Fund Evaluator:
Fidelity Advisor Equity Market Neutral Z (FEMWX)
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Best Performing in Equity Market Neutral Over the Last Year
| 17.7% | Bridgeway Global Opportunities Fund N (BRGOX) |
| 6.9% | Fidelity Advisor Equity Market Neutral Z (FEMWX) |
Fund Details
Fidelity Advisor Equity Market Neutral Z Overview
Fidelity Advisor Equity Market Neutral Z (FEMWX) is an actively managed Alternative Equity Market Neutral fund. Fidelity Investments launched the fund in 2024.
The investment seeks capital appreciation. The fund normally invests at least 80% of assets in equity securities and equity related derivative instruments. It invest both long and short in equities, both directly and indirectly through the use of derivatives, such as, contracts for difference (CFD), futures, options, and swap agreements, and/or a combination. It invests in domestic and foreign issuers, including emerging markets, that are generally denominated in the local currency of the issuer.
About Fidelity Advisor Equity Market Neutral Z (FEMWX)
There are 3 members of the management team with an average tenure of 1.42 years: Matt Jones (2024), Hiten Savani (2024), Daniel Swift (2026). 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 US Trsy Bellwethers 3M TR USD index with a weighting of 100%. Fidelity Advisor Equity Market Neutral Z has 215 securities in its portfolio. The top 10 holdings constitute 30.5% 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 Equity Market Neutral Z is part of the Alternative Strategies global asset class and is within the Alternative fund group. Fidelity Advisor Equity Market Neutral Z has 65.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 39.8%. There is 65.9% 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 Advisor Equity Market Neutral Z has -5.7% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $602 million average for the Equity Market Neutral 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.
FEMWX 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 Equity Market Neutral Z expense ratio is high compared to funds in the Equity Market Neutral category. Fidelity Advisor Equity Market Neutral Z has an expense ratio of 1.08%, which is 46% 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 Advisor Equity Market Neutral Z has a portfolio turnover rate of 78%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 137% for the Equity Market Neutral category.
Recently, in the month of June 2026, Fidelity Advisor Equity Market Neutral Z returned 2.1%, which earned it a grade of A, as the Equity Market Neutral category had an average return of 0.7%. 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 Advisor Equity Market Neutral Z has a trailing yield of 0.00%, which is below the 2.28% category average.
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 Equity Market Neutral Z Grades
Year to date, the fund has returned -1.7%, 4.3 percentage points worse than the category, which translates into a grade of D. The fund has returned 6.9% over the past year (grade of B).
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FEMWX 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 |
|
| FEMWX Return (NAV) | 2.1% | 3.2% | 6.9% | na | na | na |
| FEMWX Grade | A | C | B | na | na | na |
| +/- Category | 1.4% | 1.0% | -0.2% | na | na | na |
| Equity Market Neutral Avg | 0.7% | 2.2% | 7.1% | 9.7% | 7.9% | 4.8% |
| FEMWX Tax Cost Ratio | na | na | 0.1% | na | na | na |
FEMWX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FEMWX Return (NAV) | -1.7% | 13.1% | na | na | na | na | na | na | na | na | na |
| FEMWX Grade | D | B | na | na | na | na | na | na | na | na | na |
| +/- Category | -4.3% | 2.7% | na | na | na | na | na | na | na | na | na |
| Equity Market Neutral Avg | 2.5% | 10.5% | 9.8% | 8.3% | 4.5% | 6.9% | -1.6% | 1.7% | -0.4% | 5.7% | 0.6% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | |
| Cap Gains Distribution: | |
| Total Assets: | $17 Mil |
| Fund Total Assets: | $ 1 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 78% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 2.0 years | |||
| Average Tenure: 1.4 years | |||
| Managers (Year): Jones Matt (2024), Savani Hiten (2024), Swift Daniel (2026) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 215 |
| % in Top 10 Holdings: | 30.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 65.9% |
Portfolio Allocation |
|
| Domestic Stock: | 39.8% |
| Foreign Stock: | 65.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -5.7% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 877-208-0098 |
| Website: |
| Status: | Open |
| Inception Date: | June 25, 2024 |
| 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 (%): | 1.08% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.99% |
| Share Class: | Fidelity Advisor Equity Market Neutral Z |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
