Fund Evaluator:
Fidelity Real Estate Index (FSRNX)
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Best Performing in Real Estate Over the Last Year
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| 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 Index Overview
Fidelity Real Estate Index (FSRNX) is a passively managed Sector Equity Real Estate fund. Fidelity Investments launched the fund in 2011.
The investment seeks to provide investment results that correspond to the total return of equity REITs and other real estate-related investments. The fund normally invests at least 80% of assets in securities included in the MSCI U.S. IMI Real Estate 25/25 Index. It lends securities to earn income for the fund.
About Fidelity Real Estate Index (FSRNX)
There are 5 members of the management team with an average tenure of 10.40 years: Louis Bottari (2011), Payal Gupta (2019), Peter Matthew (2012), Navid Sohrabi (2019), Robert Regan (2016). 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 Fidelity Real Estate Linked TR USD index with a weighting of 100%. Fidelity Real Estate Index has 151 securities in its portfolio. The top 10 holdings constitute 47.0% 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 Real Estate Index is part of the Equity global asset class and is within the Sector Equity fund group. Fidelity Real Estate Index has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 100.0%. 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 Index has 0.0% 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.
FSRNX 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 Index expense ratio is low compared to funds in the Real Estate category. Fidelity Real Estate Index has an expense ratio of 0.07%, which is 94% 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 Index has a portfolio turnover rate of 15%, indicating that holds its assets around 0.1 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 Index returned 1.8%, which earned it a grade of C, 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 Index has a trailing yield of 2.67%, which is above the 2.17% category average. The fund normally distributes its income quarterly and its capital gains 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 Real Estate Index Grades
Year to date, the fund has returned 10.9%, 3.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 12.1% over the past year (grade of F), 9.0% over the past three years (grade of D) and 2.8% per year over the past five years (grade of D) and 3.8% per year over the past 10 years (grade of F).
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FSRNX 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 |
|
| FSRNX Return (NAV) | 1.8% | 9.9% | 12.1% | 9.0% | 2.8% | 3.8% |
| FSRNX Grade | C | D | F | D | D | F |
| +/- Category | -0.2% | -0.8% | -2.7% | -0.7% | -0.8% | -1.7% |
| Real Estate Avg | 2.0% | 10.7% | 14.9% | 9.8% | 3.6% | 5.5% |
| FSRNX Tax Cost Ratio | na | na | 1.2% | 1.2% | 1.0% | 1.1% |
FSRNX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FSRNX Return (NAV) | 10.9% | 3.0% | 5.0% | 11.9% | -26.1% | 40.7% | -11.3% | 23.0% | -4.2% | 3.7% | 6.6% |
| FSRNX Grade | F | B | D | C | C | D | F | F | B | F | B |
| +/- Category | -3.3% | 1.7% | -1.5% | -0.4% | 0.0% | -1.1% | -7.6% | -5.6% | 1.8% | -2.9% | 0.5% |
| 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: | 16.7% |
| Total Risk Index: | 1.38 - High |
| Category Risk Index: | 1.03 - High |
| Category Risk Grade: | F (84% Rank) |
| Beta: | 1.00 |
| R-Squared: | 58% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.7% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $3182 Mil |
| Fund Total Assets: | $3,183 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 15% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 14.8 years | |||
| Average Tenure: 10.4 years | |||
| Managers (Year): Bottari Louis (2011), Matthew Peter (2012), Regan Robert (2016), Gupta Payal (2019), Sohrabi Navid (2019) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 151 |
| % in Top 10 Holdings: | 47.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 100.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-8544 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | September 8, 2011 |
| 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 (%): | 0.07% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 1.23% |
| Share Class: | Fidelity Real Estate Index |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
