Fund Evaluator:
Fidelity Advisor Healthy Future C (FAPKX)
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Best Performing in Large Growth Over the Last Year
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Fund Details
Fidelity Advisor Healthy Future C Overview
Fidelity Advisor Healthy Future C (FAPKX) is an actively managed U.S. Equity Large Growth fund. Fidelity Investments launched the fund in 2022.
The investment seeks long-term growth of capital. The fund invests at least 80% of its assets in equity securities of companies that FMR believes are working to: (i) extend and/or improve life expectancy, enhance health and wellness in people’s lives, and/or (ii) mitigate environmental impacts affecting health and wellness, in each case through the products, services, or technology they provide.
About Fidelity Advisor Healthy Future C (FAPKX)
There are 2 members of the management team with an average tenure of 2.74 years: Allyson Ke (2025), Paul McElroy (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and MSCI World Health & Wellness Sel TR USD index with a weighting of 100%. Fidelity Advisor Healthy Future C has 93 securities in its portfolio. The top 10 holdings constitute 35.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Fidelity Advisor Healthy Future C is part of the Equity global asset class and is within the U.S. Equity fund group. Fidelity Advisor Healthy Future C has 39.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 60.5%. There is 39.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity Advisor Healthy Future C has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $776 million in total assets, which is below the $2 billion average for the Large Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FAPKX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity Advisor Healthy Future C expense ratio is high compared to funds in the Large Growth category. Fidelity Advisor Healthy Future C has an expense ratio of 2.05%, which is 113% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity Advisor Healthy Future C has a portfolio turnover rate of 80%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 54% for the Large Growth category.
Recently, in the month of July 2026, Fidelity Advisor Healthy Future C returned -1.8%, which earned it a grade of B, as the Large Growth category had an average return of -3.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Fidelity Advisor Healthy Future C has a trailing yield of 0.18%, which is above the 0.06% category average. The fund normally distributes its income semi-annually and its capital gains semi-annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Fidelity Advisor Healthy Future C Grades
Year to date, the fund has returned 4.1%, 0.4 percentage points better than the category, which translates into a grade of C. The fund has returned 12.5% over the past year (grade of B) and 8.6% over the past three years (grade of F).
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FAPKX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FAPKX Return (NAV) | -1.8% | 3.5% | 12.5% | 8.6% | na | na |
| FAPKX Grade | B | B | B | F | na | na |
| +/- Category | 1.2% | 1.8% | 3.4% | -9.5% | na | na |
| Large Growth Avg | -3.1% | 1.7% | 9.1% | 18.1% | 8.7% | 15.4% |
| FAPKX Tax Cost Ratio | na | na | 0.5% | 0.2% | na | na |
FAPKX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FAPKX Return (NAV) | 4.1% | 6.5% | 15.9% | 17.7% | na | na | na | na | na | na | na |
| FAPKX Grade | C | F | F | F | na | na | na | na | na | na | na |
| +/- Category | 0.4% | -9.2% | -13.7% | -21.1% | na | na | na | na | na | na | na |
| Large Growth Avg | 3.7% | 15.7% | 29.7% | 38.9% | -32.1% | 20.4% | 42.3% | 33.2% | -0.7% | 29.8% | 2.7% |
| Risk Measures | |
| Standard Deviation: | 12.2% |
| Total Risk Index: | 0.99 - Average |
| Category Risk Index: | 0.69 - Low |
| Category Risk Grade: | A (1% Rank) |
| Beta: | 0.82 |
| R-Squared: | 77% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.2% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $14 Mil |
| Fund Total Assets: | $ 1 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 80% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.2 years | |||
| Average Tenure: 2.7 years | |||
| Managers (Year): McElroy Paul (2022), Ke Allyson (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 93 |
| % in Top 10 Holdings: | 35.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 39.1% |
Portfolio Allocation |
|
| Domestic Stock: | 60.5% |
| Foreign Stock: | 39.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.4% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 877-208-0098 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | May 24, 2022 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 2.05% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.96% |
| Share Class: | Fidelity Advisor Healthy Future Z |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
