For the quarter, the Fidelity Equity-Income Fund's Retail Class shares gained 3.19%, surpassing the 2.23% gain of the benchmark, the Russell 3000® Value Index.
Security selection and industry positioning contributed to the fund's performance versus the benchmark in Q1, especially the fund's favorable stock picks in health care and consumer discretionary.
The fund trimmed its position in Samsung as the stock's valuation became richer; however, the stock remained a large overweight and top-20 holding at the end of March.
The Fidelity Equity-Income Fund strategically leaned into volatility to uncover idiosyncratic ideas and to target companies with strong internal, long-term drivers.
Chiefly, the fund slightly increased holdings in the health care, consumer discretionary and energy sectors, while decreasing exposure to information technology, materials and industrials.
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Performance Review
For the quarter, the fund's Retail Class shares gained 3.19%, surpassing the 2.23% gain of the benchmark, the Russell 3000® Value Index. Importantly, given our focus, longer-term performance comparisons favor the fund over the benchmark and peer group average.
