Fund Evaluator:

Fidelity Dividend Growth Overview

Fidelity Dividend Growth (FDGFX) is an actively managed U.S. Equity Large Blend fund. Fidelity Investments launched the fund in 1993.

The investment seeks capital appreciation. The fund invests at least 80% of assets in equity securities. It invests primarily in common stocks. The fund invests primarily in companies that currently pay or have a historical record of paying dividends. It invests in domestic and foreign issuers. The fund invests in either "growth" stocks or "value" stocks or both. It 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 Dividend Growth (FDGFX)

There are 1 members of the management team with an average tenure of 6.00 years: Zachary Turner (2020). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Morningstar US Dividend Growth TR USD index with a weighting of 100%. Fidelity Dividend Growth has 126 securities in its portfolio. The top 10 holdings constitute 40.0% 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 Dividend Growth is part of the Equity global asset class and is within the U.S. Equity fund group. Fidelity Dividend Growth has 11.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 87.4%. There is 11.1% 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 Dividend Growth has 1.5% of the portfolio in cash.

Assets Under Management

The fund has $9 billion in total assets, which is above the $6 billion average for the Large Blend 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.

FDGFX 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 Dividend Growth expense ratio is high compared to funds in the Large Blend category. Fidelity Dividend Growth has an expense ratio of 0.88%, which is 9% higher than its category average, making the fund expense ratio grade a D. 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 Dividend Growth has a portfolio turnover rate of 81%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.

Recently, in the month of June 2026, Fidelity Dividend Growth returned 0.2%, which earned it a grade of B, as the Large Blend category had an average return of -0.2%. 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 Dividend Growth has a trailing yield of 1.20%, which is above the 0.56% category average. The fund normally distributes its income none.

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 Dividend Growth Grades

Year to date, the fund has returned 16.9%, 7.9 percentage points better than the category, which translates into a grade of A. The fund has returned 33.2% over the past year (grade of A), 25.9% over the past three years (grade of A) and 15.7% per year over the past five years (grade of A) and 14.3% per year over the past 10 years (grade of C).

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