Investment objective & strategy
As of Jan. 26, 2026 · prospectusObjective. Fidelity Advisor Value Strategies Fund seeks capital appreciation.
Strategy. Normally investing at least 80% of assets in securities of value companies. Value companies are companies the Adviser believes are undervalued in the marketplace. The Adviser considers traditional and other measures of value, such as whether the company is included in a third-party value benchmark or classified as a value company by a third-party vendor, whether the company's free cash flow yield is above the equity market median, whether the company's enterprise value (the total value of a company's outstanding equity and debt) relative to earnings is below the equity market median, or whether the company's price-to-book (P/B) ratio or projected price-to-earnings (P/E) ratio is below the equity market median. An issuer may be determined to be a value company … Normally investing at least 80% of assets in securities of value companies. Value companies are companies the Adviser believes are undervalued in the marketplace. The Adviser considers traditional and other measures of value, such as whether the company is included in a third-party value benchmark or classified as a value company by a third-party vendor, whether the company's free cash flow yield is above the equity market median, whether the company's enterprise value (the total value of a company's outstanding equity and debt) relative to earnings is below the equity market median, or whether the company's price-to-book (P/B) ratio or projected price-to-earnings (P/E) ratio is below the equity market median. An issuer may be determined to be a value company under any of these factors. Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives. Normally investing primarily in common stocks. Focusing investments in medium-sized companies, but also may invest substantially in larger or smaller companies. Investing in domestic and foreign issuers. Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| WESTERN DIGITAL CORP | — | $60.72M | 3.16% |
| Fidelity Securities Lending Cash Central Fund | — | $39.60M | 2.06% |
| SANDISK CORPORATION | — | $35.35M | 1.84% |
| IMPERIAL OIL LTD | — | $26.22M | 1.36% |
| IRON MOUNTAIN INC | — | $26.02M | 1.35% |
| PRIMO BRANDS CORP A | — | $24.96M | 1.30% |
| ON SEMICONDUCTOR CORP | — | $24.21M | 1.26% |
| EQUINIX INC | — | $23.67M | 1.23% |
| FRANK'S INTERNATIONAL NV | — | $23.32M | 1.21% |
| RAYMOND JAMES FINANCIAL INC. | — | $22.82M | 1.19% |
Portfolio moves
Nov 30, 2025 → Feb 28, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| VIP Value Strategies Portfolio | 87% | 0.59% |
| VIP Value Portfolio | 66% | 0.60% |
| Fidelity Advisor Value Fund · FAVFX, FCVFX, FTVFX, FVIFX, FVLZX | 59% | 0.68% |
Advisers
| Firm | Role |
|---|---|
| FMR Investment Management (UK) Limited | Sub-adviser |
| Fidelity Management & Research (Japan) Limited | Sub-adviser |
| Fidelity Management & Research (Hong Kong) Limited | Sub-adviser |
| Fidelity Management & Research Company LLC | Adviser |
Footnotes
- Expense ratio as of January 26, 2026, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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