Fund Evaluator:
Fidelity Select Brokerage & Inv Mgmt (FSLBX)
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Fund Details
Fidelity Select Brokerage & Inv Mgmt Overview
Fidelity Select Brokerage & Inv Mgmt (FSLBX) is an actively managed Sector Equity Financial fund. Fidelity Investments launched the fund in 1985.
The investment seeks capital appreciation. The fund normally invests at least 80% of its assets in securities of companies principally engaged in the exchange of financial instruments, stock brokerage, commodity brokerage, investment banking, tax-advantaged investment or investment sales, investment management, or related investment advisory and financial decision support services. It invests primarily in common stocks. The fund invests in domestic and foreign issuers. The fund is non-diversified.
About Fidelity Select Brokerage & Inv Mgmt (FSLBX)
There are 2 members of the management team with an average tenure of 1.56 years: Matt Reed (2026), Nadim Rabaia (2023). 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 Cap Mrkts 5% Cpd Lnkd NR USD index with a weighting of 100%. Fidelity Select Brokerage & Inv Mgmt has 42 securities in its portfolio. The top 10 holdings constitute 53.5% 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 Select Brokerage & Inv Mgmt is part of the Equity global asset class and is within the Sector Equity fund group. Fidelity Select Brokerage & Inv Mgmt has 2.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.3%. There is 2.6% 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 Select Brokerage & Inv Mgmt has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $871 million in total assets, which is above the $188 million average for the Financial 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.
FSLBX 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 Select Brokerage & Inv Mgmt expense ratio is above average compared to funds in the Financial category. Fidelity Select Brokerage & Inv Mgmt has an expense ratio of 0.66%, which is 50% 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 Select Brokerage & Inv Mgmt has a portfolio turnover rate of 10%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 78% for the Financial category.
Recently, in the month of June 2026, Fidelity Select Brokerage & Inv Mgmt returned -4.6%, which earned it a grade of F, as the Financial category had an average return of 5.9%. 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 Select Brokerage & Inv Mgmt has a trailing yield of 0.76%, which is below the 1.05% 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 Select Brokerage & Inv Mgmt Grades
Year to date, the fund has returned -15.4%, 20.1 percentage points worse than the category, which translates into a grade of F. The fund has returned -15.9% over the past year (grade of F), 13.9% over the past three years (grade of F) and 7.5% per year over the past five years (grade of D) and 14.8% per year over the past 10 years (grade of A).
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FSLBX 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 |
|
| FSLBX Return (NAV) | -4.6% | 1.4% | -15.9% | 13.9% | 7.5% | 14.8% |
| FSLBX Grade | F | F | F | F | D | A |
| +/- Category | -10.5% | -10.7% | -29.7% | -7.5% | -0.8% | 3.5% |
| Financial Avg | 5.9% | 12.1% | 13.8% | 21.4% | 8.3% | 11.3% |
| FSLBX Tax Cost Ratio | na | na | 0.5% | 0.3% | 0.4% | 0.8% |
FSLBX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FSLBX Return (NAV) | -15.4% | 5.8% | 35.7% | 27.8% | -17.5% | 40.6% | 22.6% | 31.6% | -15.0% | 29.9% | 6.7% |
| FSLBX Grade | F | F | A | A | D | A | A | B | C | A | F |
| +/- Category | -20.1% | -9.5% | 10.2% | 16.0% | -0.8% | 7.1% | 22.1% | 3.3% | 0.3% | 13.8% | -14.2% |
| Financial Avg | 4.7% | 15.3% | 25.6% | 11.8% | -16.8% | 33.6% | 0.5% | 28.3% | -15.3% | 16.1% | 20.9% |
| Risk Measures | |
| Standard Deviation: | 21.2% |
| Total Risk Index: | 1.74 - High |
| Category Risk Index: | 1.12 - Above Average |
| Category Risk Grade: | D (70% Rank) |
| Beta: | 1.11 |
| R-Squared: | 44% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.8% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $871 Mil |
| Fund Total Assets: | $ 872 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 10% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.0 years | |||
| Average Tenure: 1.6 years | |||
| Managers (Year): Rabaia Nadim (2023), Reed Matt (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 42 |
| % in Top 10 Holdings: | 53.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 2.6% |
Portfolio Allocation |
|
| Domestic Stock: | 97.3% |
| Foreign Stock: | 2.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-8544 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | July 29, 1985 |
| 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 (%): | 0.66% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.33% |
| Share Class: | Fidelity Select Brokerage & Inv Mgmt |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
