JDSPY - Fidelity Mid-Cap Stock Fund Q2 2024 Review
2024-07-30 10:40:00 ET
Summary
- Fidelity Contrafund is a large-cap growth biased equity strategy focused on companies with durable multiyear earnings growth potential.
- Fidelity® Mid-Cap Stock Fund is a diversified domestic equity strategy focused on companies valued at $1 billion to $10 billion across the growth-to-value universe.
- For the quarter, the fund returned -4.45%, underperforming the -3.45% result of the benchmark, the S&P MidCap 400® Index.
- As of midyear, markets enjoy favorable momentum and easier financial conditions, even though the pace and magnitude of global monetary easing is uncertain.
Investment Approach
- Fidelity® Mid-Cap Stock Fund is a diversified domestic equity strategy focused on companies valued at $1 billion to $10 billion across the growth-to-value universe.
- Philosophically, we believe a company's stock price reflects the market's collective view of its future earnings power, but the collective view can be wrong.
- We believe bottom-up, fundamental analysis can identify those opportunities where our earnings forecasts deviate from consensus, and where the potential reward for being right is high.
- We look for investment opportunities in emerging growth stocks, where we have a differentiated view on the magnitude of the growth rate; compounders, where we have a differentiated view on the sustainability of the growth rate; and mean-reversion stocks, where we have a differentiated view on the timing, duration or magnitude of the cycle.
- In constructing the portfolio, we size positions by assessing our conviction in the differentiated view on future earnings power versus its potential payoff.