Summary

• For the first quarter of 2026, the Fidelity Dividend Growth Fund's Retail Class shares returned -0.09%, topping the -4.33% result of the benchmark S&P 500 index.
• Stock selection in information technology meaningfully aided performance versus the benchmark, along with a sizable overweight in energy stocks.
• Fidelity Dividend Growth Fund reduced its position in Blue Owl Capital as the firm became the focal point of a broad sell-off in alternative-asset managers.
• Among companies positioned to benefit from AI, Taiwan Semiconductor Manufacturing and Alphabet were some of the largest overweights as of March 31.
• The energy sector was the fund's biggest sector overweight as of quarter end, driven by reasonable valuations and corporate policies about returning capital to shareholders.

Performance Review

For the first quarter of 2026, the fund's Retail Class shares returned -0.09%, topping the -4.33% result of the benchmark S&P 500® index.

U.S. stocks returned -4.33% in the first quarter, according to the S&P 500® index, as concern

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