Fund Evaluator:

Fidelity Small Cap Value Fund Overview

Fidelity Small Cap Value Fund (FCPVX) is an actively managed U.S. Equity Small Value fund. Fidelity Investments launched the fund in 2004.

The investment seeks capital appreciation. The fund invests primarily in common stocks. It invests at least 80% of assets in securities of companies with small market capitalizations. The fund invests in securities of companies that Fidelity Management & Research Company LLC (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 (stocks of these companies are often called "value" stocks). It invests in domestic and foreign issuers.

About Fidelity Small Cap Value Fund (FCPVX)

There are 1 members of the management team with an average tenure of 5.17 years: Gabriela Kelleher (2021). 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 2000 Value TR USD index with a weighting of 100%. Fidelity Small Cap Value Fund has 113 securities in its portfolio. The top 10 holdings constitute 20.6% 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 Small Cap Value Fund is part of the Equity global asset class and is within the U.S. Equity fund group. Fidelity Small Cap Value Fund has 3.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.3%. There is 3.4% 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 Small Cap Value Fund has 0.3% of the portfolio in cash.

Assets Under Management

The fund has $3 billion in total assets, which is above the $418 million average for the Small 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.

FCPVX 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 Small Cap Value Fund expense ratio is high compared to funds in the Small Value category. Fidelity Small Cap Value Fund has an expense ratio of 0.91%, which is 22% 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 Small Cap Value Fund has a portfolio turnover rate of 96%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 127% for the Small Value category.

Recently, in the month of June 2026, Fidelity Small Cap Value Fund returned 9.7%, which earned it a grade of A, as the Small Value category had an average return of 5.7%. 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 Small Cap Value Fund has a trailing yield of 0.81%, which is above the 0.77% 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 Small Cap Value Fund Grades

Year to date, the fund has returned 28.7%, 8.0 percentage points better than the category, which translates into a grade of A. The fund has returned 41.2% over the past year (grade of A), 19.3% over the past three years (grade of A) and 10.8% per year over the past five years (grade of A) and 12.3% per year over the past 10 years (grade of A).

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