Fund Evaluator:
Fidelity Real Estate Investment Port (FRESX)
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Best Performing in Real Estate Over the Last Year
| 23.4% | Nomura Real Estate Securities Y (IRSYX) |
| 15.9% | Cromwell CenterSquare Real Estate Inv (MRESX) |
| 15.0% | Nuveen Real Estate Sec Sel I (TIRHX) |
| 14.3% | PGIM Real Estate Income Z (PRKZX) |
| 14.1% | American Century Real Estate Y (ARYEX) |
Fund Details
Fidelity Real Estate Investment Port Overview
Fidelity Real Estate Investment Port (FRESX) is an actively managed Sector Equity Real Estate fund. Fidelity Investments launched the fund in 1986.
The investment seeks above-average income and long-term capital growth, consistent with reasonable investment risk. The fund normally invests primarily in common stocks. It normally invests at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments. The fund is non-diversified.
About Fidelity Real Estate Investment Port (FRESX)
There are 1 members of the management team with an average tenure of 28.52 years: Steven Buller (1997). 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 MSCI US IMI/Real Estate 25-50 NR USD index with a weighting of 100%. Fidelity Real Estate Investment Port has 45 securities in its portfolio. The top 10 holdings constitute 58.5% 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 Real Estate Investment Port is part of the Equity global asset class and is within the Sector Equity fund group. Fidelity Real Estate Investment Port has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.4%. There is 0.0% 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 Real Estate Investment Port has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $3 billion in total assets, which is above the $657 million average for the Real Estate 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.
FRESX 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 Real Estate Investment Port expense ratio is above average compared to funds in the Real Estate category. Fidelity Real Estate Investment Port has an expense ratio of 0.64%, which is 48% 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 Real Estate Investment Port has a portfolio turnover rate of 35%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 80% for the Real Estate category.
Recently, in the month of June 2026, Fidelity Real Estate Investment Port returned 1.5%, which earned it a grade of D, as the Real Estate category had an average return of 2.0%. 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 Real Estate Investment Port has a trailing yield of 2.04%, which is below the 2.17% category average. The fund normally distributes its income quarterly.
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 Real Estate Investment Port Grades
Year to date, the fund has returned 12.9%, 1.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 12.9% over the past year (grade of D), 9.3% over the past three years (grade of C) and 3.7% per year over the past five years (grade of C) and 4.9% per year over the past 10 years (grade of D).
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FRESX 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 |
|
| FRESX Return (NAV) | 1.5% | 9.2% | 12.9% | 9.3% | 3.7% | 4.9% |
| FRESX Grade | D | F | D | C | C | D |
| +/- Category | -0.5% | -1.4% | -1.9% | -0.5% | 0.1% | -0.6% |
| Real Estate Avg | 2.0% | 10.7% | 14.9% | 9.8% | 3.6% | 5.5% |
| FRESX Tax Cost Ratio | na | na | 1.4% | 1.7% | 1.7% | 1.6% |
FRESX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FRESX Return (NAV) | 12.9% | 2.5% | 5.8% | 10.9% | -24.3% | 42.3% | -7.9% | 25.2% | -4.0% | 4.3% | 7.8% |
| FRESX Grade | F | B | C | D | A | B | D | F | A | F | A |
| +/- Category | -1.3% | 1.2% | -0.7% | -1.5% | 1.8% | 0.5% | -4.2% | -3.4% | 2.0% | -2.4% | 1.6% |
| Real Estate Avg | 14.2% | 1.4% | 6.5% | 12.3% | -26.1% | 41.8% | -3.8% | 28.6% | -6.0% | 6.6% | 6.1% |
| Risk Measures | |
| Standard Deviation: | 16.2% |
| Total Risk Index: | 1.33 - High |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (47% Rank) |
| Beta: | 0.94 |
| R-Squared: | 54% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.0% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | |
| Total Assets: | $3257 Mil |
| Fund Total Assets: | $3,071 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 35% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 28.5 years | |||
| Average Tenure: 28.5 years | |||
| Managers (Year): Buller Steven (1997) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 45 |
| % in Top 10 Holdings: | 58.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.4% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.6% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-8544 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | November 17, 1986 |
| 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 (%): | 0.64% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.23% |
| Share Class: | Fidelity Real Estate Investment Port |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
