UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-01400
Fidelity Contrafund
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | December 31 |
Date of reporting period: | December 31, 2023 |
Item 1.
Reports to Stockholders
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Contents
Average Annual Total Returns | |||
Periods ended December 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Contrafund® | 39.33% | 16.46% | 12.82% |
Class K | 39.47% | 16.56% | 12.92% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Contrafund®, a class of the fund, on December 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
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Top Holdings (% of Fund's net assets) | ||
Meta Platforms, Inc. Class A | 12.5 | |
Berkshire Hathaway, Inc. Class A | 8.7 | |
Microsoft Corp. | 7.0 | |
Amazon.com, Inc. | 6.3 | |
NVIDIA Corp. | 4.3 | |
Apple, Inc. | 4.2 | |
UnitedHealth Group, Inc. | 3.6 | |
Eli Lilly & Co. | 2.7 | |
Alphabet, Inc. Class A | 2.7 | |
Alphabet, Inc. Class C | 2.3 | |
54.3 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 25.0 | |
Communication Services | 19.8 | |
Financials | 15.4 | |
Health Care | 11.9 | |
Consumer Discretionary | 11.0 | |
Industrials | 6.4 | |
Energy | 3.4 | |
Consumer Staples | 2.3 | |
Materials | 2.3 | |
Utilities | 0.3 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Common Stocks - 96.1% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 19.6% | |||
Entertainment - 2.0% | |||
Liberty Media Corp. Liberty Formula One Class C | 2,419,975 | 152,773 | |
Liberty Media Corp. Liberty Live Class C | 149,704 | 5,597 | |
Netflix, Inc. (a) | 3,858,279 | 1,878,519 | |
The Walt Disney Co. | 745,880 | 67,346 | |
Universal Music Group NV | 8,099,132 | 231,207 | |
2,335,442 | |||
Interactive Media & Services - 17.6% | |||
Alphabet, Inc.: | |||
Class A (a) | 22,241,963 | 3,106,980 | |
Class C (a) | 18,997,034 | 2,677,252 | |
Bumble, Inc. (a) | 1,750,329 | 25,800 | |
Epic Games, Inc. (a)(b)(c) | 123,700 | 79,456 | |
Meta Platforms, Inc. Class A (a) | 41,359,091 | 14,639,472 | |
20,528,960 | |||
Wireless Telecommunication Services - 0.0% | |||
T-Mobile U.S., Inc. | 138 | 22 | |
TOTAL COMMUNICATION SERVICES | 22,864,424 | ||
CONSUMER DISCRETIONARY - 11.0% | |||
Automobiles - 0.3% | |||
BYD Co. Ltd. (H Shares) | 2,623,395 | 72,365 | |
General Motors Co. | 451,483 | 16,217 | |
Hyundai Motor Co. Ltd. | 762,040 | 119,762 | |
Li Auto, Inc. ADR (a) | 1,335,160 | 49,975 | |
Rad Power Bikes, Inc. (b)(c) | 2,588,458 | 984 | |
Rad Power Bikes, Inc. warrants 10/6/33 (a)(b)(c) | 2,698,575 | 5,559 | |
Tesla, Inc. (a) | 393,883 | 97,872 | |
Toyota Motor Corp. | 1,237,541 | 22,676 | |
385,410 | |||
Broadline Retail - 6.6% | |||
Amazon.com, Inc. (a) | 48,164,920 | 7,318,178 | |
Coupang, Inc. Class A (a) | 9,840,579 | 159,319 | |
Dollarama, Inc. | 491,377 | 35,411 | |
Kohl's Corp. (d) | 956,982 | 27,446 | |
MercadoLibre, Inc. (a) | 86,346 | 135,696 | |
PDD Holdings, Inc. ADR (a) | 98,242 | 14,374 | |
7,690,424 | |||
Diversified Consumer Services - 0.1% | |||
Duolingo, Inc. (a) | 227,113 | 51,521 | |
Hotels, Restaurants & Leisure - 1.5% | |||
Airbnb, Inc. Class A (a) | 4,031,848 | 548,896 | |
Booking Holdings, Inc. (a) | 62,920 | 223,191 | |
Cava Group, Inc. (d) | 532,209 | 22,874 | |
Chipotle Mexican Grill, Inc. (a) | 104,731 | 239,516 | |
Deliveroo PLC Class A (a)(e) | 33,127,161 | 53,880 | |
Doordash, Inc. (a) | 286,458 | 28,328 | |
Evolution AB (e) | 208,754 | 24,882 | |
Hilton Worldwide Holdings, Inc. | 1,566,085 | 285,168 | |
Light & Wonder, Inc. Class A (a) | 127,700 | 10,485 | |
Marriott International, Inc. Class A | 224,813 | 50,698 | |
McDonald's Corp. | 343,471 | 101,843 | |
Restaurant Brands International, Inc. | 596,693 | 46,621 | |
Starbucks Corp. | 426,502 | 40,948 | |
Yum China Holdings, Inc. | 286,200 | 12,143 | |
1,689,473 | |||
Household Durables - 0.4% | |||
D.R. Horton, Inc. | 684,967 | 104,101 | |
Garmin Ltd. | 28,853 | 3,709 | |
Lennar Corp. Class A | 2,616,762 | 390,002 | |
497,812 | |||
Leisure Products - 0.0% | |||
Bandai Namco Holdings, Inc. | 189,491 | 3,789 | |
Sega Sammy Holdings, Inc. | 530,358 | 7,417 | |
11,206 | |||
Specialty Retail - 1.6% | |||
Abercrombie & Fitch Co. Class A (a) | 517,341 | 45,640 | |
Academy Sports & Outdoors, Inc. | 2,348,215 | 154,982 | |
Dick's Sporting Goods, Inc. | 1,191,934 | 175,155 | |
Fanatics, Inc. Class A (a)(b)(c) | 2,461,391 | 192,530 | |
Fast Retailing Co. Ltd. | 175,672 | 43,440 | |
Gap, Inc. | 1,083,776 | 22,662 | |
O'Reilly Automotive, Inc. (a) | 347,550 | 330,200 | |
Ross Stores, Inc. | 430,777 | 59,615 | |
The Home Depot, Inc. | 227,873 | 78,969 | |
TJX Companies, Inc. | 3,894,847 | 365,376 | |
Williams-Sonoma, Inc. | 2,146,387 | 433,098 | |
1,901,667 | |||
Textiles, Apparel & Luxury Goods - 0.5% | |||
Deckers Outdoor Corp. (a) | 114,028 | 76,220 | |
lululemon athletica, Inc. (a) | 89,450 | 45,735 | |
NIKE, Inc. Class B | 1,813,135 | 196,852 | |
On Holding AG (a)(d) | 8,240,630 | 222,250 | |
Ralph Lauren Corp. (d) | 165,211 | 23,823 | |
564,880 | |||
TOTAL CONSUMER DISCRETIONARY | 12,792,393 | ||
CONSUMER STAPLES - 2.3% | |||
Beverages - 0.5% | |||
Anheuser-Busch InBev SA NV ADR (d) | 183,700 | 11,871 | |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 184,313 | 24,025 | |
Kweichow Moutai Co. Ltd. (A Shares) | 44,700 | 10,867 | |
PepsiCo, Inc. | 1,104,094 | 187,519 | |
The Coca-Cola Co. | 5,968,435 | 351,720 | |
586,002 | |||
Consumer Staples Distribution & Retail - 1.5% | |||
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 1,932,957 | 113,829 | |
Casey's General Stores, Inc. | 305,001 | 83,796 | |
Costco Wholesale Corp. | 2,206,170 | 1,456,249 | |
Performance Food Group Co. (a) | 171,100 | 11,832 | |
Walmart, Inc. | 591,702 | 93,282 | |
1,758,988 | |||
Food Products - 0.1% | |||
Bowery Farming, Inc. warrants (a)(b)(c) | 122,686 | 507 | |
Mondelez International, Inc. | 2,358,355 | 170,816 | |
171,323 | |||
Personal Care Products - 0.2% | |||
Estee Lauder Companies, Inc. Class A | 51,077 | 7,470 | |
L'Oreal SA | 375,100 | 186,988 | |
L'Oreal SA | 9,024 | 4,498 | |
Oddity Tech Ltd. (d) | 178,504 | 8,306 | |
207,262 | |||
TOTAL CONSUMER STAPLES | 2,723,575 | ||
ENERGY - 3.3% | |||
Energy Equipment & Services - 0.1% | |||
Baker Hughes Co. Class A | 298,428 | 10,200 | |
Schlumberger Ltd. | 1,097,752 | 57,127 | |
TechnipFMC PLC | 481,002 | 9,687 | |
77,014 | |||
Oil, Gas & Consumable Fuels - 3.2% | |||
Birchcliff Energy Ltd. (d) | 940,314 | 4,102 | |
Cameco Corp. | 1,165,275 | 50,223 | |
Canadian Natural Resources Ltd. (d) | 5,691,826 | 372,897 | |
Cheniere Energy, Inc. | 1,342,794 | 229,228 | |
Chevron Corp. | 472,128 | 70,423 | |
ConocoPhillips Co. | 5,818,645 | 675,370 | |
Diamondback Energy, Inc. | 142,015 | 22,024 | |
EOG Resources, Inc. | 2,381,557 | 288,049 | |
Equinor ASA | 319,800 | 10,135 | |
Exxon Mobil Corp. | 11,074,623 | 1,107,241 | |
Hess Corp. | 2,641,626 | 380,817 | |
Marathon Petroleum Corp. | 646,079 | 95,852 | |
Occidental Petroleum Corp. | 3,615,510 | 215,882 | |
Pioneer Natural Resources Co. | 240,493 | 54,082 | |
PrairieSky Royalty Ltd. | 1,140,385 | 19,967 | |
Reliance Industries Ltd. | 536,039 | 16,651 | |
Shell PLC ADR | 674,358 | 44,373 | |
Tourmaline Oil Corp. (d) | 186,526 | 8,388 | |
Valero Energy Corp. | 998,469 | 129,801 | |
3,795,505 | |||
TOTAL ENERGY | 3,872,519 | ||
FINANCIALS - 15.4% | |||
Banks - 2.1% | |||
AIB Group PLC | 8,344,812 | 35,744 | |
Banco Santander SA (Spain) | 13,004,940 | 54,396 | |
Bank of America Corp. | 14,846,124 | 499,869 | |
Bank of Ireland Group PLC | 4,170,500 | 37,862 | |
First Citizens Bancshares, Inc. | 63,040 | 89,452 | |
JPMorgan Chase & Co. | 6,747,915 | 1,147,820 | |
Nu Holdings Ltd. (a) | 10,058,839 | 83,790 | |
Royal Bank of Canada | 2,304,645 | 233,065 | |
Starling Bank Ltd. Series D (a)(b)(c) | 26,724,113 | 106,961 | |
Wells Fargo & Co. | �� | 3,307,981 | 162,819 |
2,451,778 | |||
Capital Markets - 0.7% | |||
Brookfield Asset Management Ltd.: | |||
Class A | 54,888 | 2,205 | |
Class A | 1,270,881 | 51,051 | |
Brookfield Corp. (Canada) Class A | 386,541 | 15,505 | |
CME Group, Inc. | 200,762 | 42,280 | |
Coinbase Global, Inc. (a)(d) | 720,598 | 125,326 | |
Goldman Sachs Group, Inc. | 34,758 | 13,409 | |
KKR & Co. LP | 164,141 | 13,599 | |
London Stock Exchange Group PLC | 481,255 | 56,890 | |
Moody's Corp. | 29,900 | 11,678 | |
Morgan Stanley | 2,413,135 | 225,025 | |
MSCI, Inc. | 122,960 | 69,552 | |
TulCo LLC (a)(b)(c)(f) | 140,771 | 102,431 | |
UBS Group AG | 3,126,729 | 97,031 | |
825,982 | |||
Consumer Finance - 0.3% | |||
American Express Co. | 1,523,254 | 285,366 | |
Financial Services - 10.6% | |||
Berkshire Hathaway, Inc. Class A (a)(d) | 18,764 | 10,181,816 | |
MasterCard, Inc. Class A | 750,439 | 320,070 | |
PayPal Holdings, Inc. (a) | 367,977 | 22,597 | |
Rapyd Financial Network 2016 Ltd. (a)(b)(c) | 340,545 | 26,580 | |
Visa, Inc. Class A (d) | 7,228,010 | 1,881,812 | |
12,432,875 | |||
Insurance - 1.7% | |||
American International Group, Inc. | 5,249,912 | 355,682 | |
Arthur J. Gallagher & Co. | 696,860 | 156,710 | |
Chubb Ltd. | 1,368,490 | 309,279 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 182,452 | 168,333 | |
Intact Financial Corp. | 1,135,347 | 174,674 | |
Marsh & McLennan Companies, Inc. | 945,166 | 179,081 | |
Progressive Corp. | 2,947,363 | 469,456 | |
The Travelers Companies, Inc. | 984,528 | 187,543 | |
2,000,758 | |||
TOTAL FINANCIALS | 17,996,759 | ||
HEALTH CARE - 11.9% | |||
Biotechnology - 3.6% | |||
Argenx SE ADR (a) | 259,045 | 98,548 | |
Galapagos NV sponsored ADR (a) | 1,248,811 | 50,764 | |
Gilead Sciences, Inc. | 242,393 | 19,636 | |
Intarcia Therapeutics, Inc. warrants 12/31/24 (a)(b)(c) | 105,983 | 0 | |
Krystal Biotech, Inc. (a) | 51,780 | 6,424 | |
Legend Biotech Corp. ADR (a) | 567,221 | 34,130 | |
Moonlake Immunotherapeutics (a)(d) | 496,192 | 29,965 | |
Neurocrine Biosciences, Inc. (a) | 93,400 | 12,306 | |
Recursion Pharmaceuticals, Inc. (a)(d) | 2,997,223 | 29,553 | |
Regeneron Pharmaceuticals, Inc. (a) | 2,664,102 | 2,339,854 | |
Roivant Sciences Ltd. (a) | 641,784 | 7,207 | |
United Therapeutics Corp. (a) | 482,014 | 105,990 | |
Vertex Pharmaceuticals, Inc. (a) | 3,582,464 | 1,457,669 | |
4,192,046 | |||
Health Care Equipment & Supplies - 0.8% | |||
Boston Scientific Corp. (a) | 5,714,534 | 330,357 | |
Intuitive Surgical, Inc. (a) | 1,399,410 | 472,105 | |
Straumann Holding AG | 86,813 | 14,029 | |
Stryker Corp. | 483,967 | 144,929 | |
961,420 | |||
Health Care Providers & Services - 3.6% | |||
Cencora, Inc. | 31,223 | 6,413 | |
UnitedHealth Group, Inc. | 8,048,947 | 4,237,529 | |
4,243,942 | |||
Life Sciences Tools & Services - 0.2% | |||
Danaher Corp. | 311,687 | 72,106 | |
Mettler-Toledo International, Inc. (a) | 7,570 | 9,182 | |
Thermo Fisher Scientific, Inc. | 22,770 | 12,086 | |
Veterinary Emergency Group LLC Class A (a)(b)(c)(f) | 1,114,406 | 63,488 | |
156,862 | |||
Pharmaceuticals - 3.7% | |||
Eli Lilly & Co. | 5,340,472 | 3,113,068 | |
Intra-Cellular Therapies, Inc. (a) | 505,505 | 36,204 | |
Merck & Co., Inc. | 7,811,734 | 851,635 | |
Novo Nordisk A/S Series B | 890,338 | 92,267 | |
Royalty Pharma PLC | 6,635,154 | 186,381 | |
Structure Therapeutics, Inc. ADR | 408,780 | 16,662 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | 1,194,261 | 12,468 | |
Verona Pharma PLC ADR (a) | 361,695 | 7,190 | |
Zoetis, Inc. Class A | 156,455 | 30,880 | |
4,346,755 | |||
TOTAL HEALTH CARE | 13,901,025 | ||
INDUSTRIALS - 5.3% | |||
Aerospace & Defense - 1.0% | |||
Axon Enterprise, Inc. (a) | 45,400 | 11,728 | |
General Dynamics Corp. | 87,319 | 22,674 | |
Howmet Aerospace, Inc. | 219,000 | 11,852 | |
Lockheed Martin Corp. | 471,464 | 213,686 | |
Northrop Grumman Corp. | 683,557 | 320,000 | |
Relativity Space, Inc. warrants (a)(b)(c) | 100,694 | 1,555 | |
Space Exploration Technologies Corp.: | |||
Class A (a)(b)(c) | 3,585,070 | 347,752 | |
Class C (a)(b)(c) | 129,910 | 12,601 | |
TransDigm Group, Inc. | 187,147 | 189,318 | |
1,131,166 | |||
Air Freight & Logistics - 0.1% | |||
United Parcel Service, Inc. Class B | 417,919 | 65,709 | |
Zipline International, Inc. (a)(b)(c) | 515,816 | 20,674 | |
86,383 | |||
Building Products - 0.3% | |||
Carrier Global Corp. | 1,095,104 | 62,914 | |
Trane Technologies PLC | 1,034,243 | 252,252 | |
