FMET - Fidelity OTC Portfolio Q2 2024 Review
2024-07-29 10:20:00 ET
Summary
- Fidelity Contrafund is a large-cap growth biased equity strategy focused on companies with durable multiyear earnings growth potential.
- Fidelity OTC Portfolio invests primarily in dynamic growth companies listed on the Nasdaq stock exchange.
- For the quarter, the fund's Retail Class shares gained 10.39%, outpacing the 8.47% advance of the benchmark, the NASDAQ Composite Index.
- Within the fund's benchmark, information technology (+14%) and communication services (+11%) – the former led by semiconductors & semiconductor equipment (+21%) – both recorded a double-digit gain.
Investment Approach
- Fidelity® OTC Portfolio invests primarily in dynamic growth companies listed on the Nasdaq stock exchange.
- Our investment approach focuses on companies we believe have above-average earnings growth potential with sustainable business models, for which the market has mispriced the rate and/or durability of growth.
- In particular, we look for events that might provide a business catalyst - such as product cycles, a change in management and turnaround situations - that could add to a stock's true value. We believe finding companies with a competitive advantage, pricing power and strong management teams will deliver superior earnings over the long term.
- We look to exploit inappropriate valuations in the market through bottom-up, fundamental analysis, working in concert with Fidelity's global research team.