Fund Evaluator:

Fidelity Advisor Freedom Blend 2070 I Overview

Fidelity Advisor Freedom Blend 2070 I (FRCLX) is an actively managed Allocation Target-Date 2070+ fund. Fidelity Investments launched the fund in 2024.

The investment seeks high total return until its target retirement date; thereafter the fund’s objective will be to seek high current income and, as a secondary objective, capital appreciation. Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® Funds), some of which are actively managed and others of which are passively managed, meaning they seek to provide investment results that correspond to the total return of a specific index.

About Fidelity Advisor Freedom Blend 2070 I (FRCLX)

There are 4 members of the management team with an average tenure of 1.55 years: Andrew Dierdorf (2024), Brett Sumsion (2024), 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) index with a weighting of 100%. Fidelity Advisor Freedom Blend 2070 I has 25 securities in its portfolio. The top 10 holdings constitute 85.9% 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 Advisor Freedom Blend 2070 I is part of the Allocation global asset class and is within the Allocation fund group. Fidelity Advisor Freedom Blend 2070 I has 43.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 52.3%. There is 43.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 2.9% (2.9% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity Advisor Freedom Blend 2070 I has 0.7% of the portfolio in cash.

Assets Under Management

The fund has $970 million in total assets, which is below the $34 million average for the Target-Date 2070+ 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.

FRCLX 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 Freedom Blend 2070 I expense ratio is average compared to funds in the Target-Date 2070+ category. Fidelity Advisor Freedom Blend 2070 I has an expense ratio of 0.47%, which is 30% 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 Advisor Freedom Blend 2070 I has a portfolio turnover rate of 28%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 18% for the Target-Date 2070+ category.

Recently, in the month of June 2026, Fidelity Advisor Freedom Blend 2070 I returned 1.1%, which earned it a grade of A, as the Target-Date 2070+ 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 Advisor Freedom Blend 2070 I has a trailing yield of 1.20%, which is below the 1.45% 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 Freedom Blend 2070 I Grades

Year to date, the fund has returned 14.0%, 2.4 percentage points better than the category, which translates into a grade of A. The fund has returned 26.0% over the past year (grade of A).

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