Fund Evaluator:
Fidelity Advisor Real Estate A (FRVBX)
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Best Performing in Real Estate Over the Last Year
| 25.9% | Nomura Real Estate Securities Y (IRSYX) |
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| 18.7% | Nuveen Real Estate Sec Sel I (TIRHX) |
| 17.4% | PGIM Real Estate Income Z (PRKZX) |
| 17.4% | T. Rowe Price Real Estate (TRREX) |
Fund Details
Fidelity Advisor Real Estate A Overview
Fidelity Advisor Real Estate A (FRVBX) is an actively managed Sector Equity Real Estate fund. Fidelity Investments launched the fund in 2026.
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 Advisor Real Estate A (FRVBX)
There are 1 members of the management team with an average tenure of 28.60 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 Advisor Real Estate A has 45 securities in its portfolio. The top 10 holdings constitute 58.6% 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 Advisor Real Estate A is part of the Equity global asset class and is within the Sector Equity fund group. Fidelity Advisor Real Estate A has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.1%. 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 Advisor Real Estate A has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $78 million in total assets, which is below the $667 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.
FRVBX 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 Real Estate A expense ratio is high compared to funds in the Real Estate category. Fidelity Advisor Real Estate A has an expense ratio of 0.93%, which is 24% lower than its category average, making the fund expense ratio grade a C. 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 Real Estate A 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 78% for the Real Estate category.
Recently, in the month of July 2026, Fidelity Advisor Real Estate A returned 2.4%, which earned it a grade of B, 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 Advisor Real Estate A has a trailing yield of 0.00%, which is below the 2.02% 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 Advisor Real Estate A Grades
Year to date, the fund has returned 15.4%, 1.1 percentage points worse than the category, which translates into a grade of F. The fund has returned 15.8% over the past year (grade of F), 9.4% over the past three years (grade of C) and 2.9% per year over the past five years (grade of C) and 4.4% per year over the past 10 years (grade of D).
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FRVBX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FRVBX Return (NAV) | 2.4% | 3.0% | 15.8% | 9.4% | 2.9% | 4.4% |
| FRVBX Grade | B | D | F | C | C | D |
| +/- Category | 0.4% | -0.8% | -2.6% | -0.3% | -0.2% | -0.8% |
| Real Estate Avg | 2.0% | 3.7% | 18.4% | 9.8% | 3.1% | 5.3% |
| FRVBX Tax Cost Ratio | na | na | na | na | na | na |
FRVBX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FRVBX Return (NAV) | 15.4% | 2.2% | 5.5% | 10.5% | -24.5% | 41.9% | -8.2% | 24.8% | -4.2% | 4.0% | 7.5% |
| FRVBX Grade | F | B | C | D | A | C | F | F | B | F | B |
| +/- Category | -1.1% | 0.9% | -1.0% | -1.8% | 1.6% | 0.1% | -4.4% | -3.8% | 1.8% | -2.7% | 1.3% |
| Real Estate Avg | 16.5% | 1.3% | 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: | 1.32 - Above Average |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (45% 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: | -- |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | |
| Total Assets: | $3413 Mil |
| Fund Total Assets: | $ 78 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 35% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 28.6 years | |||
| Average Tenure: 28.6 years | |||
| Managers (Year): Buller Steven (1997) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 45 |
| % in Top 10 Holdings: | 58.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.9% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 877-208-0098 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | January 15, 2026 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 5.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.93% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.23% |
| Share Class: | Fidelity Real Estate Investment Port |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
