Fund Evaluator:

Fidelity Capital Appreciation K Overview

Fidelity Capital Appreciation K (FCAKX) is an actively managed U.S. Equity Large Growth fund. Fidelity Investments launched the fund in 2008.

The investment seeks capital appreciation. The fund invests primarily in common stocks. It invests in domestic and foreign issuers. The fund invests in either "growth" stocks or "value" stocks or both. The advisor uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

About Fidelity Capital Appreciation K (FCAKX)

There are 1 members of the management team with an average tenure of 1.39 years: Zachary Turner (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Fidelity Capital Appreciation K has 172 securities in its portfolio. The top 10 holdings constitute 38.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Fidelity Capital Appreciation K is part of the Equity global asset class and is within the U.S. Equity fund group. Fidelity Capital Appreciation K has 11.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 86.2%. There is 11.9% 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 Capital Appreciation K has 0.6% of the portfolio in cash.

Assets Under Management

The fund has $261 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.

FCAKX 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 Capital Appreciation K expense ratio is average compared to funds in the Large Growth category. Fidelity Capital Appreciation K has an expense ratio of 0.58%, which is 40% lower than its category average, making the fund expense ratio grade a A. 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 Capital Appreciation K has a portfolio turnover rate of 84%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 55% for the Large Growth category.

Recently, in the month of August 2026, Fidelity Capital Appreciation K returned 3.0%, which earned it a grade of C, as the Large Growth category had an average return of 3.3%. 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 Capital Appreciation K has a trailing yield of 0.61%, which is above the 0.06% category average. The fund normally distributes its income annually and its capital gains 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 Capital Appreciation K Grades

Year to date, the fund has returned 18.6%, 11.4 percentage points better than the category, which translates into a grade of A. The fund has returned 26.8% over the past year (grade of A), 23.3% over the past three years (grade of A) and 13.1% per year over the past five years (grade of A) and 16.7% per year over the past 10 years (grade of B).

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