Fund Evaluator:
Fidelity Advisor Freedom 2065 Z (FDFQX)
Follow This Fund
Best Performing in Target-Date 2065 Over the Last Year
| 26.5% | Fidelity Advisor Freedom Blend 2065 Z (FAXGX) |
| 25.3% | Fidelity Advisor Sust Trgt Dt 2065 Z (FTHDX) |
| 25.1% | Fidelity Advisor Sust Trgt Dt 2065 I (FTHBX) |
| 24.4% | Fidelity Advisor Freedom 2065 Z (FDFQX) |
| 24.1% | BlackRock LifePath® Index 2065 Inv A (LIWAX) |
Fund Details
Fidelity Advisor Freedom 2065 Z Overview
Fidelity Advisor Freedom 2065 Z (FDFQX) is an actively managed Allocation Target-Date 2065 fund. Fidelity Investments launched the fund in 2019.
The investment seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond. The fund invests primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity ® funds). The adviser allocates assets according to a neutral asset allocation strategy that adjusts over time until it reaches an allocation similar to that of the Fidelity Advisor Freedom® Income Fund.
About Fidelity Advisor Freedom 2065 Z (FDFQX)
There are 4 members of the management team with an average tenure of 4.05 years: Andrew Dierdorf (2019), Brett Sumsion (2019), Finola McGuire Foley (2025), Cait Dourney Earle (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 Advisor Freedom 2065 Z has 45 securities in its portfolio. The top 10 holdings constitute 80.3% 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 Advisor Freedom 2065 Z is part of the Allocation global asset class and is within the Allocation fund group. Fidelity Advisor Freedom 2065 Z has 46.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 50.5%. There is 45.4% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 6.2% (5.6% domestic bond, 0.6% foreign bond and 0.0% convertible bond). Fidelity Advisor Freedom 2065 Z has -3.0% of the portfolio in cash.
Assets Under Management
The fund has $93 million in total assets, which is below the $245 million average for the Target-Date 2065 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.
FDFQX 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 Freedom 2065 Z expense ratio is above average compared to funds in the Target-Date 2065 category. Fidelity Advisor Freedom 2065 Z has an expense ratio of 0.65%, which is 4% 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 Advisor Freedom 2065 Z has a portfolio turnover rate of 18%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 25% for the Target-Date 2065 category.
Recently, in the month of June 2026, Fidelity Advisor Freedom 2065 Z returned 1.3%, which earned it a grade of A, as the Target-Date 2065 category had an average return of 0.4%. 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 Freedom 2065 Z has a trailing yield of 1.20%, which is below the 1.43% 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 Advisor Freedom 2065 Z Grades
Year to date, the fund has returned 13.3%, 1.8 percentage points better than the category, which translates into a grade of A. The fund has returned 24.4% over the past year (grade of A), 19.3% over the past three years (grade of A) and 9.9% per year over the past five years (grade of B).
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FDFQX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FDFQX Return (NAV) | 1.3% | 14.5% | 24.4% | 19.3% | 9.9% | na |
| FDFQX Grade | A | B | A | A | B | na |
| +/- Category | 0.9% | 0.9% | 2.2% | 1.4% | 0.3% | na |
| Target-Date 2065 Avg | 0.4% | 13.6% | 22.2% | 17.9% | 9.6% | na |
| FDFQX Tax Cost Ratio | na | na | 1.5% | 1.1% | 1.4% | na |
FDFQX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FDFQX Return (NAV) | 13.3% | 23.2% | 13.7% | 19.3% | -18.2% | 16.1% | 17.4% | na | na | na | na |
| FDFQX Grade | A | A | D | D | B | D | B | na | na | na | na |
| +/- Category | 1.8% | 3.6% | -1.1% | -0.8% | 0.1% | -1.4% | 1.5% | na | na | na | na |
| Target-Date 2065 Avg | 11.5% | 19.6% | 14.8% | 20.1% | -18.3% | 17.4% | 15.9% | 27.3% | -10.0% | na | na |
| Risk Measures | |
| Standard Deviation: | 12.2% |
| Total Risk Index: | 1.00 - Average |
| Category Risk Index: | 1.01 - Average |
| Category Risk Grade: | C (53% Rank) |
| Beta: | 1.26 |
| R-Squared: | 94% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $363 Mil |
| Fund Total Assets: | $ 93 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 18% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 7.0 years | |||
| Average Tenure: 4.0 years | |||
| Managers (Year): Dierdorf Andrew (2019), Sumsion Brett (2019), McGuire Foley Finola (2025), Dourney Earle Cait (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 45 |
| % in Top 10 Holdings: | 80.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 46.0% |
Portfolio Allocation |
|
| Domestic Stock: | 50.5% |
| Foreign Stock: | 45.4% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 5.6% |
| Foreign Bond: | 0.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.9% |
| Cash: | -3.0% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 877-208-0098 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | June 28, 2019 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.65% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.67% |
| Share Class: | Fidelity Advisor Freedom 2065 K6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
