Summary

• For the first quarter, Fidelity Real Estate Investment Portfolio gained 3.33%, outperforming the 1.35% result of the benchmark, the MSCI U.S. IMI Real Estate 25/50 Linked Index.
• In Q1, the biggest source of outperformance relative to the MSCI real estate industry index was the data center REITs category, where a significant overweight combined with favorable security selection added value for the fund.
• Apartment REITs generally were down in Q1 due to disappointing financial outlooks announced in earnings season – news that investors interpreted as a sign of a potentially challenging year ahead.

Investment Approach

• Fidelity^® Real Estate Investment Portfolio (FRESX) seeks above-average income and long-term capital growth, consistent with reasonable investment risk, by investing in securities of companies that own and, in most cases, operate commercial real estate

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