FSEPX
Fidelity Sustainable U.S. Equity Fund
Fidelity Summer Street Trust
Expense ratio1
1.40%
Net assets2
$32.19M
Holdings2
89
Category
US Equity
2025 return3
6.95%

Investment objective & strategy

As of Oct. 30, 2025 · prospectus

Objective. Fidelity Sustainable U.S. Equity Fund seeks long-term growth of capital.

Strategy. Normally investing primarily in equity securities.Normally investing at least 80% of assets in equity securities of U.S. companies that Fidelity Management & Research Company LLC (FMR) (the Adviser) believes have proven or improving sustainability practices based on an evaluation of such companies' individual environmental, social and governance (ESG) profile. An issuer is deemed to be located in the U.S. if the principal trading market for the security is in the United States or the issuer is organized under the laws of the United States. 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, … Normally investing primarily in equity securities.Normally investing at least 80% of assets in equity securities of U.S. companies that Fidelity Management & Research Company LLC (FMR) (the Adviser) believes have proven or improving sustainability practices based on an evaluation of such companies' individual environmental, social and governance (ESG) profile. An issuer is deemed to be located in the U.S. if the principal trading market for the security is in the United States or the issuer is organized under the laws of the United States. 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. 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. Using the Adviser's proprietary ESG ratings process to evaluate the current state of an issuer's sustainability practices using a data-driven framework that includes both proprietary and third-party data, and also provide a qualitative forward-looking assessment of an issuer's sustainability outlook provided by the Adviser's fundamental research analysts and ESG team. The Adviser's ESG ratings of issuers are derived from multiple factors, including an issuer's environmental profile, which may include, but is not limited to, carbon and toxic emissions, water management, waste management, vulnerability to the physical impacts of climate change, and research and investment into products, services, and energies that reduce emissions and/or provide opportunities to transition to less carbon-intensive products or operations. An assessment of an issuer's social profile includes, but is not limited to, its approach to diversity and inclusion, human capital management, data privacy, product safety and human rights. With respect to governance, the independence and diversity of an issuer's board, its compensation practices and board oversight of critical ESG issues are considered as part of the assessment. These factors are weighted based on how material the Adviser believes each factor is to an issuer's financial outlook, and not all factors may be applicable to all issuers.Investing in issuers that the Adviser believes deliver tangible environmental or social impact through core business operations. An assessment of the impact characteristics of an issuer may involve corporate engagement and an analysis of issuer alignment with the United Nations Sustainable Development Goals using qualitative analysis as well as proprietary or third-party data. For example, issuers that provide access to clean water, education, or clean energy through their core business may be considered to deliver tangible impact. Investing in securities of domestic and foreign issuers.In addition to the ESG ratings process, 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.Employing sustainable investing exclusion criteria to avoid investments in issuers that are directly engaged in, and/or derive significant revenue from, certain industries. Please see "Fund Basics - Investment Details - Sustainable Investing Exclusions" for additional information.

Top holdings

As of Feb. 28, 2026 · N-PORT
SecurityTickerValue% of fund
NVIDIA CORP $2.34M 7.26%
APPLE INC $2.03M 6.32%
ALPHABET INC CL A $1.69M 5.24%
MICROSOFT CORP $1.50M 4.67%
AMAZON.COM INC $1.30M 4.04%
Fidelity Cash Central Fund $1.16M 3.61%
LILLY ELI and CO $760.59K 2.36%
JPMORGAN CHASE and CO $662.76K 2.06%
MICRON TECHNOLOGY INC $515.87K 1.60%
COCA-COLA CO/THE $507.38K 1.58%
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Allocation by sector

As of February 28, 2026 · N-PORT
View portfolio breakdown →

Portfolio moves

Nov 30, 2025 → Feb 28, 2026
Opened
12
Exited
8
Increased
9
Decreased
9
Unchanged
59

How 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.

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Similar funds

Funds whose portfolios most overlap this one, by weight
FundOverlapNet exp.
Fidelity SAI Sustainable U.S. Equity Fund · FIDEX 99% 0.56%
Fidelity Sustainable U.S. Equity ETF · FSST 76% 0.59%
Fidelity Women's Leadership Fund · FWOZX, FWMNX, FWOMX, FWOEX, FWOAX, FWOCX 63% 0.57%
View all similar funds →

Advisers

As of May 31, 2025 · N-CEN
FirmRole
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

  1. Expense ratio as of October 30, 2025, from the fund's prospectus.
  2. Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
  3. 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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