315,166 | |||
Commercial Services & Supplies - 0.3% | |||
Cintas Corp. | 251,263 | 151,426 | |
Clean Harbors, Inc. (a) | 648,531 | 113,175 | |
Clean TeQ Water Pty Ltd. (a)(d) | 2,088,911 | 391 | |
GFL Environmental, Inc. | 250,503 | 8,642 | |
Republic Services, Inc. | 359,446 | 59,276 | |
Veralto Corp. | 741,952 | 61,033 | |
393,943 | |||
Construction & Engineering - 0.0% | |||
Larsen & Toubro Ltd. | 336,978 | 14,278 | |
Electrical Equipment - 0.7% | |||
Eaton Corp. PLC | 1,796,162 | 432,552 | |
Generac Holdings, Inc. (a) | 58,232 | 7,526 | |
Hubbell, Inc. Class B | 718,080 | 236,198 | |
Nextracker, Inc. Class A | 128,400 | 6,016 | |
nVent Electric PLC | 929,806 | 54,942 | |
Vertiv Holdings Co. | 1,300,423 | 62,459 | |
799,693 | |||
Ground Transportation - 0.3% | |||
Canadian Pacific Kansas City Ltd. | 1,640,655 | 129,811 | |
Old Dominion Freight Lines, Inc. | 389,125 | 157,724 | |
Uber Technologies, Inc. (a) | 1,001,338 | 61,652 | |
Union Pacific Corp. | 83,081 | 20,406 | |
369,593 | |||
Industrial Conglomerates - 0.8% | |||
3M Co. | 241,657 | 26,418 | |
General Electric Co. | 7,305,229 | 932,366 | |
958,784 | |||
Machinery - 0.8% | |||
Caterpillar, Inc. | 475,732 | 140,660 | |
Deere & Co. | 551,865 | 220,674 | |
Fortive Corp. | 316,287 | 23,288 | |
Indutrade AB | 401,844 | 10,431 | |
Ingersoll Rand, Inc. | 495,313 | 38,308 | |
PACCAR, Inc. | 4,234,193 | 413,469 | |
Parker Hannifin Corp. | 235,527 | 108,507 | |
955,337 | |||
Passenger Airlines - 0.2% | |||
Copa Holdings SA Class A | 234,087 | 24,886 | |
Ryanair Holdings PLC sponsored ADR (a) | 1,448,009 | 193,106 | |
217,992 | |||
Professional Services - 0.2% | |||
Automatic Data Processing, Inc. | 97,020 | 22,603 | |
FTI Consulting, Inc. (a) | 45,333 | 9,028 | |
Thomson Reuters Corp. | 525,702 | 76,861 | |
Verisk Analytics, Inc. | 659,688 | 157,573 | |
266,065 | |||
Trading Companies & Distributors - 0.6% | |||
Fastenal Co. | 369,369 | 23,924 | |
United Rentals, Inc. | 293,644 | 168,381 | |
W.W. Grainger, Inc. | 581,935 | 482,244 | |
674,549 | |||
TOTAL INDUSTRIALS | 6,182,949 | ||
INFORMATION TECHNOLOGY - 24.8% | |||
Communications Equipment - 0.6% | |||
Arista Networks, Inc. (a) | 2,903,647 | 683,838 | |
Motorola Solutions, Inc. | 107,768 | 33,741 | |
717,579 | |||
Electronic Equipment, Instruments & Components - 1.9% | |||
Amphenol Corp. Class A | 21,298,733 | 2,111,343 | |
CDW Corp. | 448,029 | 101,846 | |
Fabrinet (a) | 15,784 | 3,004 | |
Jabil, Inc. | 437,919 | 55,791 | |
2,271,984 | |||
IT Services - 1.2% | |||
Accenture PLC Class A | 2,536,022 | 889,915 | |
ASAC II LP (a)(b)(c) | 39,494,500 | 6,635 | |
Cloudflare, Inc. (a) | 919,483 | 76,556 | |
Gartner, Inc. (a) | 148,309 | 66,904 | |
MongoDB, Inc. Class A (a) | 221,575 | 90,591 | |
Shopify, Inc. Class A (a) | 3,571,874 | 278,083 | |
X Holdings Corp. (b)(c) | 534,690 | 16,960 | |
1,425,644 | |||
Semiconductors & Semiconductor Equipment - 6.8% | |||
Advanced Micro Devices, Inc. (a) | 6,949,054 | 1,024,360 | |
Advantest Corp. | 884,905 | 29,817 | |
Analog Devices, Inc. | 1,456,168 | 289,137 | |
Applied Materials, Inc. | 823,067 | 133,394 | |
Arm Holdings Ltd. ADR (d) | 692,622 | 52,047 | |
ASML Holding NV (depository receipt) | 16,400 | 12,413 | |
Broadcom, Inc. | 389,909 | 435,236 | |
Lam Research Corp. | 45,888 | 35,942 | |
Lattice Semiconductor Corp. (a) | 1,595,503 | 110,074 | |
Monolithic Power Systems, Inc. | 290,466 | 183,220 | |
NVIDIA Corp. | 10,078,515 | 4,991,082 | |
ON Semiconductor Corp. (a) | 2,503,078 | 209,082 | |
Qualcomm, Inc. | 2,015,751 | 291,538 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 923,308 | 96,024 | |
7,893,366 | |||
Software - 10.0% | |||
Adobe, Inc. (a) | 869,977 | 519,028 | |
Atlassian Corp. PLC (a) | 53,700 | 12,773 | |
Aurora Innovation, Inc. (a) | 1,406,387 | 6,146 | |
Aurora Innovation, Inc. (a)(b) | 11,469,631 | 50,122 | |
Cadence Design Systems, Inc. (a) | 2,126,492 | 579,193 | |
Check Point Software Technologies Ltd. (a) | 419,048 | 64,026 | |
Clear Secure, Inc. (d) | 1,720,449 | 35,527 | |
CoreWeave, Inc. (b)(c) | 96,706 | 29,965 | |
Crowdstrike Holdings, Inc. (a) | 344,735 | 88,018 | |
Datadog, Inc. Class A (a) | 293,947 | 35,679 | |
Dynatrace, Inc. (a) | 1,707,083 | 93,360 | |
HubSpot, Inc. (a) | 40,933 | 23,763 | |
Intuit, Inc. | 159,374 | 99,614 | |
Klaviyo, Inc. Class A | 256,362 | 7,122 | |
Microsoft Corp. | 21,622,063 | 8,130,761 | |
Palo Alto Networks, Inc. (a) | 836,544 | 246,680 | |
Roper Technologies, Inc. | 55,804 | 30,423 | |
Salesforce, Inc. (a) | 3,607,699 | 949,330 | |
Samsara, Inc. (a) | 794,500 | 26,520 | |
ServiceNow, Inc. (a) | 334,260 | 236,151 | |
Stripe, Inc. Class B (a)(b)(c) | 455,600 | 11,203 | |
Synopsys, Inc. (a) | 570,742 | 293,881 | |
Tanium, Inc. Class B (a)(b)(c) | 6,742,751 | 58,662 | |
Workday, Inc. Class A (a) | 128,295 | 35,417 | |
ZenPayroll, Inc. (a)(b)(c) | 289,200 | 9,937 | |
Zscaler, Inc. (a) | 66,218 | 14,671 | |
11,687,972 | |||
Technology Hardware, Storage & Peripherals - 4.3% | |||
Apple, Inc. | 25,685,137 | 4,945,159 | |
Dell Technologies, Inc. | 810,252 | 61,984 | |
Logitech International SA (d) | 74,056 | 7,040 | |
Samsung Electronics Co. Ltd. | 195,500 | 11,852 | |
5,026,035 | |||
TOTAL INFORMATION TECHNOLOGY | 29,022,580 | ||
MATERIALS - 2.2% | |||
Chemicals - 0.3% | |||
Linde PLC | 195,102 | 80,130 | |
RPM International, Inc. | 141,175 | 15,759 | |
Sherwin-Williams Co. | 353,745 | 110,333 | |
Westlake Corp. | 661,375 | 92,566 | |
298,788 | |||
Construction Materials - 0.1% | |||
CRH PLC | 200,762 | 13,885 | |
Martin Marietta Materials, Inc. | 24,811 | 12,378 | |
Vulcan Materials Co. | 305,824 | 69,425 | |
95,688 | |||
Metals & Mining - 1.8% | |||
B2Gold Corp. | 45,522,372 | 143,948 | |
Carpenter Technology Corp. | 48,090 | 3,405 | |
Franco-Nevada Corp. | 2,296,894 | 254,417 | |
Freeport-McMoRan, Inc. | 6,752,444 | 287,452 | |
Ivanhoe Electric, Inc. (a) | 4,868,694 | 49,076 | |
Ivanhoe Mines Ltd. (a) | 41,995,653 | 407,263 | |
Ivanhoe Mines Ltd. (a)(e) | 11,939,338 | 115,785 | |
Lundin Gold, Inc. | 346,941 | 4,331 | |
Novagold Resources, Inc. (a) | 7,005,424 | 26,170 | |
Nucor Corp. | 3,098,729 | 539,303 | |
Steel Dynamics, Inc. | 2,261,313 | 267,061 | |
Sunrise Energy Metals Ltd. (a) | 2,535,661 | 786 | |
Wheaton Precious Metals Corp. | 1,086,956 | 53,624 | |
2,152,621 | |||
TOTAL MATERIALS | 2,547,097 | ||
UTILITIES - 0.3% | |||
Electric Utilities - 0.3% | |||
Constellation Energy Corp. | 2,577,572 | 301,292 | |
PG&E Corp. | 3,184,832 | 57,423 | |
358,715 | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
Vistra Corp. | 365,171 | 14,066 | |
TOTAL UTILITIES | 372,781 | ||
TOTAL COMMON STOCKS (Cost $37,564,176) | 112,276,102 | ||
Preferred Stocks - 1.7% | |||
Shares | Value ($) (000s) | ||
Convertible Preferred Stocks - 1.6% | |||
COMMUNICATION SERVICES - 0.2% | |||
Interactive Media & Services - 0.2% | |||
ByteDance Ltd. Series E1 (a)(b)(c) | 653,587 | 144,528 | |
Reddit, Inc.: | |||
Series E(a)(b)(c) | 165,300 | 5,511 | |
Series F(a)(b)(c) | 878,650 | 29,294 | |
179,333 | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A(a)(b)(c) | 337,463 | 128 | |
Series C(a)(b)(c) | 1,327,879 | 863 | |
Series D(a)(b)(c) | 2,329,100 | 2,189 | |
3,180 | |||
Hotels, Restaurants & Leisure - 0.0% | |||
Discord, Inc. Series I (a)(b)(c) | 15,500 | 4,285 | |
Textiles, Apparel & Luxury Goods - 0.0% | |||
Canva, Inc.: | |||
Series A(b)(c) | 13,120 | 14,667 | |
Series A2(b)(c) | 2,380 | 2,661 | |
17,328 | |||
TOTAL CONSUMER DISCRETIONARY | 24,793 | ||
CONSUMER STAPLES - 0.0% | |||
Consumer Staples Distribution & Retail - 0.0% | |||
GoBrands, Inc.: | |||
Series G(a)(b)(c) | 55,517 | 2,866 | |
Series H(a)(b)(c) | 69,898 | 4,531 | |
7,397 | |||
Food Products - 0.0% | |||
Bowery Farming, Inc.: | |||
Series C1(a)(b)(c) | 226,491 | 1,803 | |
Series D1(b)(c) | 122,686 | 654 | |
2,457 | |||
TOTAL CONSUMER STAPLES | 9,854 | ||
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Acrisure Holdings, Inc. Series B (a)(b)(c) | 379,681 | 9,226 | |
Circle Internet Financial Ltd.: | |||
Series E(a)(b)(c) | 1,059,433 | 25,840 | |
Series F(a)(b)(c) | 637,828 | 15,557 | |
Tenstorrent Holdings, Inc. Series C1 (b)(c) | 387,402 | 22,744 | |
73,367 | |||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
ElevateBio LLC Series C (a)(b)(c) | 3,224,900 | 10,287 | |
Intarcia Therapeutics, Inc. Series CC (a)(b)(c) | 2,100,446 | 0 | |
10,287 | |||
Health Care Providers & Services - 0.0% | |||
Get Heal, Inc. Series B (a)(b)(c) | 35,877,127 | 60 | |
Lyra Health, Inc.: | |||
Series E(a)(b)(c) | 1,478,100 | 20,693 | |
Series F(a)(b)(c) | 69,520 | 973 | |
Somatus, Inc. Series E (a)(b)(c) | 15,253 | 16,874 | |
38,600 | |||
TOTAL HEALTH CARE | 48,887 | ||
INDUSTRIALS - 1.1% | |||
Aerospace & Defense - 1.0% | |||
Relativity Space, Inc.: | |||
Series D(a)(b)(c) | 1,673,085 | 31,671 | |
Series E(a)(b)(c) | 436,722 | 9,359 | |
Series F(b)(c) | 1,006,942 | 21,518 | |
Space Exploration Technologies Corp.: | |||
Series G(a)(b)(c) | 558,215 | 541,469 | |
Series H(a)(b)(c) | 120,282 | 116,674 | |
Series N(a)(b)(c) | 428,458 | 415,604 | |
1,136,295 | |||
Air Freight & Logistics - 0.1% | |||
Zipline International, Inc.: | |||
Series E(a)(b)(c) | 1,317,166 | 52,792 | |
Series F(b)(c) | 682,143 | 27,340 | |
80,132 | |||
Construction & Engineering - 0.0% | |||
Beta Technologies, Inc. Series B, 6.00% (a)(b)(c) | 259,581 | 29,307 | |
TOTAL INDUSTRIALS | 1,245,734 | ||
INFORMATION TECHNOLOGY - 0.2% | |||
Software - 0.2% | |||
ASAPP, Inc. Series C (a)(b)(c) | 1,300,504 | 4,006 | |
Carbon, Inc.: | |||
Series D(a)(b)(c) | 915,425 | 7,616 | |
Series E(a)(b)(c) | 81,735 | 812 | |
Delphix Corp. Series D (a)(b)(c) | 3,712,687 | 17,227 | |
Moloco, Inc. Series A (b)(c) | 419,608 | 20,993 | |
Nuro, Inc.: | |||
Series C(a)(b)(c) | 3,293,118 | 17,947 | |
Series D(a)(b)(c) | 643,113 | 3,505 | |
Stripe, Inc.: | |||
Series H(a)(b)(c) | 190,300 | 4,679 | |
Series I(b)(c) | 2,114,059 | 51,985 | |
ZenPayroll, Inc.: | |||
Series D(a)(b)(c) | 2,436,137 | 83,706 | |
Series E(a)(b)(c) | 167,099 | 5,742 | |
218,218 | |||
MATERIALS - 0.1% | |||
Metals & Mining - 0.1% | |||
High Power Exploration, Inc. Series A (a)(b)(c) | 14,154,085 | 61,004 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 1,861,190 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Petroleo Brasileiro SA - Petrobras sponsored ADR | 5,401,064 | 86,255 | |
TOTAL PREFERRED STOCKS (Cost $1,097,358) | 1,947,445 | ||
Preferred Securities - 0.0% | |||
Principal Amount (g) (000s) | Value ($) (000s) | ||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc. 8% 12/31/25 (b)(c) | 2,699 | 4,749 | |
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
Intarcia Therapeutics, Inc. 6% (b)(c)(h)(i) | 9,273 | 0 | |
TOTAL PREFERRED SECURITIES (Cost $11,972) | 4,749 | ||
Money Market Funds - 2.7% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.40% (j) | 2,624,393,981 | 2,624,919 | |
Fidelity Securities Lending Cash Central Fund 5.40% (j)(k) | 559,417,116 | 559,473 | |
TOTAL MONEY MARKET FUNDS (Cost $3,184,391) | 3,184,392 | ||
TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $41,857,897) | 117,412,688 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (552,667) |
NET ASSETS - 100.0% | 116,860,021 |
(a) | Non-income producing |
(b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,010,501,000 or 2.6% of net assets. |
(c) | Level 3 security |
(d) | Security or a portion of the security is on loan at period end. |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $194,547,000 or 0.2% of net assets. |
(f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Non-income producing - Security is in default. |
(i) | Security is perpetual in nature with no stated maturity date. |
(j) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(k) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
Acrisure Holdings, Inc. Series B | 3/22/21 | 6,918 |
ASAC II LP | 10/10/13 | 3,041 |
ASAPP, Inc. Series C | 4/30/21 | 8,580 |
Aurora Innovation, Inc. | 7/18/23 | 30,968 |
Beta Technologies, Inc. Series B, 6.00% | 4/04/22 | 26,781 |
Bowery Farming, Inc. Series C1 | 5/18/21 | 13,646 |
Bowery Farming, Inc. Series D1 | 10/25/23 | 1,159 |
Bowery Farming, Inc. warrants | 10/25/23 | 0 |
ByteDance Ltd. Series E1 | 11/18/20 | 71,616 |
Canva, Inc. Series A | 9/22/23 | 13,995 |
Canva, Inc. Series A2 | 9/22/23 | 2,539 |
