Fund Evaluator:
Fidelity Advisor Value M (FTVFX)
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Best Performing in Mid-Cap Value Over the Last Year
| 41.4% | Fidelity Value Strategies (FSLSX) |
| 39.3% | Fidelity Advisor Mid Cap Value Z (FIDFX) |
| 39.2% | Fidelity Mid Cap Value (FSMVX) |
| 38.8% | Harbor Mid Cap Value Instl (HAMVX) |
| 38.3% | Harbor Mid Cap Value Investor (HIMVX) |
Fund Details
Fidelity Advisor Value M Overview
Fidelity Advisor Value M (FTVFX) is an actively managed U.S. Equity Mid-Cap Value fund. Fidelity Investments launched the fund in 2003.
The investment seeks capital appreciation. The fund normally invests at least 80% of assets in securities of value companies. It focuses its investments in medium-sized companies but also may invest substantially in larger or small companies.
About Fidelity Advisor Value M (FTVFX)
There are 1 members of the management team with an average tenure of 16.23 years: Matthew Friedman (2010). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell Mid Cap Value TR USD index with a weighting of 100%. Fidelity Advisor Value M has 187 securities in its portfolio. The top 10 holdings constitute 11.4% 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 Value M is part of the Equity global asset class and is within the U.S. Equity fund group. Fidelity Advisor Value M has 7.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 92.0%. There is 7.2% 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 Value M has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $31 million in total assets, which is below the $642 million average for the Mid-Cap Value 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.
FTVFX 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 Value M expense ratio is high compared to funds in the Mid-Cap Value category. Fidelity Advisor Value M has an expense ratio of 1.32%, which is 28% higher than its category average, making the fund expense ratio grade a F. 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 Value M has a portfolio turnover rate of 68%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Value category.
Recently, in the month of July 2026, Fidelity Advisor Value M returned 2.4%, which earned it a grade of B, as the Mid-Cap Value category had an average return of 1.7%. 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 Value M has a trailing yield of 0.63%, which is below the 0.87% category average. The fund normally distributes its income annually 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 Advisor Value M Grades
Year to date, the fund has returned 24.4%, 8.9 percentage points better than the category, which translates into a grade of A. The fund has returned 36.6% over the past year (grade of A), 16.8% over the past three years (grade of A) and 11.8% per year over the past five years (grade of A) and 12.0% per year over the past 10 years (grade of A).
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FTVFX 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 |
|
| FTVFX Return (NAV) | 2.4% | 9.1% | 36.6% | 16.8% | 11.8% | 12.0% |
| FTVFX Grade | B | A | A | A | A | A |
| +/- Category | 0.7% | 3.1% | 13.5% | 3.4% | 2.5% | 1.9% |
| Mid-Cap Value Avg | 1.7% | 6.0% | 23.1% | 13.4% | 9.4% | 10.1% |
| FTVFX Tax Cost Ratio | na | na | 1.8% | 1.6% | 1.2% | 1.1% |
FTVFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FTVFX Return (NAV) | 24.4% | 10.8% | 9.9% | 19.1% | -9.6% | 34.4% | 9.2% | 31.0% | -18.0% | 14.7% | 15.3% |
| FTVFX Grade | A | C | D | A | D | A | A | A | F | C | D |
| +/- Category | 8.9% | 1.0% | -1.9% | 5.2% | -1.4% | 7.0% | 5.4% | 4.6% | -4.6% | 0.5% | -2.1% |
| Mid-Cap Value Avg | 15.5% | 9.9% | 11.8% | 13.9% | -8.2% | 27.5% | 3.8% | 26.3% | -13.4% | 14.1% | 17.4% |
| Risk Measures | |
| Standard Deviation: | 17.2% |
| Total Risk Index: | 1.40 - High |
| Category Risk Index: | 1.17 - High |
| Category Risk Grade: | F (93% Rank) |
| Beta: | 1.00 |
| R-Squared: | 58% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.6% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $401 Mil |
| Fund Total Assets: | $ 31 Mil |
| Share Class Type: | M |
| Portfolio Turnover: | 68% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 16.2 years | |||
| Average Tenure: 16.2 years | |||
| Managers (Year): Friedman Matthew (2010) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 187 |
| % in Top 10 Holdings: | 11.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 7.2% |
Portfolio Allocation |
|
| Domestic Stock: | 92.0% |
| Foreign Stock: | 7.2% |
| 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: | December 23, 2003 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 3.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.50% |
Expenses and Fees | |
| Expense Ratio (%): | 1.32% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.03% |
| Share Class: | Fidelity Advisor Value I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
