For the quarter, the fund's Retail Class shares returned -7.12%, outpacing the -9.78% result of the benchmark, the Russell 1000® Growth Index.
A sizable underweight in Microsoft was among the top individual relative contributors as financial results were not strong enough to mask slowing growth at its Azure cloud business.
Fidelity thought concerns regarding AI disruption at AppLovin were mostly overblown, so the fund added to the position on price weakness during the quarter.
Fidelity opportunistically added to Apple and Amazon.com on weakness and bought shares of select energy companies, including Exxon Mobil and Suncor Energy.
The portfolio remained overweight in semiconductors, preferring businesses providing key infrastructure for AI tasks, such as Nvidia, Marvell Technology and Taiwan Semiconductor Manufacturing.
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Performance Review
For the quarter, the fund's Retail Class shares returned -7.12%, outpacing the -9.78% result of the benchmark, the Russell 1000® Growth Index. Importantly, given our focus, long-term performance favors the fund over the benchmark.