Carbon, Inc. Series D | 12/15/17 | 21,376 |
Carbon, Inc. Series E | 3/22/19 | 2,288 |
Circle Internet Financial Ltd. Series E | 5/11/21 | 17,195 |
Circle Internet Financial Ltd. Series F | 5/09/22 | 26,878 |
CoreWeave, Inc. | 11/29/23 | 29,965 |
Delphix Corp. Series D | 7/10/15 | 33,414 |
Discord, Inc. Series I | 9/15/21 | 8,535 |
ElevateBio LLC Series C | 3/09/21 | 13,528 |
Epic Games, Inc. | 7/13/20 - 7/30/20 | 71,128 |
Fanatics, Inc. Class A | 8/13/20 - 12/15/21 | 82,369 |
Get Heal, Inc. Series B | 8/17/23 | 77 |
GoBrands, Inc. Series G | 3/02/21 | 13,864 |
GoBrands, Inc. Series H | 7/22/21 | 27,155 |
High Power Exploration, Inc. Series A | 11/15/19 - 3/04/21 | 74,592 |
Intarcia Therapeutics, Inc. warrants 12/31/24 | 1/03/20 | 0 |
Intarcia Therapeutics, Inc. Series CC | 11/14/12 | 28,629 |
Intarcia Therapeutics, Inc. 6% | 1/03/20 | 9,273 |
Lyra Health, Inc. Series E | 1/14/21 | 13,534 |
Lyra Health, Inc. Series F | 6/04/21 | 1,092 |
Moloco, Inc. Series A | 6/26/23 | 25,176 |
Nuro, Inc. Series C | 10/30/20 | 42,990 |
Nuro, Inc. Series D | 10/29/21 | 13,406 |
Rad Power Bikes, Inc. | 1/21/21 | 12,486 |
Rad Power Bikes, Inc. warrants 10/6/33 | 10/06/23 | 0 |
Rad Power Bikes, Inc. Series A | 1/21/21 | 1,628 |
Rad Power Bikes, Inc. Series C | 1/21/21 | 6,405 |
Rad Power Bikes, Inc. Series D | 9/17/21 | 22,322 |
Rad Power Bikes, Inc. 8% 12/31/25 | 10/06/23 | 2,699 |
Rapyd Financial Network 2016 Ltd. | 3/30/21 | 25,000 |
Reddit, Inc. Series E | 5/18/21 | 7,021 |
Reddit, Inc. Series F | 8/11/21 | 54,296 |
Relativity Space, Inc. Series D | 11/20/20 | 24,974 |
Relativity Space, Inc. Series E | 5/27/21 | 9,973 |
Relativity Space, Inc. Series F | 11/14/23 | 22,824 |
Relativity Space, Inc. warrants | 11/14/23 | 0 |
Somatus, Inc. Series E | 1/31/22 | 13,310 |
Space Exploration Technologies Corp. Class A | 10/16/15 - 5/24/22 | 60,159 |
Space Exploration Technologies Corp. Class C | 9/11/17 | 1,754 |
Space Exploration Technologies Corp. Series G | 1/20/15 | 43,239 |
Space Exploration Technologies Corp. Series H | 8/04/17 | 16,238 |
Space Exploration Technologies Corp. Series N | 8/04/20 | 115,684 |
Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 52,246 |
Stripe, Inc. Class B | 5/18/21 | 18,282 |
Stripe, Inc. Series H | 3/15/21 | 7,636 |
Stripe, Inc. Series I | 3/20/23 - 5/12/23 | 42,565 |
Tanium, Inc. Class B | 4/21/17 - 9/18/20 | 57,901 |
Tenstorrent Holdings, Inc. Series C1 | 4/23/21 | 23,033 |
TulCo LLC | 8/24/17 - 9/07/18 | 51,985 |
Veterinary Emergency Group LLC Class A | 9/16/21 - 11/13/23 | 44,293 |
X Holdings Corp. | 10/25/22 | 53,469 |
ZenPayroll, Inc. | 10/01/21 | 8,326 |
ZenPayroll, Inc. Series D | 7/16/19 | 32,431 |
ZenPayroll, Inc. Series E | 7/13/21 | 5,079 |
Zipline International, Inc. | 10/12/21 | 18,569 |
Zipline International, Inc. Series E | 12/21/20 | 42,978 |
Zipline International, Inc. Series F | 4/11/23 | 27,420 |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 2,285,580 | 10,017,672 | 9,678,333 | 163,273 | - | - | 2,624,919 | 5.8% |
Fidelity Securities Lending Cash Central Fund 5.40% | 710,703 | 4,432,821 | 4,584,051 | 1,963 | - | - | 559,473 | 2.0% |
Total | 2,996,283 | 14,450,493 | 14,262,384 | 165,236 | - | - | 3,184,392 | |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Ivanhoe Electric, Inc. | 65,377 | 714 | 6,499 | - | 358 | (10,874) | - |
P3 Health Partners, Inc. | 5,033 | - | 4,195 | - | (23,159) | 22,321 | - |
Zai Lab Ltd. | 20,591 | 1,071 | 20,355 | - | (16,512) | 15,205 | - |
Total | 91,001 | 1,785 | 31,049 | - | (39,313) | 26,652 | - |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 23,043,757 | 22,553,761 | 231,207 | 258,789 |
Consumer Discretionary | 12,817,186 | 12,451,050 | 142,270 | 223,866 |
Consumer Staples | 2,733,429 | 2,531,582 | 191,486 | 10,361 |
Energy | 3,958,774 | 3,948,639 | 10,135 | - |
Financials | 18,070,126 | 17,611,639 | 149,148 | 309,339 |
Health Care | 13,949,912 | 13,731,241 | 106,296 | 112,375 |
Industrials | 7,428,683 | 5,800,367 | - | 1,628,316 |
Information Technology | 29,240,798 | 28,859,401 | 29,817 | 351,580 |
Materials | 2,608,101 | 2,547,097 | - | 61,004 |
Utilities | 372,781 | 372,781 | - | - |
Preferred Securities | 4,749 | - | - | 4,749 |
Money Market Funds | 3,184,392 | 3,184,392 | - | - |
Total Investments in Securities: | 117,412,688 | 113,591,950 | 860,359 | 2,960,379 |
Net Unrealized Depreciation on Unfunded Commitments | (1,279) | - | (1,279) | - |
Total | (1,279) | - | (1,279) | - |
(Amounts in thousands) | |||
Investments in Securities: | |||
Industrials | |||
Beginning Balance | $ | 1,231,006 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 347,065 | ||
Cost of Purchases | 50,245 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 1,628,316 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2023 | $ | 347,065 | |
Other Investments in Securities | |||
Beginning Balance | $ | 1,209,666 | |
Net Realized Gain (Loss) on Investment Securities | 6,082 | ||
Net Unrealized Gain (Loss) on Investment Securities | 11,643 | ||
Cost of Purchases | 122,644 | ||
Proceeds of Sales | (17,972) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 1,332,063 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2023 | $ | 11,643 | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |
Consolidated Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | December 31, 2023 | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $536,587) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $38,673,506) | $ | 114,228,296 | ||
Fidelity Central Funds (cost $3,184,391) | 3,184,392 | |||
Total Investment in Securities (cost $41,857,897) | $ | 117,412,688 | ||
Foreign currency held at value (cost $320) | 469 | |||
Receivable for investments sold | 8,377 | |||
Receivable for fund shares sold | 54,891 | |||
Dividends receivable | 86,803 | |||
Distributions receivable from Fidelity Central Funds | 12,232 | |||
Prepaid expenses | 109 | |||
Other receivables | 4,108 | |||
Total assets | 117,579,677 | |||
Liabilities | ||||
Payable to custodian bank | $ | 1,329 | ||
Payable for investments purchased | 8,109 | |||
Unrealized depreciation on unfunded commitments | 1,279 | |||
Payable for fund shares redeemed | 100,163 | |||
Accrued management fee | 33,067 | |||
Other affiliated payables | 10,719 | |||
Other payables and accrued expenses | 5,700 | |||
Collateral on securities loaned | 559,290 | |||
Total Liabilities | 719,656 | |||
Net Assets | $ | 116,860,021 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 41,737,568 | ||
Total accumulated earnings (loss) | 75,122,453 | |||
Net Assets | $ | 116,860,021 | ||
Net Asset Value and Maximum Offering Price | ||||
Contrafund : | ||||
Net Asset Value, offering price and redemption price per share ($106,981,545 ÷ 6,650,546 shares) | $ | 16.09 | ||
Class K : | ||||
Net Asset Value, offering price and redemption price per share ($9,878,476 ÷ 611,843 shares) | $ | 16.15 |
Consolidated Statement of Operations | ||||
Amounts in thousands | Year ended December 31, 2023 | |||
Investment Income | ||||
Dividends | $ | 863,016 | ||
Income from Fidelity Central Funds (including $1,963 from security lending) | 165,236 | |||
Total Income | 1,028,252 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 546,206 | ||
Performance adjustment | (232,617) | |||
Transfer agent fees | 114,414 | |||
Accounting fees | 3,281 | |||
Custodian fees and expenses | 728 | |||
Independent trustees' fees and expenses | 639 | |||
Registration fees | 289 | |||
Audit | 241 | |||
Legal | 103 | |||
Miscellaneous | 479 | |||
Total expenses before reductions | 433,763 | |||
Expense reductions | (6,195) | |||
Total expenses after reductions | 427,568 | |||
Net Investment income (loss) | 600,684 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $1,321) | 3,428,656 | |||
Redemptions in-kind | 598,967 | |||
Affiliated issuers | (39,313) | |||
Foreign currency transactions | (1,394) | |||
Total net realized gain (loss) | 3,986,916 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $794) | 29,531,741 | |||
Affiliated issuers | 26,652 | |||
Unfunded commitments | 3,824 | |||
Assets and liabilities in foreign currencies | 468 | |||
Total change in net unrealized appreciation (depreciation) | 29,562,685 | |||
Net gain (loss) | 33,549,601 | |||
Net increase (decrease) in net assets resulting from operations | $ | 34,150,285 |
Consolidated Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended December 31, 2023 | Year ended December 31, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 600,684 | $ | 445,648 |
Net realized gain (loss) | 3,986,916 | 11,425,226 | ||
Change in net unrealized appreciation (depreciation) | 29,562,685 | (51,437,288) | ||
Net increase (decrease) in net assets resulting from operations | 34,150,285 | (39,566,414) | ||
Distributions to shareholders | (4,919,432) | (10,115,716) | ||
Share transactions - net increase (decrease) | (3,271,706) | (4,582,140) | ||
Total increase (decrease) in net assets | 25,959,147 | (54,264,270) | ||
Net Assets | ||||
Beginning of period | 90,900,874 | 145,165,144 | ||
End of period | $ | 116,860,021 | $ | 90,900,874 |
Fidelity® Contrafund® |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 12.09 | $ | 18.76 | $ | 16.77 | $ | 13.71 | $ | 11.01 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .08 | .06 | (.05) | (.04) | - C | |||||
Net realized and unrealized gain (loss) | 4.61 | (5.29) | 4.07 | 4.44 | 3.27 | |||||
Total from investment operations | 4.69 | (5.23) | 4.02 | 4.40 | 3.27 | |||||
Distributions from net investment income | (.08) | (.08) | - | - | - | |||||
Distributions from net realized gain | (.61) | (1.36) | (2.03) | (1.34) | (.57) | |||||
Total distributions | (.69) | (1.44) | (2.03) | (1.34) | (.57) | |||||
Net asset value, end of period | $ | 16.09 | $ | 12.09 | $ | 18.76 | $ | 16.77 | $ | 13.71 |
Total Return D | 39.33% | (28.26)% | 24.36% | 32.58% | 29.98% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .42% | .55% | .81% | .86% | .85% | |||||
Expenses net of fee waivers, if any | .42% | .54% | .81% | .86% | .85% | |||||
Expenses net of all reductions | .42% | .54% | .81% | .85% | .85% | |||||
Net investment income (loss) | .57% | .41% | (.26)% | (.23)% | (.02)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 106,982 | $ | 82,279 | $ | 128,577 | $ | 113,100 | $ | 97,098 |
Portfolio turnover rate G | 16% H | 25% H | 27% H | 32% H | 26% H |
Fidelity® Contrafund® Class K |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 12.13 | $ | 18.82 | $ | 16.81 | $ | 13.73 | $ | 11.01 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .09 | .07 | (.03) | (.02) | .01 | |||||
Net realized and unrealized gain (loss) | 4.63 | (5.31) | 4.07 | 4.44 | 3.28 | |||||
Total from investment operations | 4.72 | (5.24) | 4.04 | 4.42 | 3.29 | |||||
Distributions from net investment income | (.09) | (.09) | - | - | - | |||||
Distributions from net realized gain | (.61) | (1.36) | (2.03) | (1.34) | (.57) | |||||
Total distributions | (.70) | (1.45) | (2.03) | (1.34) | (.57) | |||||
Net asset value, end of period | $ | 16.15 | $ | 12.13 | $ | 18.82 | $ | 16.81 | $ | 13.73 |
Total Return C | 39.47% | (28.22)% | 24.42% | 32.68% | 30.17% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .35% | .47% | .74% | .78% | .77% | |||||
Expenses net of fee waivers, if any | .34% | .47% | .74% | .78% | .76% | |||||
Expenses net of all reductions | .34% | .47% | .74% | .78% | .76% | |||||
Net investment income (loss) | .64% | .48% | (.18)% | (.16)% | .06% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 9,878 | $ | 8,622 | $ | 16,588 | $ | 23,196 | $ | 22,626 |
Portfolio turnover rate F | 16% G | 25% G | 27% G | 32% G | 26% G |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $2,955,630 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.5 - 20.3 / 15.5 | Increase |
Enterprise value/Revenue multiple (EV/R) | 1.1 - 43.5 / 10.5 | Increase | |||
Enterprise value/Net income multiple (EV/NI) | 12.3 | Increase | |||
Market approach | Transaction price | $59.45 | Increase | ||
Premium rate | 45.0% | Increase | |||
Recovery value | Recovery value | $0.00 - $0.17 / $0.07 | Increase | ||
Discounted cash flow | Weighted average cost of capital (WACC) | 27.4% | Decrease | ||
Exit multiple | 1.5 | Increase | |||
Black scholes | Discount rate | 3.9% - 4.4% / 4.2% | Increase | ||
