Fund Evaluator:

Fidelity Advisor Consumer Disctnry - Z Overview

Fidelity Advisor Consumer Disctnry - Z (FFNUX) is an actively managed Sector Equity Consumer Cyclical fund. Fidelity Investments launched the fund in 2025.

The investment seeks capital appreciation. The fund invests primarily in common stocks. It invests at least 80% of assets in securities of companies principally engaged in the manufacture and distribution of consumer discretionary products and services. The fund invests in domestic and foreign issuers. 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. The fund is non-diversified.

About Fidelity Advisor Consumer Disctnry - Z (FFNUX)

There are 1 members of the management team with an average tenure of 3.97 years: Jordan Michaels (2022). 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 MSCI US IMI/Consumer Discr 25-50 GR USD index with a weighting of 100%. Fidelity Advisor Consumer Disctnry - Z has 59 securities in its portfolio. The top 10 holdings constitute 65.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Fidelity Advisor Consumer Disctnry - Z is part of the Equity global asset class and is within the Sector Equity fund group. Fidelity Advisor Consumer Disctnry - Z has 3.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.3%. There is 3.4% 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 Consumer Disctnry - Z has 0.3% of the portfolio in cash.

Assets Under Management

The fund has $55 million in total assets, which is below the $284 million average for the Consumer Cyclical 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.

FFNUX 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 Consumer Disctnry - Z expense ratio is above average compared to funds in the Consumer Cyclical category. Fidelity Advisor Consumer Disctnry - Z has an expense ratio of 0.60%, which is 49% 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 Consumer Disctnry - Z has a portfolio turnover rate of 21%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 101% for the Consumer Cyclical category.

Recently, in the month of June 2026, Fidelity Advisor Consumer Disctnry - Z returned -2.1%, which earned it a grade of C, as the Consumer Cyclical category had an average return of -0.3%. 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 Consumer Disctnry - Z has a trailing yield of 0.00%, which is below the 0.65% category average. The fund normally distributes its income semi-annually and its capital gains semi-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 Consumer Disctnry - Z Grades

Year to date, the fund has returned 0.7%, 1.3 percentage points better than the category, which translates into a grade of A. The fund has returned 12.5% over the past year (grade of A), 13.9% over the past three years (grade of A) and 5.6% per year over the past five years (grade of A) and 12.4% per year over the past 10 years (grade of B).

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