Investment objective & strategy
As of Jan. 24, 2025 · prospectusObjective. Fidelity Advisor Equity Income Fund seeks a yield from dividend and interest income which exceeds the composite dividend yield on securities comprising the S&P 500 Index. In addition, consistent with the primary objective of obtaining dividend and interest income, the fund will consider the potential for achieving capital appreciation.
Strategy. Normally investing at least 80% of assets in equity securities. Normally investing primarily in income-producing equity securities, which tends to lead to investments in large cap "value" stocks. Potentially investing in other types of equity securities and debt securities, including lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds). 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. Potentially using covered call options as tools in managing the fund's assets. Effective December 11, 2025, normally investing at least 80% of assets in income-producing equity securities. Equity securities represent … Normally investing at least 80% of assets in equity securities. Normally investing primarily in income-producing equity securities, which tends to lead to investments in large cap "value" stocks. Potentially investing in other types of equity securities and debt securities, including lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds). 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. Potentially using covered call options as tools in managing the fund's assets. Effective December 11, 2025, normally investing at least 80% of assets in income-producing equity securities. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics. Income-producing equity securities are equity securities that pay, or are expected to pay within the next three months, dividends or interest. 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.
Top holdings
As of May 31, 2025 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Fidelity Cash Central Fund | — | $59.63M | 3.25% |
| SHELL PLC SPONS ADR | — | $56.64M | 3.09% |
| US BANCORP DEL | — | $50.21M | 2.74% |
| CISCO SYSTEMS INC | — | $42.55M | 2.32% |
| WELLS FARGO & CO | — | $40.90M | 2.23% |
| COMCAST CORP CL A | — | $40.75M | 2.22% |
| GSK plc SPONSORED ADR | GSK US | $38.07M | 2.07% |
| CHUBB LTD | — | $37.62M | 2.05% |
| EXXON MOBIL CORP | — | $36.49M | 1.99% |
| BANK OF AMERICA CORPORATION | — | $36.37M | 1.98% |
Portfolio moves
Feb 28, 2025 → May 31, 2025How 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. |
|---|---|---|
| Fidelity Advisor Equity Value Fund · FAVAX, FAVCX, FAVTX, FAIVX, FAEVX | 41% | 0.55% |
| Fidelity Advisor Value Leaders Fund · FVLAX, FVLCX, FVLTX, FVLIX | 32% | 0.90% |
| Fidelity Advisor Growth and Income Fund · FGIRX, FGIUX, FGITX, FGIOX, FGIZX | 31% | 0.49% |
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 24, 2025, from the fund's prospectus.
- Net assets and holdings count as of May 31, 2025, from the fund's N-PORT filing.
- Total return for calendar year 2024, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
Machine-readable: JSON · Markdown. Programmatic access via the agent surface.