Fund Evaluator:

Fidelity Growth Discovery Overview

Fidelity Growth Discovery (FDSVX) is an actively managed U.S. Equity Large Growth fund. Fidelity Investments launched the fund in 1998.

The investment seeks capital appreciation. The fund normally invests primarily in common stocks. It invests in companies that the adviser believes have above-average growth potential (stocks of these companies are often called "growth" stocks). 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. The fund is non-diversified.

About Fidelity Growth Discovery (FDSVX)

There are 2 members of the management team with an average tenure of 1.22 years: Daniel Kelley (2025), Christopher Lin (2025). 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 Growth TR USD index with a weighting of 100%. Fidelity Growth Discovery has 159 securities in its portfolio. The top 10 holdings constitute 54.9% 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 Growth Discovery is part of the Equity global asset class and is within the U.S. Equity fund group. Fidelity Growth Discovery has 10.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 87.4%. There is 10.1% 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 Growth Discovery has 0.6% of the portfolio in cash.

Assets Under Management

The fund has $6 billion in total assets, which is above the $2 billion average for the Large Growth 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.

FDSVX 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 Growth Discovery expense ratio is above average compared to funds in the Large Growth category. Fidelity Growth Discovery has an expense ratio of 0.62%, which is 35% 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 Growth Discovery has a portfolio turnover rate of 60%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 54% for the Large Growth category.

Recently, in the month of June 2026, Fidelity Growth Discovery returned -0.7%, which earned it a grade of B, as the Large Growth category had an average return of -1.3%. 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 Growth Discovery has a trailing yield of 0.15%, which is above the 0.06% 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 Growth Discovery Grades

Year to date, the fund has returned 13.3%, 6.3 percentage points better than the category, which translates into a grade of A. The fund has returned 22.9% over the past year (grade of A), 23.3% over the past three years (grade of B) and 13.5% per year over the past five years (grade of A) and 19.1% per year over the past 10 years (grade of A).

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