Fund Evaluator:
Fidelity Freedom 2045 Premier (FFPEX)
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Best Performing in Target-Date 2045 Over the Last Year
| 23.3% | Fidelity Advisor Freedom Blend 2045 Z (FHBFX) |
| 22.5% | Fidelity Advisor Sust Trgt Dt 2045 Z (FSYSX) |
| 22.4% | Fidelity Advisor Sust Trgt Dt 2045 I (FSYQX) |
| 20.9% | Fidelity Advisor Freedom 2045 Z (FIJQX) |
| 20.8% | Fidelity Freedom Index 2045 Investor (FIOFX) |
Fund Details
Fidelity Freedom 2045 Premier Overview
Fidelity Freedom 2045 Premier (FFPEX) is an actively managed Allocation Target-Date 2045 fund. Fidelity Investments launched the fund in 2026.
The investment seeks high total return until its target retirement date. The fund invests in a combination of Fidelity ® U.S. equity funds, international equity funds, bond funds, and short-term funds. The adviser allocates its assets according to a neutral asset allocation strategy that adjusts over time until it reaches an allocation similar to that of the Fidelity Freedom ® Income Fund, approximately 10 to 19 years after the year 2045.
About Fidelity Freedom 2045 Premier (FFPEX)
There are 4 members of the management team with an average tenure of 7.49 years: Andrew Dierdorf (2011), Brett Sumsion (2014), 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 Freedom 2045 Premier has 51 securities in its portfolio. The top 10 holdings constitute 77.1% 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 Freedom 2045 Premier is part of the Allocation global asset class and is within the Allocation fund group. Fidelity Freedom 2045 Premier has 44.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 49.1%. There is 42.7% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 9.3% (7.4% domestic bond, 1.9% foreign bond and 0.0% convertible bond). Fidelity Freedom 2045 Premier has -2.8% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $1 billion average for the Target-Date 2045 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.
FFPEX 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 Freedom 2045 Premier expense ratio is below average compared to funds in the Target-Date 2045 category. Fidelity Freedom 2045 Premier has an expense ratio of 0.37%, which is 45% 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 Freedom 2045 Premier has a portfolio turnover rate of 12%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 22% for the Target-Date 2045 category.
Recently, in the month of July 2026, Fidelity Freedom 2045 Premier returned -1.5%, which earned it a grade of F, as the Target-Date 2045 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 Freedom 2045 Premier has a trailing yield of 0.00%, which is below the 1.70% 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 Freedom 2045 Premier Grades
Year to date, the fund has returned 12.4%, 2.6 percentage points better than the category, which translates into a grade of A. The fund has returned 23.5% over the past year (grade of A), 17.9% over the past three years (grade of A) and 10.0% per year over the past five years (grade of A) and 11.9% per year over the past 10 years (grade of A).
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FFPEX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FFPEX Return (NAV) | -1.5% | 3.3% | 23.5% | 17.9% | 10.0% | 11.9% |
| FFPEX Grade | F | C | A | A | A | A |
| +/- Category | -0.8% | 0.2% | 4.7% | 2.6% | 1.5% | 1.4% |
| Target-Date 2045 Avg | -0.7% | 3.2% | 18.8% | 15.3% | 8.5% | 10.6% |
| FFPEX Tax Cost Ratio | na | na | na | na | na | na |
FFPEX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FFPEX Return (NAV) | 12.4% | 23.8% | 14.0% | 20.6% | -18.3% | 16.4% | 18.1% | 25.4% | -8.9% | 22.2% | 8.6% |
| FFPEX Grade | A | A | C | A | C | C | A | B | D | A | B |
| +/- Category | 2.6% | 5.1% | 0.1% | 1.6% | -0.5% | -0.3% | 2.4% | 0.9% | -0.6% | 1.5% | 0.6% |
| Target-Date 2045 Avg | 9.7% | 18.6% | 13.8% | 18.9% | -17.7% | 16.7% | 15.7% | 24.5% | -8.3% | 20.7% | 7.9% |
| Risk Measures | |
| Standard Deviation: | 12.2% |
| Total Risk Index: | 0.99 - Average |
| Category Risk Index: | 1.08 - High |
| Category Risk Grade: | F (91% Rank) |
| Beta: | 1.25 |
| R-Squared: | 93% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | -- |
| Dividend Distribution: | |
| Cap Gains Distribution: | |
| Total Assets: | $28017 Mil |
| Fund Total Assets: | $1,286 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 12% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 15.1 years | |||
| Average Tenure: 7.5 years | |||
| Managers (Year): Dierdorf Andrew (2011), Sumsion Brett (2014), McGuire Foley Finola (2025), Dourney Earle Cait (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 51 |
| % in Top 10 Holdings: | 77.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 44.6% |
Portfolio Allocation |
|
| Domestic Stock: | 49.1% |
| Foreign Stock: | 42.7% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 7.4% |
| Foreign Bond: | 1.9% |
| Convertible Bond: | 0.0% |
| Other: | 1.7% |
| Cash: | -2.8% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-6666 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | February 3, 2026 |
| Min. Initial Purchase: | $1,000,000,000 |
| 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 (%): | 0.37% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.67% |
| Share Class: | Fidelity Freedom 2045 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
