Fund Evaluator:
Fidelity Natural Resources Fund (FNARX)
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Best Performing in Equity Energy Over the Last Year
| 68.0% | Rydex Energy Services Inv (RYVIX) |
| 37.3% | Fidelity Advisor Energy - Z (FFOHX) |
| 37.3% | Fidelity Select Energy Portfolio (FSENX) |
| 36.9% | Fidelity Advisor Energy - A (FFOBX) |
| 34.4% | Rydex Energy Inv (RYEIX) |
Fund Details
Fidelity Natural Resources Fund Overview
Fidelity Natural Resources Fund (FNARX) is an actively managed Sector Equity Equity Energy fund. Fidelity Investments launched the fund in 1997.
The investment seeks capital appreciation. The fund normally invests at least 80% of assets in securities of companies principally engaged in owning or developing natural resources, or supplying goods and services to such companies, and in precious metals. It invests primarily in common stocks and in certain precious metals. 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 Natural Resources Fund (FNARX)
There are 1 members of the management team with an average tenure of 5.50 years: Ashley Fernandes (2021). 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 S&P North American Natural Resources TR index with a weighting of 100%. Fidelity Natural Resources Fund has 48 securities in its portfolio. The top 10 holdings constitute 64.6% 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 Natural Resources Fund is part of the Equity global asset class and is within the Sector Equity fund group. Fidelity Natural Resources Fund has 48.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 51.2%. There is 48.5% 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 Natural Resources Fund has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $866 million in total assets, which is above the $418 million average for the Equity Energy 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.
FNARX 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 Natural Resources Fund expense ratio is above average compared to funds in the Equity Energy category. Fidelity Natural Resources Fund has an expense ratio of 0.69%, which is 46% 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 Natural Resources Fund has a portfolio turnover rate of 81%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 136% for the Equity Energy category.
Recently, in the month of June 2026, Fidelity Natural Resources Fund returned -7.7%, which earned it a grade of D, as the Equity Energy category had an average return of -5.2%. 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 Natural Resources Fund has a trailing yield of 1.93%, which is above the 1.40% 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 Natural Resources Fund Grades
Year to date, the fund has returned 13.5%, 9.1 percentage points worse than the category, which translates into a grade of F. The fund has returned 30.0% over the past year (grade of C), 17.2% over the past three years (grade of B) and 19.0% per year over the past five years (grade of B) and 9.8% per year over the past 10 years (grade of A).
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FNARX 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 |
|
| FNARX Return (NAV) | -7.7% | -12.8% | 30.0% | 17.2% | 19.0% | 9.8% |
| FNARX Grade | D | D | C | B | B | A |
| +/- Category | -2.4% | -3.4% | -5.0% | 1.6% | 1.5% | 3.4% |
| Equity Energy Avg | -5.2% | -9.4% | 34.9% | 15.6% | 17.5% | 6.4% |
| FNARX Tax Cost Ratio | na | na | 0.6% | 0.4% | 0.5% | 0.4% |
FNARX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FNARX Return (NAV) | 13.5% | 28.7% | 3.8% | 6.4% | 41.0% | 39.4% | -20.8% | 19.1% | -24.2% | -0.1% | 30.2% |
| FNARX Grade | F | A | D | A | D | D | A | A | B | A | C |
| +/- Category | -9.1% | 16.5% | -1.7% | 4.3% | -5.5% | -5.1% | 7.6% | 11.1% | 2.7% | 4.9% | 1.1% |
| Equity Energy Avg | 22.5% | 12.2% | 5.5% | 2.0% | 46.5% | 44.5% | -28.5% | 8.0% | -26.9% | -5.0% | 29.2% |
| Risk Measures | |
| Standard Deviation: | 17.5% |
| Total Risk Index: | 1.44 - High |
| Category Risk Index: | 0.91 - Below Average |
| Category Risk Grade: | B (24% Rank) |
| Beta: | 0.17 |
| R-Squared: | 1% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.9% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $866 Mil |
| Fund Total Assets: | $ 867 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 81% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 5.5 years | |||
| Average Tenure: 5.5 years | |||
| Managers (Year): Fernandes Ashley (2021) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 48 |
| % in Top 10 Holdings: | 64.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 48.5% |
Portfolio Allocation |
|
| Domestic Stock: | 51.2% |
| Foreign Stock: | 48.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.4% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-8544 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | March 3, 1997 |
| 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 (%): | 0.69% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.27% |
| Share Class: | Fidelity Natural Resources Fund |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