Volatility | 60.0% - 100.0% / 75.1% | Increase | |||
Term | 2.0 - 5.0 / 3.7 | Increase | |||
Book value | Discount rate | 5.0% | Decrease | ||
Book value multiple | 1.0 | Increase | |||
Preferred Securities | $4,749 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.5 | Increase |
Recovery value | Recovery value | $0.00 | Increase | ||
Black scholes | Discount rate | 4.4% | Increase | ||
Volatility | 60.0% | Increase | |||
Term | 2.0 | Increase |
Fidelity Contrafund | $4,015 |
Gross unrealized appreciation | $75,756,746 |
Gross unrealized depreciation | (723,060) |
Net unrealized appreciation (depreciation) | $75,033,686 |
Tax Cost | $42,377,723 |
Undistributed ordinary income | $33,736 |
Undistributed long-term capital gain | $56,041 |
Net unrealized appreciation (depreciation) on securities and other investments | $75,033,974 |
December 31, 2023 | December 31, 2022 | |
Ordinary Income | $551,943 | $541,463 |
Long-term Capital Gains | 4,367,489 | 9,574,253 |
Total | $4,919,432 | $10,115,716 |
Investment to be Acquired | Shares | Commitment Amount | |
Fidelity Contrafund | Lions Gate Entertainment Corp. | 2,063 | $19,866 |
$ Amount | % of Net Assets | |
Fidelity Contrafund | 165,919 | .14 |
Purchases ($) | Sales ($) | |
Fidelity Contrafund | 16,405,470 | 23,791,144 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity Contrafund | 70,792 | 598,967 | 935,466 | Contrafund, Class K |
Shares | Total Proceeds ($) | Participating classes | |
Fidelity Contrafund | 21,380 | 341,440 | Contrafund |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity Contrafund | 103,972 | 964,453 | 1,619,588 | Contrafund, Class K |
% of Class-Level Average Net Assets | |
Contrafund | 0.1152% |
Amount | % of Class-Level Average Net Assets | |
Contrafund | $110,620 | .12 |
Class K | 3,794 | .04 |
$114,414 |
% of Average Net Assets | |
Fidelity Contrafund | 0.0030% |
% of Average Net Assets | |
Fidelity Contrafund | -A |
Maximum Management Fee Rate % | |
Contrafund | .61 |
Class K | .54 |
Performance Adjustment Index | |
Fidelity Contrafund | S&P 500 Index |
Amount | |
Fidelity Contrafund | $287 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Contrafund | 638,577 | 1,429,670 | 261,005 |
Amount ($) | |
Fidelity Contrafund | 19 |
Amount | |
Fidelity Contrafund | $181 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Contrafund | $209 | $262 | $5,151 |
Year ended December 31, 2023 | Year ended December 31, 2022 | |
Fidelity Contrafund | ||
Distributions to shareholders | ||
Contrafund | $4,485,640 | $9,128,177 |
Class K | 433,792 | 987,539 |
Total | $4,919,432 | $10,115,716 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2023 | Year ended December 31, 2022 | Year ended December 31, 2023 | Year ended December 31, 2022 | |
Fidelity Contrafund | ||||
Contrafund | ||||
Shares sold | 340,492 | 348,710 | $4,969,610 | $5,094,513 |
Reinvestment of distributions | 281,456 | 657,388 | 4,141,294 | 8,457,516 |
Shares redeemed | (779,442) | (1,050,982) | (11,096,644) | (15,394,010) |
Net increase (decrease) | (157,494) | (44,884) | $(1,985,740) | $(1,841,981) |
Class K | ||||
Shares sold | 103,349 | 63,881 | $1,509,223 | $958,814 |
Reinvestment of distributions | 29,492 | 76,064 | 433,760 | 987,511 |
Shares redeemed | (231,967) | (310,293) | (3,228,949) | (4,686,484) |
Net increase (decrease) | (99,126) | (170,348) | $(1,285,966) | $(2,740,159) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2023 to December 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2023 | Ending Account Value December 31, 2023 | Expenses Paid During Period- C July 1, 2023 to December 31, 2023 | |||||||
Fidelity® Contrafund® | ||||||||||
Fidelity® Contrafund® ** | .43% | |||||||||
Actual | $ 1,000 | $ 1,113.00 | $ 2.29 | |||||||
Hypothetical-B | $ 1,000 | $ 1,023.04 | $ 2.19 | |||||||
Class K | .36% | |||||||||
Actual | $ 1,000 | $ 1,113.30 | $ 1.92 | |||||||
Hypothetical-B | $ 1,000 | $ 1,023.39 | $ 1.84 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® Contrafund® | ||||||
Fidelity® Contrafund® | .40% | |||||
Actual | $ 2.13 | |||||
Hypothetical- B | $ 2.04 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
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Contents
Average Annual Total Returns | |||
Periods ended December 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | 28.13% | 13.02% | 10.37% |
Class M (incl. 3.50% sales charge) | 30.85% | 13.27% | 10.36% |
Class C (incl. contingent deferred sales charge) | 33.86% | 13.50% | 10.36% |
Class I | 36.26% | 14.65% | 11.30% |
Class Z | 36.43% | 14.79% | 11.44% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® New Insights Fund - Class A, a class of the fund, on December 31, 2013, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
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Top Holdings (% of Fund's net assets) | ||
Meta Platforms, Inc. Class A | 9.3 | |
Microsoft Corp. | 7.7 | |
Alphabet, Inc. Class A | 5.9 | |
Amazon.com, Inc. | 5.0 | |
Berkshire Hathaway, Inc. Class A | 4.8 | |
NVIDIA Corp. | 4.5 | |
Apple, Inc. | 3.4 | |
Eli Lilly & Co. | 2.6 | |
UnitedHealth Group, Inc. | 2.6 | |
Regeneron Pharmaceuticals, Inc. | 1.8 | |
47.6 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 25.6 | |
Communication Services | 18.1 | |
Financials | 12.7 | |
Health Care | 12.6 | |
Consumer Discretionary | 10.8 | |
Industrials | 9.3 | |
Energy | 4.0 | |
Materials | 2.9 | |
Consumer Staples | 2.0 | |
Utilities | 0.7 | |
Real Estate | 0.0 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Common Stocks - 96.6% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 17.9% | |||
Entertainment - 2.1% | |||
Liberty Media Corp. Liberty Formula One Class C | 315,876 | 19,941 | |
Liberty Media Corp. Liberty Live Class C | 17,816 | 666 | |
Netflix, Inc. (a) | 660,590 | 321,628 | |
Sea Ltd. ADR (a) | 263,700 | 10,680 | |
The Walt Disney Co. | 65,400 | 5,905 | |
Universal Music Group NV | 901,780 | 25,743 | |
384,563 | |||
Interactive Media & Services - 15.4% | |||
Alphabet, Inc.: | |||
Class A (a) | 7,640,420 | 1,067,290 | |
Class C (a) | 69,500 | 9,795 | |
Bumble, Inc. (a) | 209,684 | 3,091 | |
Epic Games, Inc. (a)(b)(c) | 23,900 | 15,352 | |
Match Group, Inc. (a) | 77,400 | 2,825 | |
Meta Platforms, Inc. Class A (a) | 4,718,616 | 1,670,212 | |
2,768,565 | |||
Wireless Telecommunication Services - 0.4% | |||
T-Mobile U.S., Inc. | 421,800 | 67,627 | |
TOTAL COMMUNICATION SERVICES | 3,220,755 | ||
CONSUMER DISCRETIONARY - 10.8% | |||
Automobiles - 0.4% | |||
BYD Co. Ltd. (H Shares) | 247,500 | 6,827 | |
General Motors Co. | 82,840 | 2,976 | |
Hyundai Motor Co. Ltd. | 89,533 | 14,071 | |
Li Auto, Inc. ADR (a) | 217,600 | 8,145 | |
Rad Power Bikes, Inc. (b)(c) | 474,452 | 180 | |
Rad Power Bikes, Inc. warrants 10/6/33 (a)(b)(c) | 488,383 | 1,006 | |
Tesla, Inc. (a) | 114,752 | 28,514 | |
Toyota Motor Corp. | 115,502 | 2,116 | |
63,835 | |||
Broadline Retail - 5.2% | |||
Amazon.com, Inc. (a) | 5,907,300 | 897,555 | |
Coupang, Inc. Class A (a) | 944,865 | 15,297 | |
Dollarama, Inc. | 63,672 | 4,589 | |
Kohl's Corp. (d) | 92,200 | 2,644 | |
MercadoLibre, Inc. (a) | 8,800 | 13,830 | |
PDD Holdings, Inc. ADR (a) | 9,100 | 1,331 | |
935,246 | |||
Diversified Consumer Services - 0.0% | |||
Duolingo, Inc. (a) | 27,443 | 6,225 | |
Hotels, Restaurants & Leisure - 1.4% | |||
Airbnb, Inc. Class A (a) | 349,596 | 47,594 | |
Booking Holdings, Inc. (a) | 6,100 | 21,638 | |
Cava Group, Inc. (d) | 75,600 | 3,249 | |
Chipotle Mexican Grill, Inc. (a) | 11,927 | 27,277 | |
Deliveroo PLC Class A (a)(e) | 3,535,620 | 5,751 | |
Doordash, Inc. (a) | 26,200 | 2,591 | |
Evolution AB (e) | 21,000 | 2,503 | |
Hilton Worldwide Holdings, Inc. | 560,368 | 102,037 | |
Light & Wonder, Inc. Class A (a) | 11,900 | 977 | |
Marriott International, Inc. Class A | 21,200 | 4,781 | |
McDonald's Corp. | 36,900 | 10,941 | |
Restaurant Brands International, Inc. | 59,000 | 4,610 | |
Starbucks Corp. | 39,700 | 3,812 | |
Yum China Holdings, Inc. | 26,600 | 1,129 | |
Zomato Ltd. (a) | 2,766,561 | 4,112 | |
243,002 | |||
Household Durables - 0.4% | |||
Blu Investments LLC (a)(b)(c) | 98,215,581 | 30 | |
D.R. Horton, Inc. | 182,475 | 27,733 | |
Garmin Ltd. | 4,600 | 591 | |
Lennar Corp. Class A | 329,450 | 49,101 | |
77,455 | |||
Leisure Products - 0.0% | |||
Bandai Namco Holdings, Inc. | 30,900 | 618 | |
Sega Sammy Holdings, Inc. | 49,800 | 696 | |
1,314 | |||
Specialty Retail - 2.4% | |||
Abercrombie & Fitch Co. Class A (a) | 53,700 | 4,737 | |
Academy Sports & Outdoors, Inc. | 304,306 | 20,084 | |
Auto1 Group SE (a)(e) | 51,600 | 370 | |
Dick's Sporting Goods, Inc. | 123,445 | 18,140 | |
Fanatics, Inc. Class A (a)(b)(c) | 372,921 | 29,170 | |
Fast Retailing Co. Ltd. | 16,600 | 4,105 | |
Floor & Decor Holdings, Inc. Class A (a)(d) | 127,700 | 14,246 | |
FSN E-Commerce Ventures Private Ltd. (a) | 10,674 | 22 | |
Gap, Inc. | 118,179 | 2,471 | |
Lowe's Companies, Inc. | 387,500 | 86,238 | |
O'Reilly Automotive, Inc. (a) | 52,971 | 50,327 | |
Ross Stores, Inc. | 40,300 | 5,577 | |
The Home Depot, Inc. | 151,913 | 52,645 | |
TJX Companies, Inc. | 943,503 | 88,510 | |
Wayfair LLC Class A (a) | 84,161 | 5,193 | |
Williams-Sonoma, Inc. | 253,132 | 51,077 | |
432,912 | |||
Textiles, Apparel & Luxury Goods - 1.0% | |||
Bolt Threads, Inc. (b)(c) | 195,249 | 773 | |
Brunello Cucinelli SpA | 753,200 | 73,670 | |
China Hongxing Sports Ltd. (a)(c) | 5,977,800 | 0 | |
Deckers Outdoor Corp. (a) | 20,982 | 14,025 | |
lululemon athletica, Inc. (a) | 14,044 | 7,181 | |
LVMH Moet Hennessy Louis Vuitton SE | 15,400 | 12,513 | |
NIKE, Inc. Class B | 128,803 | 13,984 | |
On Holding AG (a) | 597,100 | 16,104 | |
Ralph Lauren Corp. (d) | 68,900 | 9,935 | |
Samsonite International SA (a)(e) | 4,331,100 | 14,283 | |
Tapestry, Inc. | 444,929 | 16,378 | |
178,846 | |||
TOTAL CONSUMER DISCRETIONARY | 1,938,835 | ||
CONSUMER STAPLES - 2.0% | |||
Beverages - 0.6% | |||
Anheuser-Busch InBev SA NV ADR (d) | 17,100 | 1,105 | |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 17,200 | 2,242 | |
Kweichow Moutai Co. Ltd. (A Shares) | 4,200 | 1,021 | |
PepsiCo, Inc. | 48,460 | 8,230 | |
The Coca-Cola Co. | 1,649,318 | 97,194 | |
109,792 | |||
Consumer Staples Distribution & Retail - 1.0% | |||
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 266,800 | 15,711 | |
BJ's Wholesale Club Holdings, Inc. (a) | 107,200 | 7,146 | |
Casey's General Stores, Inc. | 32,700 | 8,984 | |
Costco Wholesale Corp. | 181,300 | 119,673 | |
Dollar Tree, Inc. (a) | 132,300 | 18,793 | |
Maplebear, Inc. (NASDAQ) (d) | 16,100 | 378 | |
Performance Food Group Co. (a) | 15,900 | 1,099 | |
Walmart, Inc. | 55,100 | 8,687 | |
180,471 | |||
Food Products - 0.1% | |||
Bowery Farming, Inc. warrants (a)(b)(c) | 383,862 | 1,585 | |
Mondelez International, Inc. | 238,200 | 17,253 | |
18,838 | |||
Household Products - 0.2% | |||
Procter & Gamble Co. | 189,100 | 27,711 | |
Personal Care Products - 0.1% | |||
Kenvue, Inc. | 144,700 | 3,115 | |
L'Oreal SA | 1,300 | 648 | |
L'Oreal SA | 29,812 | 14,861 | |
Oddity Tech Ltd. (d) | 28,000 | 1,303 | |
19,927 | |||
TOTAL CONSUMER STAPLES | 356,739 | ||
ENERGY - 3.9% | |||
Energy Equipment & Services - 0.1% | |||
Baker Hughes Co. Class A | 27,900 | 954 | |
Noble Corp. PLC | 4,432 | 213 | |
Patterson-UTI Energy, Inc. | 456,388 | 4,929 | |
Schlumberger Ltd. | 102,600 | 5,339 | |
TechnipFMC PLC | 44,900 | 904 | |
12,339 | |||
Oil, Gas & Consumable Fuels - 3.8% | |||
Antero Resources Corp. (a) | 542,400 | 12,302 | |
Birchcliff Energy Ltd. (d) | 169,400 | 739 | |
Cameco Corp. | 109,100 | 4,702 | |
Canadian Natural Resources Ltd. (d) | 1,176,788 | 77,097 | |
Cenovus Energy, Inc. (d) | 687,700 | 11,450 | |
Cheniere Energy, Inc. | 714,917 | 122,043 | |
ConocoPhillips Co. | 409,811 | 47,567 | |
Diamondback Energy, Inc. | 5,943 | 922 | |
EOG Resources, Inc. | 272,816 | 32,997 | |
Equinor ASA | 29,800 | 944 | |
Exxon Mobil Corp. | 1,878,907 | 187,853 | |
GoviEx Uranium, Inc. (a) | 642,355 | 73 | |
GoviEx Uranium, Inc. (a) | 23,200 | 3 | |
GoviEx Uranium, Inc. Class A (a) | 2,625,135 | 297 | |
Hess Corp. | 742,990 | 107,109 | |
Marathon Petroleum Corp. | 66,600 | 9,881 | |
Occidental Petroleum Corp. | 531,961 | 31,763 | |
Ovintiv, Inc. | 122,600 | 5,385 | |
Pioneer Natural Resources Co. | 23,865 | 5,367 | |
PrairieSky Royalty Ltd. | 107,200 | 1,877 | |
