Fund Evaluator:

Fidelity SAI Sustainable U.S. Equity Fd Overview

Fidelity SAI Sustainable U.S. Equity Fd (FIDEX) is an actively managed U.S. Equity Large Blend fund. Fidelity Investments launched the fund in 2022.

The investment seeks long-term growth of capital. The fund normally invests primarily in equity securities. It normally invests at least 80% of assets in equity securities of U.S. companies that Fidelity Management & Research Company LLC (FMR) (the Adviser) believes have proven or improving sustainability practices based on an evaluation of such companies’ individual environmental, social, and governance (ESG) profile. The fund invests in securities of domestic and foreign issuers.

About Fidelity SAI Sustainable U.S. Equity Fd (FIDEX)

There are 1 members of the management team with an average tenure of 1.13 years: Preeti Sayana (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and MSCI USA IMI ESG LeadersGR USD index with a weighting of 100%. Fidelity SAI Sustainable U.S. Equity Fd has 90 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 considered to have an ESG focus with its investment selection and management.

Fidelity SAI Sustainable U.S. Equity Fd is part of the Equity global asset class and is within the U.S. Equity fund group. Fidelity SAI Sustainable U.S. Equity Fd has 8.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 88.1%. There is 8.3% 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 SAI Sustainable U.S. Equity Fd has 3.6% of the portfolio in cash.

Assets Under Management

The fund has $612 million in total assets, which is below 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.

FIDEX 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 SAI Sustainable U.S. Equity Fd expense ratio is average compared to funds in the Large Blend category. Fidelity SAI Sustainable U.S. Equity Fd has an expense ratio of 0.53%, which is 35% lower than its category average, making the fund expense ratio grade a B. 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 SAI Sustainable U.S. Equity Fd has a portfolio turnover rate of 52%, 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 July 2026, Fidelity SAI Sustainable U.S. Equity Fd returned -1.5%, which earned it a grade of F, as the Large Blend 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 SAI Sustainable U.S. Equity Fd has a trailing yield of 0.26%, which is below the 0.56% 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 SAI Sustainable U.S. Equity Fd Grades

Year to date, the fund has returned 12.6%, 3.3 percentage points better than the category, which translates into a grade of A. The fund has returned 21.5% over the past year (grade of A) and 17.8% over the past three years (grade of C).

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