Fund Evaluator:

Fidelity Climate Action Overview

Fidelity Climate Action (FCAEX) is an actively managed International Equity Global Large-Stock Growth fund. Fidelity Investments launched the fund in 2021.

The investment seeks long-term growth of capital. The fund normally invests at least 80% of assets in equity securities of climate aware companies. Climate aware companies are those that Fidelity Management & Research Company LLC (FMR) believes are working to address climate change or its impacts either indirectly through their corporate strategy, or directly through the technology, services, or products they provide. It invests in securities of domestic and foreign issuers. The fund invests in either "growth" stocks or "value" stocks or both.

About Fidelity Climate Action (FCAEX)

There are 1 members of the management team with an average tenure of 5.04 years: Asher Anolic (2021). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI World NR USD index with a weighting of 100% and MSCI World Climate Change NR USD index with a weighting of 100%. Fidelity Climate Action has 105 securities in its portfolio. The top 10 holdings constitute 35.3% 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 Climate Action is part of the Equity global asset class and is within the International Equity fund group. Fidelity Climate Action has 13.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 84.6%. There is 13.5% 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 Climate Action has 1.9% of the portfolio in cash.

Assets Under Management

The fund has $54 million in total assets, which is below the $996 million average for the Global Large-Stock 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.

FCAEX 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 Climate Action expense ratio is high compared to funds in the Global Large-Stock Growth category. Fidelity Climate Action has an expense ratio of 1.05%, which is 6% lower than its category average, making the fund expense ratio grade a C. 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 Climate Action has a portfolio turnover rate of 39%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 46% for the Global Large-Stock Growth category.

Recently, in the month of June 2026, Fidelity Climate Action returned -1.0%, which earned it a grade of F, as the Global Large-Stock Growth category had an average return of 0.8%. 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 Climate Action has a trailing yield of 0.00%, which is below the 0.27% category average. The fund normally distributes its income 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 Climate Action Grades

Year to date, the fund has returned 16.5%, 7.7 percentage points better than the category, which translates into a grade of A. The fund has returned 36.5% over the past year (grade of A), 22.7% over the past three years (grade of A) and 11.3% per year over the past five years (grade of A).

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