Investment objective & strategy
As of April 18, 2025 · prospectusObjective. VIP Mid Cap Portfolio seeks long-term growth of capital.
Strategy. Normally investing primarily in common stocks. Normally investing at least 80% of assets in securities of companies with medium market capitalizations . The Adviser generally defines medium market capitalization companies as those whose market capitalization is similar to the market capitalization of companies in the Russell Midcap Index or the S&P MidCap 400 Index . 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. Potentially investing in companies with smaller or larger market capitalizations. Investing in domestic and foreign issuers. Investing … Normally investing primarily in common stocks. Normally investing at least 80% of assets in securities of companies with medium market capitalizations . The Adviser generally defines medium market capitalization companies as those whose market capitalization is similar to the market capitalization of companies in the Russell Midcap Index or the S&P MidCap 400 Index . 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. Potentially investing in companies with smaller or larger market capitalizations. Investing in domestic and foreign issuers. Investing in either "growth" stocks or "value" stocks or both. 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.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Fidelity Cash Central Fund | — | $272.93M | 3.42% |
| LUMENTUM HOLDINGS INC | — | $143.78M | 1.80% |
| ATI INC | — | $130.93M | 1.64% |
| Fidelity Securities Lending Cash Central Fund | — | $130.01M | 1.63% |
| ITT INC | — | $129.03M | 1.62% |
| WESTERN DIGITAL CORP | — | $125.70M | 1.57% |
| US FOODS HOLDING CORP | — | $121.32M | 1.52% |
| COHERENT CORP | — | $118.49M | 1.48% |
| EAST WEST BNCRP | — | $110.48M | 1.38% |
| EMCOR GROUP INC | — | $110.08M | 1.38% |
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. |
|---|---|---|
| Fidelity Advisor Mid Cap II Fund · FIIAX, FIICX, FITIX, FIIMX, FZAMX | 98% | 0.58% |
| Fidelity Mid-Cap Stock K6 Fund · FNKFX | 42% | 0.45% |
| Fidelity Mid-Cap Stock Fund · FMCSX, FKMCX, FMCNX, FMCWX, FMCHX, FMCJX, FMCQX | 42% | 0.56% |
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 April 18, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 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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