and 10 years in the U.S., and there have been examples when the
water, and other utility services economy has skipped a phase or retraced an earlier one.

INVESTMENT STRATEGY
 FIDELITY INVESTMENTS SECTOR PORTFOLIOS

Features and benefits:

SECTOR EXPOSURE HAS DRIVEN RETURNS* Why Fidelity
Sector exposure has been a significant driver of returns. Investors often ignore key
Fidelity invests
performance drivers when constructing portfolios. But as you can see from the chart heavily in our
below, sectors may matter more than market capitalization and style when designing capabilities, and
your portfolio. our sector funds
are evidence of that
investment.
This example is based on a statistical analysis of all stocks in the Russell 3000 Index and
defined by the Global Industry Classification System (GICS®), over nearly 30 years. Today Fidelity has:
• One of the largest
U.S. sector offerings  —
nearly 50 funds and ETFs
covering almost every
sector and industry

93%
• Expert insight and ideas,
and over 40 years of
sector fund investing
of performance is experience
driven by Company • Some of the lowest-
priced sector ETFs
and Sector factors. available
• Powerful sector
66% research, education,
Company and tools

We offer clients the

following resources:
• Investment Research
27% Update — a research
Sector brief that highlights five
different viewpoints
from the Fidelity
Research teams on the
7% various sectors, available
at Fidelity.com/IRU
Market • Online research — a
multitude of educational
Capitalization/Style
programs and resources
available at
Fidelity.com/sectors

INVESTMENT STRATEGY
SECTOR INVESTING OPTIONS – MUTUAL FUNDS AND ETFS:

Communication Services Industrials

Fidelity Select Communication Services (FBMPX) Fidelity Select Industrials (FCYIX)
Fidelity Select Telecommunications (FSTCX) Fidelity MSCI Industrials Index ETF (FIDU)
Fidelity MSCI Communication Services Index ETF (FCOM) Fidelity Select Defense and Aerospace (FSDAX)
Fidelity Select Wireless (FWRLX) Fidelity Select Transportation (FSRFX)

Consumer Discretionary Information Technology

Fidelity Select Consumer Discretionary (FSCPX) Fidelity Select Technology (FSPTX)
Fidelity MSCI Consumer Discretionary Index ETF (FDIS) Fidelity MSCI Information Technology Index ETF (FTEC)
Fidelity Select Automotive (FSAVX) Fidelity Select Tech Hardware (FDCPX)
Fidelity Select Leisure (FDLSX) Fidelity Select Semiconductors (FSELX)
Fidelity Select Retailing (FSRPX) Fidelity Select IT Services (FBSOX)
Fidelity Select Construction and Housing (FSHOX) Fidelity Select Software and IT Services (FSCSX)

Consumer Staples Materials

Fidelity Select Consumer Staples (FDFAX) Fidelity Select Materials (FSDPX)
Fidelity MSCI Consumer Staples Index ETF (FSTA) Fidelity MSCI Materials Index ETF (FMAT)
Fidelity Select Chemicals (FSCHX)
Energy Fidelity Select Gold (FSAGX)
Fidelity Select Energy (FSENX)
Fidelity MSCI Energy Index ETF (FENY) Real Estate
Fidelity Real Estate Investment (FRESX)
Financials Fidelity MSCI Real Estate Index ETF (FREL)
Fidelity Select Financials (FIDSX) Fidelity Real Estate Income (FRIFX)
Fidelity MSCI Financials Index ETF (FNCL) Fidelity International Real Estate (FIREX)
Fidelity Select FinTech (FSVLX)
Fidelity Select Banking (FSRBX) Utilities
Fidelity Select Insurance (FSPCX) Fidelity Select Utilities (FSUTX)
Fidelity Select Brokerage & Inv Management (FSLBX) Fidelity MSCI Utilities Index ETF (FUTY)
Fidelity Telecom and Utilities (FIUIX)
Health Care
Fidelity Select Health Care (FSPHX)
Fidelity MSCI Health Care Index ETF (FHLC)
Fidelity Select Biotechnology (FBIOX) ETFs are listed in italics.
Fidelity Select Health Care Services (FSHCX)
Fidelity Select Medical Technology and Devices (FSMEX)
Fidelity Select Pharmaceuticals (FPHAX)

For more information, please contact your Fidelity investment professional.

Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.
Prior to 6/1/2023, Fidelity Financials Portfolio was named Fidelity Financial Services Portfolio.
*Source: FactSet, Fidelity Investments, as of 12/31/2021. Based on a stepwise regression analysis of 52-week returns (annualized). Sector returns are a cap-weighted average returns
of all GICS sectors. Results based on the average of all stocks in the Russell 3000 Index. Past performance is no guarantee of future results. It is not possible to invest directly in an
index. All market indices are unmanaged. Index performance is not meant to represent that of any Fidelity mutual fund.
Diversification and asset allocation do not ensure a profit or guarantee against loss.
Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies. Nondiversified sector funds may have additional volatility
because they can invest a significant portion of assets in securities of a small number of individual issuers. Because FMR concentrates the funds’ investments in a particular industry, the
funds’ performance could depend heavily on the performance of that industry and could be more volatile than the performance of less concentrated funds and the market as a whole.
The funds are considered nondiversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund; thus, changes in the market value of a single
investment could cause greater fluctuations in share price than would occur in a more diversified fund.
Global Industry Classification Standard — GICS ®— is a standardized classification system for equities developed jointly by Morgan Stanley Capital International (MSCI) and Standard &
Poor’s. The GICS hierarchy begins with 11 sectors and is followed by 24 industry groups, 68 industries, and 157 sub-industries. Each stock that is classified will have a coding at all four of
these levels.
ETFs are subject to market fluctuation and the risks of their underlying investments. ETFs are subject to management fees and other expenses. Unlike mutual funds, ETF
shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund.
Investment decisions should be based on an individual’s own goals, time horizon, and tolerance for risk.
Standard & Poor’s 500® Index (S&P 500® Index) is an unmanaged market capitalization–weighted index of 500 widely held U.S. stocks and includes reinvestment of dividends. It is not
possible to invest in an index.
Third-party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliated company.
Before investing in any mutual fund or exchange-traded fund, you should consider its investment objectives, risks, charges, and expenses.
Contact Fidelity for a prospectus, offering circular, or, if available, a summary prospectus containing this information. Read it carefully.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
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