Fund Evaluator:

Fidelity Value Discovery Overview

Fidelity Value Discovery (FVDFX) is an actively managed U.S. Equity Large Value fund. Fidelity Investments launched the fund in 2002.

The investment seeks capital appreciation. The fund normally invests primarily in common stocks. It invests in securities of companies that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry. The fund invests in domestic and foreign issuers. It uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

About Fidelity Value Discovery (FVDFX)

There are 1 members of the management team with an average tenure of 14.42 years: Sean Gavin (2012). 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 3000 Value TR USD index with a weighting of 100%. Fidelity Value Discovery has 124 securities in its portfolio. The top 10 holdings constitute 26.8% 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 Value Discovery is part of the Equity global asset class and is within the U.S. Equity fund group. Fidelity Value Discovery has 11.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 86.7%. There is 11.5% 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 Value Discovery has 1.8% of the portfolio in cash.

Assets Under Management

The fund has $3 billion in total assets, which is above the $1 billion average for the Large 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.

FVDFX 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 Value Discovery expense ratio is above average compared to funds in the Large Value category. Fidelity Value Discovery has an expense ratio of 0.67%, which is 28% lower than its category average, making the fund expense ratio grade a B. 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 Value Discovery has a portfolio turnover rate of 59%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Large Value category.

Recently, in the month of June 2026, Fidelity Value Discovery returned 2.1%, which earned it a grade of C, as the Large Value category had an average return of 1.6%. 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 Value Discovery has a trailing yield of 1.50%, which is above the 1.25% category average.

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 Value Discovery Grades

Year to date, the fund has returned 12.4%, 1.3 percentage points better than the category, which translates into a grade of B. The fund has returned 25.0% over the past year (grade of B), 14.4% over the past three years (grade of D) and 9.0% per year over the past five years (grade of F) and 10.9% per year over the past 10 years (grade of D).

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