Fund Evaluator:

Fidelity Series Commodity Strategy Overview

Fidelity Series Commodity Strategy (FCSSX) is a passively managed Commodities Commodities Broad Basket fund. Fidelity Investments launched the fund in 2009.

The investment seeks to provide investment returns that correspond to the performance of the commodities market. The fund normally invests in commodity-linked derivative instruments, short-term investment-grade debt securities, cash, and cash equivalents. It invests up to 25% of assets in a wholly-owned subsidiary that invests in commodity-linked total return swaps based on the value of commodities or commodities indexes and in other commodity-linked derivative instruments. The fund invests in domestic and foreign issuers. It engages in commodity-linked derivatives transactions that have a leveraging effect on the fund.

About Fidelity Series Commodity Strategy (FCSSX)

There are 3 members of the management team with an average tenure of 10.12 years: Wayne Ryan (2018), Eric Matteson (2010), Ruoyu Wang (2020). 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 Bloomberg Commodity TR USD index with a weighting of 100%. Fidelity Series Commodity Strategy has 38 securities in its portfolio. The top 10 holdings constitute 100.4% 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 Series Commodity Strategy is part of the Real Assets global asset class and is within the Commodities fund group. Fidelity Series Commodity Strategy has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% 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 Series Commodity Strategy has 100.3% of the portfolio in cash.

Assets Under Management

The fund has $1 billion in total assets, which is above the $527 million average for the Commodities Broad Basket 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.

FCSSX 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 Series Commodity Strategy expense ratio is low compared to funds in the Commodities Broad Basket category. Fidelity Series Commodity Strategy has an expense ratio of 0.00%, which is 100% 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. A portfolio turnover rate cannot be currently calculated for Fidelity Series Commodity Strategy. By way of comparison, the average portfolio turnover is 66% for the Commodities Broad Basket category.

Recently, in the month of August 2026, Fidelity Series Commodity Strategy returned 7.2%, which earned it a grade of C, as the Commodities Broad Basket category had an average return of 7.1%. 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 Series Commodity Strategy has a trailing yield of 2.15%, which is below the 8.66% category average. The fund normally distributes its income none 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 Series Commodity Strategy Grades

Year to date, the fund has returned 25.3%, 5.9 percentage points worse than the category, which translates into a grade of F. The fund has returned 35.1% over the past year (grade of F), 12.9% over the past three years (grade of D) and 10.7% per year over the past five years (grade of F) and 7.3% per year over the past 10 years (grade of D).

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