Investment objective & strategy
As of Sept. 24, 2025 · prospectusObjective. Fidelity Leveraged Company Stock Fund seeks capital appreciation.
Strategy. Normally investing at least 80% of assets in stocks. Normally investing primarily in common stocks of companies that issue lower- and medium-quality debt. Potentially investing in 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. Investing in either "growth" stocks or "value" stocks or both. Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments. Effective December 11, 2025, normally investing at least 80% of the fund's assets in stocks of leveraged companies. Stocks are a type of equity security that represent an ownership interest in an issuer. Stocks include common stocks (including depositary … Normally investing at least 80% of assets in stocks. Normally investing primarily in common stocks of companies that issue lower- and medium-quality debt. Potentially investing in 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. Investing in either "growth" stocks or "value" stocks or both. Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments. Effective December 11, 2025, normally investing at least 80% of the fund's assets in stocks of leveraged companies. Stocks are a type of equity security that represent an ownership interest in an issuer. Stocks include common stocks (including depositary receipts evidencing ownership of common stock) and preferred stocks. Leveraged companies are companies that issue long-term debt (i.e., debt with a repayment period of greater than one year). Effective December 11, 2025, 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 Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| NVIDIA CORP | — | $244.82M | 6.35% |
| META PLATFORMS INC CL A | — | $211.15M | 5.48% |
| ALPHABET INC CL A | — | $188.27M | 4.89% |
| VISTRA CORP | — | $168.15M | 4.36% |
| COMFORT SYSTEMS USA INC | — | $156.70M | 4.07% |
| APOLLO GLOBAL MANAGEMENT INC | — | $151.09M | 3.92% |
| ARTHUR J GALLAGHAR AND CO | — | $149.60M | 3.88% |
| TAIWAN SEMIC MFG CO LTD SP ADR | — | $148.79M | 3.86% |
| VERTIV HOLDINGS CO | — | $146.30M | 3.80% |
| TOPBUILD CORP | — | $137.75M | 3.57% |
Portfolio moves
Oct 31, 2025 → Jan 31, 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. |
|---|---|---|
| Fidelity Disciplined Equity Fund · FDEQX, FDEKX | 35% | 0.59% |
| Fidelity Sustainable U.S. Equity ETF · FSST | 35% | 0.59% |
| Fidelity Magellan ETF · FMAG | 34% | 0.57% |
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 September 24, 2025, from the fund's prospectus.
- Net assets and holdings count as of January 31, 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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