Investment objective & strategy
As of Oct. 30, 2025 · prospectusObjective. Fidelity Environment and Alternative Energy Fund seeks capital appreciation.
Strategy. Normally investing primarily in common stocks.Normally investing at least 80% of assets in securities of companies principally engaged in business activities related to alternative and renewable energy, energy efficiency, pollution control, water infrastructure, waste and recycling technologies, or other environmental support services. These companies may include, for example, companies involved in alternative and renewable energy such as solar, wind, biofuels, hydropower, geothermal power, or power storage; energy management & efficiency and energy conservation products and services such as energy-efficient home or building design and insulation, including heating and cooling, lighting, or appliances, as well as fuel efficient vehicles transportation such as hybrid and electric car vehicles, railways, or other alternative energy transportation equipment and solutions; pollution reduction and prevention activities … Normally investing primarily in common stocks.Normally investing at least 80% of assets in securities of companies principally engaged in business activities related to alternative and renewable energy, energy efficiency, pollution control, water infrastructure, waste and recycling technologies, or other environmental support services. These companies may include, for example, companies involved in alternative and renewable energy such as solar, wind, biofuels, hydropower, geothermal power, or power storage; energy management & efficiency and energy conservation products and services such as energy-efficient home or building design and insulation, including heating and cooling, lighting, or appliances, as well as fuel efficient vehicles transportation such as hybrid and electric car vehicles, railways, or other alternative energy transportation equipment and solutions; pollution reduction and prevention activities to control emissions; water infrastructure related to water distribution, water purification, the collection, treatment, or reclamation of wastewater, and other water storage and maintenance; companies involved in food, agriculture, and aquaculture production or distribution; and waste management and recycling activities such as the transportation, treatment, and disposal of hazardous or other wastes, transforming waste into energy and other recycling, and sanitation or filtration equipment or services. For purposes of the fund's policy to normally invest at least 80% of its assets in securities of companies principally engaged in the business activity or activities identified for the fund, Fidelity may consider a company to be principally engaged in the designated business activity or activities based on: (i) the level of a company's assets, income, sales, or profits that are committed to, derived from, or related to the designated business activity or activities, or (ii) whether a third party has given the company an industry or sector classification consistent with the designated business activity or activities. Whether a company is principally engaged in the designated business activity or activities can be determined under any of these factors. 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. 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.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| Security | Ticker | Value | % of fund |
|---|---|---|---|
| TESLA INC | — | $53.81M | 8.34% |
| MICROSOFT CORP | — | $45.17M | 7.00% |
| CISCO SYSTEMS INC | — | $25.50M | 3.95% |
| PROLOGIS INC REIT | — | $23.08M | 3.58% |
| LINDE PLC | — | $22.55M | 3.50% |
| NXP SEMICONDUCTORS NV | — | $22.48M | 3.49% |
| EATON CORP PLC | — | $22.36M | 3.47% |
| NEXTERA ENERGY INC | — | $22.12M | 3.43% |
| SIEMENS ENERGY AG | — | $22.03M | 3.42% |
| ANALOG DEVICES INC | — | $21.82M | 3.38% |
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. |
|---|---|---|
| UBS US Dividend Ruler Fund · DVRUX, DVRPX | 31% | 0.30% |
| VIP Industrials Portfolio · FFNHX | 22% | 0.61% |
| First Trust Alerian U.S. NextGen Infrastructure ETF · RBLD | 21% | 0.65% |
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 October 30, 2025, 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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