Reliance Industries Ltd. | 277,931 | 8,633 | |
Shell PLC ADR | 62,800 | 4,132 | |
Tourmaline Oil Corp. (d) | 30,800 | 1,385 | |
Valero Energy Corp. | 84,900 | 11,037 | |
685,558 | |||
TOTAL ENERGY | 697,897 | ||
FINANCIALS - 12.6% | |||
Banks - 2.7% | |||
AIB Group PLC | 1,046,200 | 4,481 | |
Banco Santander SA (Spain) | 1,348,100 | 5,639 | |
Bank of America Corp. | 3,048,065 | 102,628 | |
Bank of Ireland Group PLC | 497,200 | 4,514 | |
First Citizens Bancshares, Inc. | 5,800 | 8,230 | |
HDFC Bank Ltd. sponsored ADR | 643,371 | 43,177 | |
JPMorgan Chase & Co. | 604,059 | 102,750 | |
Nu Holdings Ltd. (a) | 1,182,266 | 9,848 | |
Royal Bank of Canada | 203,760 | 20,606 | |
Starling Bank Ltd. Series D (a)(b)(c) | 3,787,848 | 15,160 | |
Wells Fargo & Co. | 3,225,016 | 158,735 | |
475,768 | |||
Capital Markets - 0.5% | |||
Brookfield Asset Management Ltd.: | |||
Class A | 5,622 | 226 | |
Class A | 118,800 | 4,772 | |
Brookfield Corp. (Canada) Class A | 37,400 | 1,500 | |
CME Group, Inc. | 18,800 | 3,959 | |
Coinbase Global, Inc. (a)(d) | 68,300 | 11,879 | |
Goldman Sachs Group, Inc. | 3,100 | 1,196 | |
KKR & Co. LP | 15,300 | 1,268 | |
London Stock Exchange Group PLC | 50,500 | 5,970 | |
Moody's Corp. | 2,800 | 1,094 | |
Morgan Stanley | 188,653 | 17,592 | |
MSCI, Inc. | 45,119 | 25,522 | |
TulCo LLC (a)(b)(c)(f) | 17,377 | 12,644 | |
UBS Group AG | 292,820 | 9,087 | |
96,709 | |||
Consumer Finance - 0.2% | |||
American Express Co. | 155,208 | 29,077 | |
Financial Services - 7.1% | |||
Berkshire Hathaway, Inc. Class A (a) | 1,586 | 860,603 | |
Dlocal Ltd. (a) | 82,609 | 1,461 | |
Fiserv, Inc. (a) | 106,000 | 14,081 | |
Jio Financial Services Ltd. | 224,200 | 628 | |
MasterCard, Inc. Class A | 524,700 | 223,790 | |
PayPal Holdings, Inc. (a) | 34,500 | 2,119 | |
Remitly Global, Inc. (a) | 310,800 | 6,036 | |
Visa, Inc. Class A | 674,300 | 175,554 | |
1,284,272 | |||
Insurance - 2.1% | |||
American International Group, Inc. | 498,726 | 33,789 | |
Arthur J. Gallagher & Co. | 293,700 | 66,047 | |
Chubb Ltd. | 447,007 | 101,024 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 48,067 | 44,347 | |
Hiscox Ltd. | 2,665,843 | 35,815 | |
Intact Financial Corp. | 138,974 | 21,381 | |
Marsh & McLennan Companies, Inc. | 100,137 | 18,973 | |
Progressive Corp. | 246,510 | 39,264 | |
The Travelers Companies, Inc. | 91,938 | 17,513 | |
378,153 | |||
TOTAL FINANCIALS | 2,263,979 | ||
HEALTH CARE - 12.5% | |||
Biotechnology - 3.4% | |||
Alnylam Pharmaceuticals, Inc. (a) | 57,884 | 11,080 | |
Argenx SE ADR (a) | 86,785 | 33,016 | |
Ascendis Pharma A/S sponsored ADR (a) | 29,200 | 3,678 | |
Galapagos NV sponsored ADR (a) | 173,937 | 7,071 | |
Gilead Sciences, Inc. | 268,200 | 21,727 | |
Intarcia Therapeutics, Inc. warrants 12/31/24 (a)(b)(c) | 26,062 | 0 | |
Krystal Biotech, Inc. (a) | 8,300 | 1,030 | |
Legend Biotech Corp. ADR (a) | 87,000 | 5,235 | |
Light Sciences Oncology, Inc. (a)(c) | 2,708,254 | 0 | |
Moonlake Immunotherapeutics (a) | 51,500 | 3,110 | |
Neurocrine Biosciences, Inc. (a) | 8,700 | 1,146 | |
Recursion Pharmaceuticals, Inc. (a)(d) | 312,900 | 3,085 | |
Regeneron Pharmaceuticals, Inc. (a) | 367,899 | 323,122 | |
Roivant Sciences Ltd. (a) | 111,500 | 1,252 | |
United Therapeutics Corp. (a) | 65,494 | 14,401 | |
Vertex Pharmaceuticals, Inc. (a) | 437,546 | 178,033 | |
606,986 | |||
Health Care Equipment & Supplies - 1.0% | |||
Boston Scientific Corp. (a) | 1,558,508 | 90,097 | |
I-Pulse, Inc. (a)(b)(c) | 58,562 | 158 | |
Intuitive Surgical, Inc. (a) | 182,951 | 61,720 | |
Straumann Holding AG | 16,995 | 2,746 | |
Stryker Corp. | 45,600 | 13,655 | |
TransMedics Group, Inc. (a) | 209,200 | 16,512 | |
184,888 | |||
Health Care Providers & Services - 3.3% | |||
agilon health, Inc. (a) | 831,900 | 10,440 | |
Cencora, Inc. | 20,620 | 4,235 | |
Centene Corp. (a) | 574,000 | 42,597 | |
Cigna Group | 198,700 | 59,501 | |
UnitedHealth Group, Inc. | 894,308 | 470,826 | |
587,599 | |||
Life Sciences Tools & Services - 0.7% | |||
Danaher Corp. | 408,289 | 94,454 | |
Mettler-Toledo International, Inc. (a) | 554 | 672 | |
Olink Holding AB ADR (a) | 162,700 | 4,092 | |
Seer, Inc. (a) | 59,354 | 115 | |
Thermo Fisher Scientific, Inc. | 48,832 | 25,920 | |
Veterinary Emergency Group LLC Class A (a)(b)(c)(f) | 184,081 | 10,487 | |
135,740 | |||
Pharmaceuticals - 4.1% | |||
AstraZeneca PLC (United Kingdom) | 270,800 | 36,528 | |
Eli Lilly & Co. | 808,483 | 471,281 | |
Euroapi SASU | 23,468 | 148 | |
Intra-Cellular Therapies, Inc. (a) | 77,017 | 5,516 | |
Merck & Co., Inc. | 701,892 | 76,520 | |
Novo Nordisk A/S Series B | 85,100 | 8,819 | |
Roche Holding AG (participation certificate) | 183,833 | 53,439 | |
Royalty Pharma PLC | 933,950 | 26,235 | |
Sanofi SA | 539,800 | 53,641 | |
Structure Therapeutics, Inc. ADR | 76,000 | 3,098 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | 112,300 | 1,172 | |
UCB SA | 15,667 | 1,365 | |
Verona Pharma PLC ADR (a) | 35,300 | 702 | |
Zoetis, Inc. Class A | 15,100 | 2,980 | |
741,444 | |||
TOTAL HEALTH CARE | 2,256,657 | ||
INDUSTRIALS - 7.8% | |||
Aerospace & Defense - 2.9% | |||
Axon Enterprise, Inc. (a) | 4,200 | 1,085 | |
BWX Technologies, Inc. | 47,900 | 3,675 | |
General Dynamics Corp. | 8,100 | 2,103 | |
Howmet Aerospace, Inc. | 20,300 | 1,099 | |
Lockheed Martin Corp. | 11,014 | 4,992 | |
Northrop Grumman Corp. | 216,286 | 101,252 | |
Relativity Space, Inc. warrants (a)(b)(c) | 9,464 | 146 | |
Space Exploration Technologies Corp.: | |||
Class A (a)(b)(c) | 2,573,450 | 249,625 | |
Class C (a)(b)(c) | 45,460 | 4,410 | |
The Boeing Co. (a) | 237,800 | 61,985 | |
TransDigm Group, Inc. | 87,862 | 88,881 | |
Woodward, Inc. | 80,700 | 10,986 | |
530,239 | |||
Air Freight & Logistics - 0.2% | |||
Delhivery Private Ltd. (a) | 444,255 | 2,078 | |
GXO Logistics, Inc. (a) | 416,470 | 25,471 | |
Zipline International, Inc. (a)(b)(c) | 74,930 | 3,003 | |
30,552 | |||
Building Products - 0.2% | |||
Carrier Global Corp. | 103,300 | 5,935 | |
Trane Technologies PLC | 133,300 | 32,512 | |
38,447 | |||
Commercial Services & Supplies - 0.3% | |||
Cintas Corp. | 43,412 | 26,163 | |
Clean Harbors, Inc. (a) | 74,944 | 13,078 | |
Clean TeQ Water Pty Ltd. (a) | 3,189 | 1 | |
GFL Environmental, Inc. | 24,100 | 831 | |
Republic Services, Inc. | 33,900 | 5,590 | |
Veralto Corp. | 194,562 | 16,005 | |
61,668 | |||
Construction & Engineering - 0.1% | |||
Bowman Consulting Group Ltd. (a) | 231,800 | 8,234 | |
Larsen & Toubro Ltd. | 32,416 | 1,373 | |
9,607 | |||
Electrical Equipment - 0.9% | |||
Eaton Corp. PLC | 383,600 | 92,379 | |
Generac Holdings, Inc. (a) | 8,600 | 1,111 | |
Hubbell, Inc. Class B | 75,900 | 24,966 | |
Nextracker, Inc. Class A | 45,500 | 2,132 | |
nVent Electric PLC | 94,825 | 5,603 | |
Regal Rexnord Corp. | 130,700 | 19,346 | |
Vertiv Holdings Co. | 409,200 | 19,654 | |
165,191 | |||
Ground Transportation - 0.7% | |||
Canadian Pacific Kansas City Ltd. | 762,664 | 60,343 | |
Old Dominion Freight Lines, Inc. | 55,600 | 22,536 | |
RXO, Inc. (a) | 428,170 | 9,959 | |
Uber Technologies, Inc. (a) | 431,800 | 26,586 | |
Union Pacific Corp. | 7,900 | 1,940 | |
121,364 | |||
Industrial Conglomerates - 0.6% | |||
3M Co. | 22,600 | 2,471 | |
General Electric Co. | 825,303 | 105,333 | |
107,804 | |||
Machinery - 0.8% | |||
Caterpillar, Inc. | 29,600 | 8,752 | |
Chart Industries, Inc. (a) | 82,400 | 11,234 | |
Deere & Co. | 47,098 | 18,833 | |
Energy Recovery, Inc. (a) | 156,000 | 2,939 | |
Fortive Corp. | 41,000 | 3,019 | |
Indutrade AB | 42,800 | 1,111 | |
Ingersoll Rand, Inc. | 155,500 | 12,026 | |
PACCAR, Inc. | 441,642 | 43,126 | |
Parker Hannifin Corp. | 109,200 | 50,308 | |
151,348 | |||
Passenger Airlines - 0.2% | |||
Copa Holdings SA Class A | 24,800 | 2,636 | |
Ryanair Holdings PLC sponsored ADR (a) | 228,000 | 30,406 | |
33,042 | |||
Professional Services - 0.5% | |||
Automatic Data Processing, Inc. | 9,000 | 2,097 | |
CACI International, Inc. Class A (a) | 81,000 | 26,233 | |
FTI Consulting, Inc. (a) | 7,200 | 1,434 | |
KBR, Inc. | 336,600 | 18,651 | |
Science Applications International Corp. | 140,400 | 17,455 | |
Thomson Reuters Corp. | 51,198 | 7,485 | |
Verisk Analytics, Inc. | 62,200 | 14,857 | |
88,212 | |||
Trading Companies & Distributors - 0.4% | |||
Fastenal Co. | 34,500 | 2,235 | |
United Rentals, Inc. | 27,800 | 15,941 | |
W.W. Grainger, Inc. | 58,400 | 48,395 | |
66,571 | |||
TOTAL INDUSTRIALS | 1,404,045 | ||
INFORMATION TECHNOLOGY - 25.5% | |||
Communications Equipment - 0.4% | |||
Arista Networks, Inc. (a) | 303,053 | 71,372 | |
Motorola Solutions, Inc. | 10,900 | 3,413 | |
74,785 | |||
Electronic Equipment, Instruments & Components - 1.2% | |||
Amphenol Corp. Class A | 1,975,438 | 195,825 | |
CDW Corp. | 45,979 | 10,452 | |
Fabrinet (a) | 2,500 | 476 | |
Jabil, Inc. | 7,200 | 917 | |
207,670 | |||
IT Services - 0.9% | |||
Accenture PLC Class A | 225,211 | 79,029 | |
ASAC II LP (a)(b)(c) | 9,408,021 | 1,581 | |
Cloudflare, Inc. (a) | 69,370 | 5,776 | |
Gartner, Inc. (a) | 76,100 | 34,329 | |
MongoDB, Inc. Class A (a) | 20,800 | 8,504 | |
Shopify, Inc. Class A (a) | 343,708 | 26,759 | |
X Holdings Corp. (b)(c) | 97,100 | 3,080 | |
159,058 | |||
Semiconductors & Semiconductor Equipment - 7.7% | |||
Advanced Micro Devices, Inc. (a) | 1,092,934 | 161,109 | |
Advantest Corp. | 84,000 | 2,830 | |
AEHR Test Systems (a)(d) | 87,709 | 2,327 | |
Analog Devices, Inc. | 133,792 | 26,566 | |
Applied Materials, Inc. | 324,000 | 52,511 | |
Arm Holdings Ltd. ADR (d) | 125,000 | 9,393 | |
ASM International NV (Netherlands) | 13,600 | 7,056 | |
ASML Holding NV: | |||
(depository receipt) | 1,500 | 1,135 | |
(Netherlands) | 32,900 | 24,836 | |
BE Semiconductor Industries NV | 50,000 | 7,532 | |
Broadcom, Inc. | 37,600 | 41,971 | |
Lam Research Corp. | 45,500 | 35,638 | |
Lattice Semiconductor Corp. (a) | 150,005 | 10,349 | |
Marvell Technology, Inc. | 762,400 | 45,980 | |
Monolithic Power Systems, Inc. | 49,632 | 31,307 | |
NVIDIA Corp. | 1,616,986 | 800,764 | |
NXP Semiconductors NV | 193,613 | 44,469 | |
ON Semiconductor Corp. (a) | 151,700 | 12,672 | |
Qualcomm, Inc. | 183,400 | 26,525 | |
SolarEdge Technologies, Inc. (a) | 23,300 | 2,181 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 448,300 | 46,623 | |
1,393,774 | |||
Software - 11.4% | |||
Adobe, Inc. (a) | 355,056 | 211,826 | |
Agilysys, Inc. (a) | 36,800 | 3,121 | |
Atlassian Corp. PLC (a) | 5,000 | 1,189 | |
Autodesk, Inc. (a) | 42,631 | 10,380 | |
Cadence Design Systems, Inc. (a) | 249,657 | 67,999 | |
Check Point Software Technologies Ltd. (a) | 46,023 | 7,032 | |
Clear Secure, Inc. (d) | 239,200 | 4,939 | |
CoreWeave, Inc. (b)(c) | 41,335 | 12,808 | |
Crowdstrike Holdings, Inc. (a) | 32,200 | 8,221 | |
Datadog, Inc. Class A (a) | 28,200 | 3,423 | |
Dynatrace, Inc. (a) | 163,300 | 8,931 | |
HashiCorp, Inc. (a) | 7,000 | 165 | |
HubSpot, Inc. (a) | 4,000 | 2,322 | |
Intuit, Inc. | 79,362 | 49,604 | |
Klaviyo, Inc. Class A (d) | 39,800 | 1,106 | |
Magic Leap, Inc.: | |||
Class A (a)(b)(c) | 30,863 | 13 | |
warrants (a)(b)(c) | 46,794 | 20 | |
Microsoft Corp. | 3,685,315 | 1,385,826 | |
Palo Alto Networks, Inc. (a) | 79,400 | 23,413 | |
Roper Technologies, Inc. | 6,000 | 3,271 | |
Salesforce, Inc. (a) | 603,893 | 158,908 | |
Samsara, Inc. (a) | 98,794 | 3,298 | |
ServiceNow, Inc. (a) | 44,699 | 31,579 | |
Stripe, Inc. Class B (a)(b)(c) | 83,200 | 2,046 | |
Synopsys, Inc. (a) | 62,200 | 32,027 | |
Tanium, Inc. Class B (a)(b)(c) | 1,259,978 | 10,962 | |
Volue A/S (a) | 365,396 | 764 | |
Workday, Inc. Class A (a) | 11,900 | 3,285 | |
Zscaler, Inc. (a) | 6,200 | 1,374 | |
2,049,852 | |||
Technology Hardware, Storage & Peripherals - 3.9% | |||
Apple, Inc. | 3,188,410 | 613,865 | |
Dell Technologies, Inc. | 81,071 | 6,202 | |
Logitech International SA (d) | 11,449 | 1,088 | |
Samsung Electronics Co. Ltd. | 1,252,410 | 75,926 | |
697,081 | |||
TOTAL INFORMATION TECHNOLOGY | 4,582,220 | ||
MATERIALS - 2.9% | |||
Chemicals - 0.6% | |||
CF Industries Holdings, Inc. | 91,800 | 7,298 | |
Corteva, Inc. | 465,900 | 22,326 | |
Linde PLC | 19,300 | 7,927 | |
RPM International, Inc. | 14,900 | 1,663 | |
Sherwin-Williams Co. | 169,369 | 52,826 | |
Westlake Corp. | 78,187 | 10,943 | |
102,983 | |||
Construction Materials - 0.1% | |||
CRH PLC | 18,700 | 1,293 | |
Martin Marietta Materials, Inc. | 33,300 | 16,614 | |
