For the quarter, the fund's Retail Class shares gained 6.10%, lagging the 6.97% result of the MSCI U.S. IMI Consumer Staples 25/50 Index.
The outperformance of the consumer staples sector was supported by early signs of improving consumer trends, including better real wage growth among lower-income groups and the passage of tax cuts.
An outsized stake in Keurig Dr Pepper was the biggest individual relative detractor for the Fidelity Select Consumer Staples Portfolio during the first quarter.
Bunge Global SA has benefited lately from a materially improving market backdrop as government mandates for biofuels have increased, raising Renewable Volume Obligations and directly supporting demand for renewable fuels.
Ben Shuleva increased the positions in Mondelez International and Kenvue in Q1, and both are among the portfolio's top-10 holdings at quarter end.
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Market Review
The consumer staples sector returned 6.97% in the first quarter, according to the MSCI U.S. IMI Consumer Staples 25/50 Index, notably outperforming the -4.33% return of the broad-based S&P 500® index.
