Fund Evaluator:

Fidelity Growth Strategies Overview

Fidelity Growth Strategies (FDEGX) is an actively managed U.S. Equity Mid-Cap Growth fund. Fidelity Investments launched the fund in 1990.

The investment seeks capital appreciation. The fund primarily invests in common stocks. It invests in companies the advisor believes offer the potential for accelerated earnings or revenue growth (stocks of these companies are often called "growth" stocks). The advisor focuses investments in medium-sized companies, but may also invest substantially in larger or smaller companies. It invests in domestic and foreign issuers.

About Fidelity Growth Strategies (FDEGX)

There are 1 members of the management team with an average tenure of 2.11 years: Shilpa Mehra (2024). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell Mid Cap Growth TR USD index with a weighting of 100%. Fidelity Growth Strategies has 149 securities in its portfolio. The top 10 holdings constitute 27.2% 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 Growth Strategies is part of the Equity global asset class and is within the U.S. Equity fund group. Fidelity Growth Strategies has 3.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.7%. There is 3.0% 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 Growth Strategies has -1.2% of the portfolio in cash.

Assets Under Management

The fund has $4 billion in total assets, which is above the $686 million average for the Mid-Cap 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.

FDEGX 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 Growth Strategies expense ratio is above average compared to funds in the Mid-Cap Growth category. Fidelity Growth Strategies has an expense ratio of 0.69%, which is 37% 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 Growth Strategies has a portfolio turnover rate of 58%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 76% for the Mid-Cap Growth category.

Recently, in the month of June 2026, Fidelity Growth Strategies returned 3.9%, which earned it a grade of C, as the Mid-Cap Growth category had an average return of 3.7%. 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 Growth Strategies has a trailing yield of 0.00%, which is below the 0.03% 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 Growth Strategies Grades

Year to date, the fund has returned 15.8%, 4.0 percentage points better than the category, which translates into a grade of B. The fund has returned 15.6% over the past year (grade of B), 20.5% over the past three years (grade of A) and 9.9% per year over the past five years (grade of A) and 13.8% per year over the past 10 years (grade of A).

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