Fund Evaluator:
Fidelity Water Sustainability (FLOWX)
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Best Performing in Natural Resources Over the Last Year
| 50.1% | PGIM Jennison Natural Resources Z (PNRZX) |
| 45.8% | Nomura Natural Resources Y (IGNYX) |
| 43.9% | Fidelity Advisor Global Commodity Stk Z (FIQRX) |
| 43.8% | Fidelity Global Commodity Stock (FFGCX) |
| 42.5% | GMO Resources I (GEACX) |
Fund Details
Fidelity Water Sustainability Overview
Fidelity Water Sustainability (FLOWX) is an actively managed Sector Equity Natural Resources fund. Fidelity Investments launched the fund in 2020.
The investment seeks long-term growth of capital. Normally the fund invests at least 80% of assets in securities of water sustainability companies. Such companies may include but are not limited to those involved in water resources, water treatment, water distribution and utilities, desalinization or purification facilities, water technologies and analytics, environmental water services and water infrastructure (pumps, valves, meters, pipes), irrigation, water conservation services, and water supply or processing services. The fund is non-diversified.
About Fidelity Water Sustainability (FLOWX)
There are 1 members of the management team with an average tenure of 3.17 years: Brian Aronson (2023). 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 S&P Global Water TR index with a weighting of 100%. Fidelity Water Sustainability has 48 securities in its portfolio. The top 10 holdings constitute 45.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Fidelity Water Sustainability is part of the Equity global asset class and is within the Sector Equity fund group. Fidelity Water Sustainability has 34.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 63.2%. There is 34.4% 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 Water Sustainability has 2.5% of the portfolio in cash.
Assets Under Management
The fund has $163 million in total assets, which is below the $246 million average for the Natural Resources 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.
FLOWX 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 Water Sustainability expense ratio is high compared to funds in the Natural Resources category. Fidelity Water Sustainability has an expense ratio of 0.88%, which is 23% 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 Water Sustainability has a portfolio turnover rate of 47%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 61% for the Natural Resources category.
Recently, in the month of August 2026, Fidelity Water Sustainability returned -1.1%, which earned it a grade of F, as the Natural Resources category had an average return of 7.7%. 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 Water Sustainability has a trailing yield of 0.93%, which is below the 2.01% category average. The fund normally distributes its income 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 Water Sustainability Grades
Year to date, the fund has returned 2.3%, 20.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 2.9% over the past year (grade of F), 11.3% over the past three years (grade of D) and 5.5% per year over the past five years (grade of F).
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FLOWX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FLOWX Return (NAV) | -1.1% | 3.0% | 2.9% | 11.3% | 5.5% | na |
| FLOWX Grade | F | C | F | D | F | na |
| +/- Category | -8.8% | -0.6% | -32.6% | -4.3% | -7.8% | na |
| Natural Resources Avg | 7.7% | 3.6% | 35.5% | 15.6% | 13.3% | 10.3% |
| FLOWX Tax Cost Ratio | na | na | 2.0% | 1.0% | 0.7% | na |
FLOWX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FLOWX Return (NAV) | 2.3% | 18.0% | 8.8% | 18.6% | -19.9% | 28.5% | na | na | na | na | na |
| FLOWX Grade | F | D | A | A | F | C | na | na | na | na | na |
| +/- Category | -20.2% | -10.5% | 9.3% | 15.2% | -28.0% | -2.3% | na | na | na | na | na |
| Natural Resources Avg | 22.5% | 28.6% | -0.5% | 3.4% | 8.0% | 30.8% | 9.6% | 14.8% | -20.5% | 13.1% | 28.6% |
| Risk Measures | |
| Standard Deviation: | 16.5% |
| Total Risk Index: | 1.36 - High |
| Category Risk Index: | 0.92 - Below Average |
| Category Risk Grade: | B (36% Rank) |
| Beta: | 0.87 |
| R-Squared: | 43% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $163 Mil |
| Fund Total Assets: | $ 163 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 47% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 3.2 years | |||
| Average Tenure: 3.2 years | |||
| Managers (Year): Aronson Brian (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 48 |
| % in Top 10 Holdings: | 45.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 34.4% |
Portfolio Allocation |
|
| Domestic Stock: | 63.2% |
| Foreign Stock: | 34.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.5% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-8544 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | April 16, 2020 |
| 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 (%): | 0.88% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.15% |
| Share Class: | Fidelity Water Sustainability |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
