Fund Description

The fund normally invests primarily in common stocks, focusing on companies Fidelity Management & Research Company LLC believes are undervalued relative to factors such as assets, sales, earnings, growth potential, or cash flow, or versus other companies in the same industry. It may invest in domestic and foreign issuers and uses fundamental analysis of each issuer's financial condition and industry position, as well as market and economic conditions, to select investments. Effective December 11, 2025, the adviser normally invests at least 80% of assets in securities of value companies, including qualifying derivatives.