Vulcan Materials Co. | 28,700 | 6,515 | |
24,422 | |||
Metals & Mining - 2.2% | |||
B2Gold Corp. | 13,305,579 | 42,074 | |
Carpenter Technology Corp. | 7,500 | 531 | |
Franco-Nevada Corp. | 524,336 | 58,078 | |
Freeport-McMoRan, Inc. | 1,661,000 | 70,709 | |
Ivanhoe Electric, Inc. (a) | 384,197 | 3,873 | |
Ivanhoe Mines Ltd. (a)(d) | 8,036,418 | 77,935 | |
Lundin Gold, Inc. | 55,000 | 687 | |
Newmont Corp. | 115,500 | 4,781 | |
Novagold Resources, Inc. (a) | 3,196,709 | 11,942 | |
Nucor Corp. | 288,825 | 50,267 | |
Orla Mining Ltd. (a) | 1,802,400 | 5,876 | |
Steel Dynamics, Inc. | 279,196 | 32,973 | |
Wheaton Precious Metals Corp. | 657,100 | 32,417 | |
392,143 | |||
TOTAL MATERIALS | 519,548 | ||
REAL ESTATE - 0.0% | |||
Equity Real Estate Investment Trusts (REITs) - 0.0% | |||
Gaming & Leisure Properties | 4,888 | 241 | |
UTILITIES - 0.7% | |||
Electric Utilities - 0.7% | |||
Constellation Energy Corp. | 585,424 | 68,430 | |
NextEra Energy, Inc. | 159,700 | 9,700 | |
PG&E Corp. | 2,105,000 | 37,953 | |
Southern Co. | 316,300 | 22,179 | |
138,262 | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
Vistra Corp. | 34,300 | 1,321 | |
TOTAL UTILITIES | 139,583 | ||
TOTAL COMMON STOCKS (Cost $6,846,654) | 17,380,499 | ||
Preferred Stocks - 2.1% | |||
Shares | Value ($) (000s) | ||
Convertible Preferred Stocks - 2.0% | |||
COMMUNICATION SERVICES - 0.2% | |||
Interactive Media & Services - 0.2% | |||
ByteDance Ltd. Series E1 (a)(b)(c) | 130,945 | 28,956 | |
Reddit, Inc.: | |||
Series E(a)(b)(c) | 30,200 | 1,007 | |
Series F(a)(b)(c) | 127,549 | 4,252 | |
34,215 | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A(a)(b)(c) | 61,855 | 24 | |
Series C(a)(b)(c) | 243,394 | 158 | |
Series D(a)(b)(c) | 411,659 | 387 | |
569 | |||
Hotels, Restaurants & Leisure - 0.0% | |||
Discord, Inc. Series I (a)(b)(c) | 2,800 | 774 | |
Textiles, Apparel & Luxury Goods - 0.0% | |||
Canva, Inc.: | |||
Series A(b)(c) | 2,032 | 2,272 | |
Series A2(b)(c) | 368 | 411 | |
2,683 | |||
TOTAL CONSUMER DISCRETIONARY | 4,026 | ||
CONSUMER STAPLES - 0.0% | |||
Consumer Staples Distribution & Retail - 0.0% | |||
GoBrands, Inc.: | |||
Series G(a)(b)(c) | 8,102 | 418 | |
Series H(a)(b)(c) | 10,223 | 663 | |
1,081 | |||
Food Products - 0.0% | |||
Bowery Farming, Inc.: | |||
Series C1(a)(b)(c) | 82,543 | 657 | |
Series D1(b)(c) | 383,862 | 2,046 | |
2,703 | |||
TOTAL CONSUMER STAPLES | 3,784 | ||
FINANCIALS - 0.1% | |||
Financial Services - 0.1% | |||
Circle Internet Financial Ltd.: | |||
Series E(a)(b)(c) | 615,508 | 15,012 | |
Series F(a)(b)(c) | 68,639 | 1,674 | |
Tenstorrent Holdings, Inc. Series C1 (b)(c) | 70,911 | 4,163 | |
20,849 | |||
HEALTH CARE - 0.1% | |||
Biotechnology - 0.0% | |||
ElevateBio LLC Series C (a)(b)(c) | 594,600 | 1,897 | |
Intarcia Therapeutics, Inc. Series CC (a)(b)(c) | 516,522 | 0 | |
1,897 | |||
Health Care Providers & Services - 0.1% | |||
Lyra Health, Inc.: | |||
Series E(a)(b)(c) | 270,000 | 3,780 | |
Series F(a)(b)(c) | 10,070 | 141 | |
Somatus, Inc. Series E (a)(b)(c) | 2,206 | 2,440 | |
6,361 | |||
TOTAL HEALTH CARE | 8,258 | ||
INDUSTRIALS - 1.5% | |||
Aerospace & Defense - 1.4% | |||
Relativity Space, Inc.: | |||
Series E(a)(b)(c) | 308,359 | 6,608 | |
Series F(b)(c) | 94,642 | 2,022 | |
Space Exploration Technologies Corp.: | |||
Series G(a)(b)(c) | 145,254 | 140,896 | |
Series H(a)(b)(c) | 42,094 | 40,831 | |
Series N(a)(b)(c) | 66,208 | 64,222 | |
254,579 | |||
Air Freight & Logistics - 0.1% | |||
Zipline International, Inc.: | |||
Series E(a)(b)(c) | 208,789 | 8,368 | |
Series F(b)(c) | 79,020 | 3,167 | |
11,535 | |||
Construction & Engineering - 0.0% | |||
Beta Technologies, Inc. Series B, 6.00% (a)(b)(c) | 52,096 | 5,882 | |
TOTAL INDUSTRIALS | 271,996 | ||
INFORMATION TECHNOLOGY - 0.1% | |||
Software - 0.1% | |||
Moloco, Inc. Series A (b)(c) | 39,638 | 1,983 | |
Nuro, Inc.: | |||
Series C(a)(b)(c) | 491,080 | 2,676 | |
Series D(a)(b)(c) | 94,265 | 514 | |
Stripe, Inc.: | |||
Series H(a)(b)(c) | 34,900 | 858 | |
Series I(b)(c) | 611,900 | 15,047 | |
21,078 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | 364,206 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Petroleo Brasileiro SA - Petrobras sponsored ADR | 320,347 | 5,116 | |
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Magic Leap, Inc. Series AA (a)(b)(c) | 325,855 | 961 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 6,077 | ||
TOTAL PREFERRED STOCKS (Cost $171,869) | 370,283 | ||
Preferred Securities - 0.0% | |||
Principal Amount (g) (000s) | Value ($) (000s) | ||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc. 8% 12/31/25 (b)(c) | 488 | 860 | |
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
Intarcia Therapeutics, Inc. 6% (b)(c)(h)(i) | 2,280 | 0 | |
TOTAL PREFERRED SECURITIES (Cost $2,768) | 860 | ||
Money Market Funds - 1.6% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.40% (j) | 230,523,023 | 230,569 | |
Fidelity Securities Lending Cash Central Fund 5.40% (j)(k) | 61,308,578 | 61,315 | |
TOTAL MONEY MARKET FUNDS (Cost $291,884) | 291,884 | ||
TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $7,313,175) | 18,043,526 |
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (59,375) |
NET ASSETS - 100.0% | 17,984,151 |
(a) | Non-income producing |
(b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $740,266,000 or 4.1% of net assets. |
(c) | Level 3 security |
(d) | Security or a portion of the security is on loan at period end. |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $22,907,000 or 0.1% of net assets. |
(f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Non-income producing - Security is in default. |
(i) | Security is perpetual in nature with no stated maturity date. |
(j) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(k) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
ASAC II LP | 10/10/13 | 725 |
Beta Technologies, Inc. Series B, 6.00% | 4/04/22 | 5,375 |
Blu Investments LLC | 5/21/20 | 170 |
Bolt Threads, Inc. | 12/13/17 - 2/07/20 | 30,904 |
Bowery Farming, Inc. Series C1 | 5/18/21 | 4,973 |
Bowery Farming, Inc. Series D1 | 10/25/23 | 3,627 |
Bowery Farming, Inc. warrants | 10/25/23 | 0 |
ByteDance Ltd. Series E1 | 11/18/20 | 14,348 |
Canva, Inc. Series A | 9/22/23 | 2,167 |
Canva, Inc. Series A2 | 9/22/23 | 393 |
Circle Internet Financial Ltd. Series E | 5/11/21 | 9,990 |
Circle Internet Financial Ltd. Series F | 5/09/22 | 2,892 |
CoreWeave, Inc. | 11/29/23 | 12,808 |
Discord, Inc. Series I | 9/15/21 | 1,542 |
ElevateBio LLC Series C | 3/09/21 | 2,494 |
Epic Games, Inc. | 7/13/20 - 7/30/20 | 13,743 |
Fanatics, Inc. Class A | 8/13/20 - 12/15/21 | 12,264 |
GoBrands, Inc. Series G | 3/02/21 | 2,023 |
GoBrands, Inc. Series H | 7/22/21 | 3,972 |
I-Pulse, Inc. | 3/18/10 | 81 |
Intarcia Therapeutics, Inc. warrants 12/31/24 | 1/03/20 | 0 |
Intarcia Therapeutics, Inc. Series CC | 11/14/12 | 7,040 |
Intarcia Therapeutics, Inc. 6% | 1/03/20 | 2,280 |
Lyra Health, Inc. Series E | 1/14/21 | 2,472 |
Lyra Health, Inc. Series F | 6/04/21 | 158 |
Magic Leap, Inc. Class A | 10/06/17 | 15,000 |
Magic Leap, Inc. Series AA | 7/07/20 | 5,624 |
Magic Leap, Inc. warrants | 7/07/20 | 0 |
Moloco, Inc. Series A | 6/26/23 | 2,378 |
Nuro, Inc. Series C | 10/30/20 | 6,411 |
Nuro, Inc. Series D | 10/29/21 | 1,965 |
Rad Power Bikes, Inc. | 1/21/21 | 2,289 |
Rad Power Bikes, Inc. warrants 10/6/33 | 10/06/23 | 0 |
Rad Power Bikes, Inc. Series A | 1/21/21 | 298 |
Rad Power Bikes, Inc. Series C | 1/21/21 | 1,174 |
Rad Power Bikes, Inc. Series D | 9/17/21 | 3,945 |
Rad Power Bikes, Inc. 8% 12/31/25 | 10/06/23 | 488 |
Reddit, Inc. Series E | 5/18/21 | 1,283 |
Reddit, Inc. Series F | 8/11/21 | 7,882 |
Relativity Space, Inc. Series E | 5/27/21 | 7,041 |
Relativity Space, Inc. Series F | 11/14/23 | 2,145 |
Relativity Space, Inc. warrants | 11/14/23 | 0 |
Somatus, Inc. Series E | 1/31/22 | 1,925 |
Space Exploration Technologies Corp. Class A | 10/16/15 - 2/16/21 | 29,628 |
Space Exploration Technologies Corp. Class C | 9/11/17 | 614 |
Space Exploration Technologies Corp. Series G | 1/20/15 | 11,251 |
Space Exploration Technologies Corp. Series H | 8/04/17 | 5,683 |
Space Exploration Technologies Corp. Series N | 8/04/20 | 17,876 |
Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 7,252 |
Stripe, Inc. Class B | 5/18/21 | 3,339 |
Stripe, Inc. Series H | 3/15/21 | 1,400 |
Stripe, Inc. Series I | 3/20/23 - 5/12/23 | 12,320 |
Tanium, Inc. Class B | 4/21/17 - 9/18/20 | 9,907 |
Tenstorrent Holdings, Inc. Series C1 | 4/23/21 | 4,216 |
TulCo LLC | 8/24/17 | 5,885 |
Veterinary Emergency Group LLC Class A | 9/16/21 - 11/13/23 | 7,038 |
X Holdings Corp. | 10/25/22 | 9,710 |
Zipline International, Inc. | 10/12/21 | 2,697 |
Zipline International, Inc. Series E | 12/21/20 | 6,813 |
Zipline International, Inc. Series F | 4/11/23 | 3,176 |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 68,583 | 3,473,107 | 3,311,121 | 12,450 | - | - | 230,569 | 0.5% |
Fidelity Securities Lending Cash Central Fund 5.40% | 52,379 | 792,549 | 783,613 | 289 | - | - | 61,315 | 0.2% |
Total | 120,962 | 4,265,656 | 4,094,734 | 12,739 | - | - | 291,884 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 3,254,970 | 3,179,660 | 25,743 | 49,567 |
Consumer Discretionary | 1,942,861 | 1,881,497 | 26,179 | 35,185 |
Consumer Staples | 360,523 | 339,645 | 15,509 | 5,369 |
Energy | 703,013 | 702,069 | 944 | - |
Financials | 2,284,828 | 2,220,052 | 16,123 | 48,653 |
Health Care | 2,264,915 | 2,090,839 | 155,173 | 18,903 |
Industrials | 1,676,041 | 1,146,861 | - | 529,180 |
Information Technology | 4,604,259 | 4,524,044 | 27,666 | 52,549 |
Materials | 519,548 | 519,548 | - | - |
Real Estate | 241 | 241 | - | - |
Utilities | 139,583 | 139,583 | - | - |
Preferred Securities | 860 | - | - | 860 |
Money Market Funds | 291,884 | 291,884 | - | - |
Total Investments in Securities: | 18,043,526 | 17,035,923 | 267,337 | 740,266 |
Net Unrealized Depreciation on Unfunded Commitments | (119) | - | (119) | - |
Total | (119) | - | (119) | - |
(Amounts in thousands) | |||
Investments in Securities: | |||
Industrials | |||
Beginning Balance | $ | 412,312 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 111,546 | ||
Cost of Purchases | 5,322 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 529,180 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2023 | $ | 111,546 | |
Other Investments in Securities | |||
Beginning Balance | $ | 199,630 | |
Net Realized Gain (Loss) on Investment Securities | 2,073 | ||
Net Unrealized Gain (Loss) on Investment Securities | (23,052) | ||
Cost of Purchases | 34,603 | ||
Proceeds of Sales | (2,168) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 211,086 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2023 | $ | (23,052) | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |
Consolidated Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | December 31, 2023 | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $58,563) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $7,021,291) | $ | 17,751,642 | ||
Fidelity Central Funds (cost $291,884) | 291,884 | |||
Total Investment in Securities (cost $7,313,175) | $ | 18,043,526 | ||
Foreign currency held at value (cost $91) | 90 | |||
Receivable for investments sold | 2,398 | |||
Receivable for fund shares sold | 15,398 | |||
Dividends receivable | 11,806 | |||
Distributions receivable from Fidelity Central Funds | 985 | |||
Prepaid expenses | 17 | |||
Other receivables | 918 | |||
Total assets | 18,075,138 | |||
Liabilities | ||||
Payable to custodian bank | $ | 1,389 | ||
Payable for investments purchased | 1,051 | |||
Unrealized depreciation on unfunded commitments | 119 | |||
Payable for fund shares redeemed | 16,413 | |||
Accrued management fee | 4,420 | |||
Distribution and service plan fees payable | 2,447 | |||
Other affiliated payables | 2,354 | |||
Other payables and accrued expenses | 1,509 | |||
Collateral on securities loaned | 61,285 | |||
Total Liabilities | 90,987 | |||
Net Assets | $ | 17,984,151 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 7,258,096 | ||
Total accumulated earnings (loss) | 10,726,055 | |||
Net Assets | $ | 17,984,151 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($6,311,442 ÷ 194,196 shares)(a) | $ | 32.50 | ||
