Investment objective & strategy
As of April 18, 2025 · prospectusObjective. VIP FundsManager 20% Portfolio seeks high current income and, as a
Strategy. Normally investing in a combination of underlying Fidelity retail and Variable Insurance Products (VIP) mutual funds and exchange-traded funds (underlying Fidelity funds). Using a target asset allocation among underlying Fidelity funds of approximately: Domestic Equity Funds 12% International Equity Funds 8% Fixed-Income Funds 50% Money Market Funds 30% Actively managing underlying Fidelity fund holdings to achieve portfolio characteristics similar to the Fidelity VIP FundsManager 20% Composite IndexSM, which is a hypothetical representation of the performance of the asset classes in which the underlying Fidelity funds invest, based on combinations of the following unmanaged indexes: Dow Jones U.S. Total Stock Market IndexSM (equities); MSCI ACWI ex USA Index (international equities); Bloomberg U.S. Aggregate Bond Index (bonds); and Bloomberg U.S. 3-Month Treasury … Normally investing in a combination of underlying Fidelity retail and Variable Insurance Products (VIP) mutual funds and exchange-traded funds (underlying Fidelity funds). Using a target asset allocation among underlying Fidelity funds of approximately: Domestic Equity Funds 12% International Equity Funds 8% Fixed-Income Funds 50% Money Market Funds 30% Actively managing underlying Fidelity fund holdings to achieve portfolio characteristics similar to the Fidelity VIP FundsManager 20% Composite IndexSM, which is a hypothetical representation of the performance of the asset classes in which the underlying Fidelity funds invest, based on combinations of the following unmanaged indexes: Dow Jones U.S. Total Stock Market IndexSM (equities); MSCI ACWI ex USA Index (international equities); Bloomberg U.S. Aggregate Bond Index (bonds); and Bloomberg U.S. 3-Month Treasury Bellwether Index (short-term investments). Using proprietary fundamental and quantitative fund research, considering factors including fund performance, a fund manager's experience and investment style, and fund characteristics such as expense ratio, asset size, and portfolio turnover to select underlying Fidelity funds.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| MONEY MARKET FUND | FRGXX | $174.61M | 25.73% |
| VIP Investment Grade Bond II Portfolio - Investor Class | — | $148.36M | 21.86% |
| Fidelity Total Bond Fund | — | $147.92M | 21.80% |
| VIP Stock Selector Portfolio - Investor Class | — | $61.50M | 9.06% |
| Fidelity Cash Central Fund | — | $33.55M | 4.94% |
| Fidelity Inflation-Protected Bond Index Fund | — | $12.75M | 1.88% |
| Fidelity Overseas Fund | — | $12.27M | 1.81% |
| FIDELITY EMERGING MARKETS FUND | — | $12.07M | 1.78% |
| Fidelity Hedged Equity Fund | — | $8.23M | 1.21% |
| Fidelity Commodity Strategy Fund | — | $7.59M | 1.12% |
Portfolio moves
Dec 31, 2025 → Mar 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. |
|---|---|---|
| VIP FundsManager 30% Portfolio | 87% | 0.55% |
| VIP FundsManager 40% Portfolio | 78% | 0.59% |
| VIP FundsManager 50% Portfolio | 70% | 0.64% |
Advisers
| Firm | Role |
|---|---|
| Fidelity Management & Research Company LLC | Adviser |
Footnotes
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
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