Maximum offering price per share (100/94.25 of $32.50) | $ | 34.48 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($1,537,166 ÷ 50,833 shares)(a) | $ | 30.24 | ||
Maximum offering price per share (100/96.50 of $30.24) | $ | 31.34 | ||
Class C : | ||||
Net Asset Value and offering price per share ($641,565 ÷ 26,638 shares)(a) | $ | 24.08 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($7,795,989 ÷ 229,286 shares) | $ | 34.00 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($1,697,989 ÷ 49,729 shares) | $ | 34.14 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Consolidated Statement of Operations | ||||
Amounts in thousands | Year ended December 31, 2023 | |||
Investment Income | ||||
Dividends | $ | 147,463 | ||
Income from Fidelity Central Funds (including $289 from security lending) | 12,739 | |||
Total Income | 160,202 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 86,239 | ||
Performance adjustment | (43,126) | |||
Transfer agent fees | 25,084 | |||
Distribution and service plan fees | 27,979 | |||
Accounting fees | 1,429 | |||
Custodian fees and expenses | 228 | |||
Independent trustees' fees and expenses | 104 | |||
Registration fees | 213 | |||
Audit | 151 | |||
Legal | 26 | |||
Miscellaneous | 80 | |||
Total expenses before reductions | 98,407 | |||
Expense reductions | (986) | |||
Total expenses after reductions | 97,421 | |||
Net Investment income (loss) | 62,781 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 1,042,129 | |||
Foreign currency transactions | (132) | |||
Total net realized gain (loss) | 1,041,997 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of increase in deferred foreign taxes of $530) | 3,924,615 | |||
Unfunded commitments | 1,358 | |||
Assets and liabilities in foreign currencies | 126 | |||
Total change in net unrealized appreciation (depreciation) | 3,926,099 | |||
Net gain (loss) | 4,968,096 | |||
Net increase (decrease) in net assets resulting from operations | $ | 5,030,877 |
Consolidated Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended December 31, 2023 | Year ended December 31, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 62,781 | $ | 78,687 |
Net realized gain (loss) | 1,041,997 | 2,614,201 | ||
Change in net unrealized appreciation (depreciation) | 3,926,099 | (9,619,706) | ||
Net increase (decrease) in net assets resulting from operations | 5,030,877 | (6,926,818) | ||
Distributions to shareholders | (1,099,713) | (2,142,096) | ||
Share transactions - net increase (decrease) | (791,690) | (2,521,800) | ||
Total increase (decrease) in net assets | 3,139,474 | (11,590,714) | ||
Net Assets | ||||
Beginning of period | 14,844,677 | 26,435,391 | ||
End of period | $ | 17,984,151 | $ | 14,844,677 |
Fidelity Advisor® New Insights Fund Class A |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 25.50 | $ | 40.22 | $ | 36.57 | $ | 32.08 | $ | 26.50 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .09 | .10 | (.16) | (.10) | .06 | |||||
Net realized and unrealized gain (loss) | 8.92 | (10.99) | 8.90 | 7.57 | 7.60 | |||||
Total from investment operations | 9.01 | (10.89) | 8.74 | 7.47 | 7.66 | |||||
Distributions from net investment income | (.07) | (.12) | - | - C | (.04) | |||||
Distributions from net realized gain | (1.94) | (3.71) | (5.09) | (2.97) | (2.04) | |||||
Total distributions | (2.01) | (3.83) | (5.09) | (2.98) D | (2.08) | |||||
Net asset value, end of period | $ | 32.50 | $ | 25.50 | $ | 40.22 | $ | 36.57 | $ | 32.08 |
Total Return E,F | 35.95% | (27.48)% | 24.30% | 23.64% | 29.15% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .69% | .70% | .93% | 1.10% | 1.08% | |||||
Expenses net of fee waivers, if any | .68% | .70% | .93% | 1.10% | 1.08% | |||||
Expenses net of all reductions | .68% | .70% | .93% | 1.10% | 1.07% | |||||
Net investment income (loss) | .29% | .32% | (.40)% | (.30)% | .20% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 6,311 | $ | 5,101 | $ | 8,124 | $ | 6,753 | $ | 6,156 |
Portfolio turnover rate I | 15% | 32% J | 29% | 53% | 27% J |
Fidelity Advisor® New Insights Fund Class M |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 23.85 | $ | 37.93 | $ | 34.81 | $ | 30.73 | $ | 25.49 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .01 | .02 | (.25) | (.17) | (.01) | |||||
Net realized and unrealized gain (loss) | 8.32 | (10.34) | 8.46 | 7.22 | 7.29 | |||||
Total from investment operations | 8.33 | (10.32) | 8.21 | 7.05 | 7.28 | |||||
Distributions from net investment income | - C | (.05) | - | - | - | |||||
Distributions from net realized gain | (1.94) | (3.71) | (5.09) | (2.97) | (2.04) | |||||
Total distributions | (1.94) | (3.76) | (5.09) | (2.97) | (2.04) | |||||
Net asset value, end of period | $ | 30.24 | $ | 23.85 | $ | 37.93 | $ | 34.81 | $ | 30.73 |
Total Return D,E | 35.60% | (27.64)% | 24.00% | 23.33% | 28.79% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .94% | .95% | 1.18% | 1.35% | 1.32% | |||||
Expenses net of fee waivers, if any | .93% | .94% | 1.18% | 1.35% | 1.32% | |||||
Expenses net of all reductions | .93% | .94% | 1.18% | 1.35% | 1.32% | |||||
Net investment income (loss) | .04% | .07% | (.65)% | (.54)% | (.05)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 1,537 | $ | 1,254 | $ | 2,027 | $ | 1,856 | $ | 1,844 |
Portfolio turnover rate H | 15% | 32% I | 29% | 53% | 27% I |
Fidelity Advisor® New Insights Fund Class C |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 19.41 | $ | 31.89 | $ | 30.09 | $ | 27.03 | $ | 22.73 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.11) | (.11) | (.38) | (.29) | (.15) | |||||
Net realized and unrealized gain (loss) | 6.72 | (8.66) | 7.27 | 6.32 | 6.49 | |||||
Total from investment operations | 6.61 | (8.77) | 6.89 | 6.03 | 6.34 | |||||
Distributions from net investment income | - C | - | - | - | - | |||||
Distributions from net realized gain | (1.94) | (3.71) | (5.09) | (2.97) | (2.04) | |||||
Total distributions | (1.94) | (3.71) | (5.09) | (2.97) | (2.04) | |||||
Net asset value, end of period | $ | 24.08 | $ | 19.41 | $ | 31.89 | $ | 30.09 | $ | 27.03 |
Total Return D,E | 34.86% | (28.02)% | 23.36% | 22.74% | 28.15% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | 1.45% | 1.46% | 1.70% | 1.86% | 1.83% | |||||
Expenses net of fee waivers, if any | 1.45% | 1.46% | 1.69% | 1.86% | 1.83% | |||||
Expenses net of all reductions | 1.45% | 1.46% | 1.69% | 1.86% | 1.83% | |||||
Net investment income (loss) | (.47)% | (.45)% | (1.17)% | (1.05)% | (.55)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 642 | $ | 672 | $ | 1,376 | $ | 1,973 | $ | 2,228 |
Portfolio turnover rate H | 15% | 32% I | 29% | 53% | 27% I |
Fidelity Advisor® New Insights Fund Class I |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 26.60 | $ | 41.73 | $ | 37.69 | $ | 32.90 | $ | 27.14 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .17 | .19 | (.06) | (.01) | .15 | |||||
Net realized and unrealized gain (loss) | 9.31 | (11.41) | 9.19 | 7.78 | 7.77 | |||||
Total from investment operations | 9.48 | (11.22) | 9.13 | 7.77 | 7.92 | |||||
Distributions from net investment income | (.14) | (.20) | - | - C | (.12) | |||||
Distributions from net realized gain | (1.94) | (3.71) | (5.09) | (2.97) | (2.04) | |||||
Total distributions | (2.08) | (3.91) | (5.09) | (2.98) D | (2.16) | |||||
Net asset value, end of period | $ | 34.00 | $ | 26.60 | $ | 41.73 | $ | 37.69 | $ | 32.90 |
Total Return E | 36.26% | (27.28)% | 24.62% | 23.96% | 29.42% | |||||
Ratios to Average Net Assets A,F,G | ||||||||||
Expenses before reductions | .44% | .45% | .68% | .85% | .82% | |||||
Expenses net of fee waivers, if any | .43% | .44% | .68% | .85% | .82% | |||||
Expenses net of all reductions | .43% | .44% | .68% | .84% | .82% | |||||
Net investment income (loss) | .54% | .57% | (.15)% | (.04)% | .46% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 7,796 | $ | 6,585 | $ | 12,335 | $ | 12,219 | $ | 13,870 |
Portfolio turnover rate H | 15% | 32% I | 29% | 53% | 27% I |
Fidelity Advisor® New Insights Fund Class Z |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 26.70 | $ | 41.89 | $ | 37.77 | $ | 32.93 | $ | 27.16 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .21 | .23 | (.01) | .03 | .18 | |||||
Net realized and unrealized gain (loss) | 9.35 | (11.47) | 9.22 | 7.79 | 7.79 | |||||
Total from investment operations | 9.56 | (11.24) | 9.21 | 7.82 | 7.97 | |||||
Distributions from net investment income | (.18) | (.24) | - | - C | (.17) | |||||
Distributions from net realized gain | (1.94) | (3.71) | (5.09) | (2.97) | (2.04) | |||||
Total distributions | (2.12) | (3.95) | (5.09) | (2.98) D | (2.20) D | |||||
Net asset value, end of period | $ | 34.14 | $ | 26.70 | $ | 41.89 | $ | 37.77 | $ | 32.93 |
Total Return E | 36.43% | (27.21)% | 24.79% | 24.09% | 29.60% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .32% | .33% | .56% | .73% | .70% | |||||
Expenses net of fee waivers, if any | .31% | .32% | .56% | .73% | .70% | |||||
Expenses net of all reductions | .31% | .32% | .56% | .72% | .70% | |||||
Net investment income (loss) | .66% | .69% | (.03)% | .08% | .58% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 1,698 | $ | 1,233 | $ | 2,572 | $ | 2,101 | $ | 2,306 |
Portfolio turnover rate H | 15% | 32% I | 29% | 53% | 27% I |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $739,406 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.5 - 20.3 / 16.4 | Increase |
Enterprise value/Revenue multiple (EV/R) | 0.6 - 43.5 / 8.8 | Increase | |||
Enterprise value/Net income multiple (EV/NI) | 12.3 | Increase | |||
Market approach | Transaction price | $59.45 | Increase | ||
Premium rate | 45.0% | Increase | |||
Recovery value | Recovery value | $0.00 - $0.17 / $0.06 | Increase | ||
Discounted cash flow | Weighted average cost of capital (WACC) | 27.4% | Decrease | ||
Exit multiple | 1.5 | Increase | |||
Black scholes | Discount rate | 3.9% - 4.4% / 4.2% | Increase | ||
Volatility | 60.0% - 100.0% / 79.5% | Increase | |||
Term | 0.3 - 5.0 / 3.2 | Increase | |||
Discount for lack of marketability (DLOM) | 9.1% | Decrease | |||
Preferred Securities | $860 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.5 | Increase |
Recovery value | Recovery value | $0.00 | Increase | ||
Black scholes | Discount rate | 4.4% | Increase | ||
Volatility | 60.0% | Increase | |||
Term | 2.0 | Increase |
Fidelity Advisor New Insights Fund | $803 |
Gross unrealized appreciation | $10,877,253 |
Gross unrealized depreciation | (253,352) |
Net unrealized appreciation (depreciation) | $10,623,901 |
Tax Cost | $7,419,506 |
Undistributed ordinary income | $2,830 |
Undistributed long-term capital gain | $100,376 |
Net unrealized appreciation (depreciation) on securities and other investments | $10,624,004 |
December 31, 2023 | December 31, 2022 | |
Ordinary Income | $52,265 | $81,763 |
Long-term Capital Gains | 1,047,448 | 2,060,333 |
Total | $1,099,713 | $ 2,142,096 |
Investment to be Acquired | Shares | Commitment Amount | |
Fidelity Advisor New Insights Fund | Lions Gate Entertainment Corp. | 192 | $1,851 |
$ Amount | % of Net Assets | |
Fidelity Advisor New Insights Fund | 23,131 | .13 |
Purchases ($) | Sales ($) | |
Fidelity Advisor New Insights Fund | 2,487,714 | 4,472,486 |
Shares | Total net realized gain or loss($) | Total Proceeds($) | Participating classes | |
Fidelity Advisor New Insights Fund | 7,454 | 226,546 | 257,752 | Class I |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $14,343 | $38 |
Class M | .25% | .25% | 7,024 | 5 |
Class C | .75% | .25% | 6,612 | 325 |
$27,979 | $368 |
Retained by FDC | |
Class A | $506 |
Class M | 48 |
Class CA | 6 |
$560 |
% of Class-Level Average Net Assets | |
Class A | 0.1618 |
Class M | 0.1598 |
Class C | 0.1752 |
Class I | 0.1627 |
Amount | % of Class-Level Average Net Assets | |
Class A | $9,343 | .16 |
Class M | 2,262 | .16 |
Class C | 1,164 | .18 |
Class I | 11,718 | .16 |
Class Z | 597 | .04 |
$25,084 |
% of Average Net Assets | |
Fidelity Advisor New Insights Fund | 0.0084 |
% of Average Net Assets | |
Fidelity Advisor New Insights Fund | .01 |
Maximum Management Fee Rate % | |
Class A | 0.66 |
Class M | 0.66 |
Class C | 0.68 |
Class I | 0.66 |
Class Z | 0.54 |
Performance Adjustment Index | |
Fidelity Advisor New Insights Fund | S&P 500 Index |
Amount | |
Fidelity Advisor New Insights Fund | $49 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor New Insights Fund | 100,597 | 385,629 | 185,712 |
Amount ($) | |
Fidelity Advisor New Insights Fund | 2 |
Amount | |
Fidelity Advisor New Insights Fund | $29 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor New Insights Fund | $30 | $9 | $475 |
Year ended December 31, 2023 | Year ended December 31, 2022 | |
Fidelity Advisor New Insights Fund | ||
Distributions to shareholders | ||
Class A | $378,730 | $711,262 |
Class M | 95,811 | 180,873 |
Class C | 53,086 | 122,166 |
Class I | 472,396 | 949,674 |
Class Z | 99,690 | 178,121 |
Total | $1,099,713 | $2,142,096 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2023 | Year ended December 31, 2022 | Year ended December 31, 2023 | Year ended December 31, 2022 | |
Fidelity Advisor New Insights Fund | ||||
Class A | ||||
Shares sold | 12,899 | 14,534 | $381,822 | $453,687 |
Reinvestment of distributions | 11,776 | 24,711 | 358,110 | 668,926 |
Shares redeemed | (30,528) | (41,188) | (898,023) | (1,253,113) |
Net increase (decrease) | (5,853) | (1,943) | $(158,091) | $(130,500) |
Class M | ||||
Shares sold | 2,295 | 2,238 | $63,582 | $66,425 |
Reinvestment of distributions | 3,312 | 6,959 | 93,718 | 176,641 |
Shares redeemed | (7,360) | (10,054) | (203,356) | (289,096) |
Net increase (decrease) | (1,753) | (857) | $(46,056) | $(46,030) |
Class C | ||||
Shares sold | 1,913 | 2,448 | $42,814 | $60,323 |
Reinvestment of distributions | 2,321 | 5,756 | 52,323 | 120,314 |
Shares redeemed | (12,231) | (16,733) | (271,137) | (408,395) |
Net increase (decrease) | (7,997) | (8,529) | $(176,000) | $(227,758) |
Class I | ||||
Shares sold | 25,282 | 33,193 | $785,847 | $1,080,944 |
Reinvestment of distributions | 13,706 | 30,686 | 436,108 | 869,015 |
Shares redeemed | (57,287) | (111,868) | (1,762,093) | (3,533,622) |
Net increase (decrease) | (18,299) | (47,989) | $(540,138) | $(1,583,663) |
Class Z | ||||
Shares sold | 12,388 | 7,855 | $395,001 | $262,400 |
Reinvestment of distributions | 2,612 | 5,259 | 83,691 | 149,168 |
Shares redeemed | (11,434) | (28,356) | (350,097) | (945,417) |
Net increase (decrease) | 3,566 | (15,242) | $128,595 | $(533,849) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2023 to December 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2023 | Ending Account Value December 31, 2023 | Expenses Paid During Period- C July 1, 2023 to December 31, 2023 | |||||||
Fidelity Advisor® New Insights Fund | ||||||||||
Class A ** | .70% | |||||||||
Actual | $ 1,000 | $ 1,107.30 | $ 3.72 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.68 | $ 3.57 | |||||||
Class M | .95% | |||||||||
Actual | $ 1,000 | $ 1,106.10 | $ 5.04 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.42 | $ 4.84 | |||||||
Class C | 1.46% | |||||||||
Actual | $ 1,000 | $ 1,103.30 | $ 7.74 | |||||||
Hypothetical-B | $ 1,000 | $ 1,017.85 | $ 7.43 | |||||||
Class I ** | .45% | |||||||||
Actual | $ 1,000 | $ 1,108.80 | $ 2.39 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.94 | $ 2.29 | |||||||
Class Z ** | .33% | |||||||||
Actual | $ 1,000 | $ 1,109.30 | $ 1.75 | |||||||
Hypothetical-B | $ 1,000 | $ 1,023.54 | $ 1.68 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity Advisor® New Insights Fund | ||||||
Class A | .66% | |||||
Actual | $ 3.51 | |||||
Hypothetical- B | $ 3.36 | |||||
Class I | .41% | |||||
Actual | $ 2.18 | |||||
Hypothetical- B | $ 2.09 | |||||
Class Z | .29% | |||||
Actual | $ 1.54 | |||||
Hypothetical- B | $ 1.48 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
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![](https://capedge.com/proxy/N-CSR/0000024238-24-000011/img94706_1.jpg)
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Contents
Average Annual Total Returns | |||
Periods ended December 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Series Opportunistic Insights Fund | 33.20% | 16.15% | 12.71% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Series Opportunistic Insights Fund on December 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Index performed over the same period. |
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Top Holdings (% of Fund's net assets) | ||
Meta Platforms, Inc. Class A | 10.0 | |
Microsoft Corp. | 5.9 | |
Berkshire Hathaway, Inc. Class A | 5.8 | |
Amazon.com, Inc. | 4.9 | |
NVIDIA Corp. | 4.8 | |
Apple, Inc. | 3.8 | |
Vertex Pharmaceuticals, Inc. | 2.8 | |
Eli Lilly & Co. | 2.7 | |
Regeneron Pharmaceuticals, Inc. | 2.6 | |
Alphabet, Inc. Class C | 2.2 | |
45.5 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 26.1 | |
Communication Services | 17.1 | |
Health Care | 13.1 | |
Financials | 12.6 | |
Consumer Discretionary | 10.4 | |
Industrials | 7.9 | |
Energy | 5.8 | |
Materials | 2.3 | |
Consumer Staples | 1.9 | |
Utilities | 0.3 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Common Stocks - 96.3% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 17.0% | |||
Entertainment - 2.6% | |||
Liberty Media Corp. Liberty Formula One Class C | 207,398 | 13,093,036 | |
Liberty Media Corp. Liberty Live Class C | 9,488 | 354,756 | |
Netflix, Inc. (a) | 396,209 | 192,906,238 | |
The Walt Disney Co. | 56,900 | 5,137,501 | |
Universal Music Group NV | 1,263,955 | 36,082,290 | |
247,573,821 | |||
Interactive Media & Services - 14.4% | |||
Alphabet, Inc.: | |||
Class A (a) | 1,424,212 | 198,948,174 | |
Class C (a) | 1,454,000 | 204,912,220 | |
Bumble, Inc. (a) | 111,154 | 1,638,410 | |
Epic Games, Inc. (a)(b)(c) | 7,100 | 4,560,543 | |
Meta Platforms, Inc. Class A (a) | 2,648,654 | 937,517,568 | |
1,347,576,915 | |||
Wireless Telecommunication Services - 0.0% | |||
T-Mobile U.S., Inc. | 2,700 | 432,891 | |
TOTAL COMMUNICATION SERVICES | 1,595,583,627 | ||
CONSUMER DISCRETIONARY - 10.4% | |||
Automobiles - 0.4% | |||
BYD Co. Ltd. (H Shares) | 220,500 | 6,082,412 | |
Hyundai Motor Co. Ltd. | 95,150 | 14,953,759 | |
Li Auto, Inc. ADR (a) | 109,000 | 4,079,870 | |
Rad Power Bikes, Inc. (b)(c) | 145,919 | 55,449 | |
Rad Power Bikes, Inc. warrants 10/6/33 (a)(b)(c) | 150,652 | 310,343 | |
Tesla, Inc. (a) | 39,900 | 9,914,352 | |
Toyota Motor Corp. | 98,300 | 1,801,222 | |
37,197,407 | |||
Broadline Retail - 5.1% | |||
Amazon.com, Inc. (a) | 3,009,440 | 457,254,314 | |
Coupang, Inc. Class A (a) | 400,026 | 6,476,421 | |
Dollarama, Inc. | 32,400 | 2,334,913 | |
Kohl's Corp. (d) | 76,921 | 2,206,094 | |
MercadoLibre, Inc. (a) | 7,100 | 11,157,934 | |
PDD Holdings, Inc. ADR (a) | 7,800 | 1,141,218 | |
480,570,894 | |||
Diversified Consumer Services - 0.1% | |||
Duolingo, Inc. (a) | 18,400 | 4,174,040 | |
Hotels, Restaurants & Leisure - 2.2% | |||
Airbnb, Inc. Class A (a) | 456,100 | 62,093,454 | |
Booking Holdings, Inc. (a) | 5,100 | 18,090,822 | |
Cava Group, Inc. | 43,874 | 1,885,705 | |
Chipotle Mexican Grill, Inc. (a) | 14,254 | 32,598,328 | |
Deliveroo PLC Class A (a)(e) | 1,530,738 | 2,489,674 | |
Doordash, Inc. (a) | 22,500 | 2,225,025 | |
Evolution AB (e) | 16,900 | 2,014,384 | |
Hilton Worldwide Holdings, Inc. | 176,213 | 32,086,625 | |
Light & Wonder, Inc. Class A (a) | 10,300 | 845,733 | |
Marriott International, Inc. Class A | 19,000 | 4,284,690 | |
McDonald's Corp. | 132,700 | 39,346,877 | |
Restaurant Brands International, Inc. | 51,600 | 4,031,658 | |
Starbucks Corp. | 33,700 | 3,235,537 | |
Yum China Holdings, Inc. | 23,000 | 975,890 | |
206,204,402 | |||
Household Durables - 0.6% | |||
Blu Investments LLC (a)(b)(c) | 21,093,998 | 6,539 | |
D.R. Horton, Inc. | 58,711 | 8,922,898 | |
Garmin Ltd. | 2,338 | 300,527 | |
Lennar Corp. Class A | 329,954 | 49,176,344 | |
58,406,308 | |||
Leisure Products - 0.0% | |||
Bandai Namco Holdings, Inc. | 16,500 | 329,971 | |
Sega Sammy Holdings, Inc. | 43,200 | 604,187 | |
934,158 | |||
Specialty Retail - 1.7% | |||
Abercrombie & Fitch Co. Class A (a) | 41,400 | 3,652,308 | |
Academy Sports & Outdoors, Inc. | 129,068 | 8,518,488 | |
Dick's Sporting Goods, Inc. | 105,004 | 15,430,338 | |
Fanatics, Inc. Class A (a)(b)(c) | 139,938 | 10,945,950 | |
Fast Retailing Co. Ltd. | 15,200 | 3,758,639 | |
Gap, Inc. | 87,600 | 1,831,716 | |
O'Reilly Automotive, Inc. (a) | 39,146 | 37,191,832 | |
Ross Stores, Inc. | 34,600 | 4,788,294 | |
TJX Companies, Inc. | 417,000 | 39,118,770 | |
Williams-Sonoma, Inc. | 147,414 | 29,745,197 | |
154,981,532 | |||
Textiles, Apparel & Luxury Goods - 0.3% | |||
China Hongxing Sports Ltd. (a)(c) | 22,200 | 0 | |
Deckers Outdoor Corp. (a) | 13,084 | 8,745,738 | |
lululemon athletica, Inc. (a) | 10,834 | 5,539,316 | |
NIKE, Inc. Class B | 48,700 | 5,287,359 | |
On Holding AG (a) | 302,700 | 8,163,819 | |
Ralph Lauren Corp. (d) | 14,000 | 2,018,800 | |
29,755,032 | |||
TOTAL CONSUMER DISCRETIONARY | 972,223,773 | ||
CONSUMER STAPLES - 1.9% | |||
Beverages - 0.4% | |||
Anheuser-Busch InBev SA NV ADR (d) | 14,700 | 949,914 | |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 14,800 | 1,929,180 | |
Kweichow Moutai Co. Ltd. (A Shares) | 3,589 | 872,499 | |
PepsiCo, Inc. | 88,600 | 15,047,824 | |
The Coca-Cola Co. | 351,550 | 20,716,842 | |
39,516,259 | |||
Consumer Staples Distribution & Retail - 1.2% | |||
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 141,300 | 8,320,923 | |
Casey's General Stores, Inc. | 25,500 | 7,005,870 | |
Costco Wholesale Corp. | 130,437 | 86,098,855 | |
Performance Food Group Co. (a) | 13,600 | 940,440 | |
Walmart, Inc. | 46,900 | 7,393,785 | |
109,759,873 | |||
Food Products - 0.1% | |||
Bowery Farming, Inc. warrants (a)(b)(c) | 7,186 | 29,678 | |
Mondelez International, Inc. | 191,300 | 13,855,859 | |
13,885,537 | |||
Personal Care Products - 0.2% | |||
L'Oreal SA | 621 | 309,569 | |
L'Oreal SA | 25,928 | 12,925,127 | |
Oddity Tech Ltd. (d) | 14,800 | 688,644 | |
13,923,340 | |||
TOTAL CONSUMER STAPLES | 177,085,009 | ||
ENERGY - 5.7% | |||
Energy Equipment & Services - 0.0% | |||
Baker Hughes Co. Class A | 23,700 | 810,066 | |
Schlumberger Ltd. | 87,700 | 4,563,908 | |
TechnipFMC PLC | 38,200 | 769,348 | |
6,143,322 | |||
Oil, Gas & Consumable Fuels - 5.7% | |||
Antero Resources Corp. (a) | 16,900 | 383,292 | |
Birchcliff Energy Ltd. (d) | 75,900 | 331,083 | |
Cameco Corp. | 94,400 | 4,068,640 | |
Canadian Natural Resources Ltd. | 452,000 | 29,612,558 | |
Cheniere Energy, Inc. | 112,136 | 19,142,737 | |
Chevron Corp. | 33,200 | 4,952,112 | |
ConocoPhillips Co. | 834,377 | 96,846,138 | |
Diamondback Energy, Inc. | 93,246 | 14,460,590 | |
EOG Resources, Inc. | 288,000 | 34,833,600 | |
Equinor ASA | 25,500 | 808,145 | |
Exxon Mobil Corp. | 1,879,800 | 187,942,404 | |
Hess Corp. | 405,922 | 58,517,716 | |
Marathon Petroleum Corp. | 86,000 | 12,758,960 | |
Occidental Petroleum Corp. | 410,600 | 24,516,926 | |
Pioneer Natural Resources Co. | 56,700 | 12,750,696 | |
PrairieSky Royalty Ltd. | 95,300 | 1,668,586 | |
Reliance Industries Ltd. | 29,800 | 925,665 | |
Shell PLC ADR | 53,800 | 3,540,040 | |
Tourmaline Oil Corp. (d) | 12,600 | 566,646 | |
Valero Energy Corp. | 191,800 | 24,934,000 | |
533,560,534 | |||
TOTAL ENERGY | 539,703,856 | ||
FINANCIALS - 12.6% | |||
Banks - 2.1% | |||
AIB Group PLC | 664,900 | 2,847,983 | |
Banco Santander SA (Spain) | 1,006,700 | 4,210,708 | |
Bank of America Corp. | 1,553,262 | 52,298,332 | |
Bank of Ireland Group PLC | 343,600 | 3,119,357 | |
First Citizens Bancshares, Inc. | 5,200 | 7,378,644 | |
JPMorgan Chase & Co. | 599,824 | 102,030,062 | |
Nu Holdings Ltd. (a) | 748,900 | 6,238,337 | |
Royal Bank of Canada | 100,200 | 10,133,052 | |
Starling Bank Ltd. Series D (a)(b)(c) | 1,611,012 | 6,447,916 | |
Wells Fargo & Co. | 159,400 | 7,845,668 | |
202,550,059 | |||
Capital Markets - 0.7% | |||
Brookfield Asset Management Ltd.: | |||
Class A | 4,520 | 181,544 | |
Class A | 102,300 | 4,109,391 | |
Brookfield Corp. (Canada) Class A | 34,000 | 1,363,798 | |
CME Group, Inc. | 16,000 | 3,369,600 | |
Coinbase Global, Inc. (a)(d) | 59,331 | 10,318,848 | |
Goldman Sachs Group, Inc. | 2,700 | 1,041,579 | |
KKR & Co. LP | 13,100 | 1,085,335 | |
London Stock Exchange Group PLC | 38,800 | 4,586,608 | |
Moody's Corp. | 2,400 | 937,344 | |
Morgan Stanley | 197,700 | 18,435,525 | |
MSCI, Inc. | 9,011 | 5,097,072 | |
TulCo LLC (a)(b)(c)(f) | 7,549 | 5,492,954 | |
UBS Group AG | 253,290 | 7,860,257 | |
63,879,855 | |||
Consumer Finance - 0.2% | |||
American Express Co. | 118,200 | 22,143,588 | |
Financial Services - 7.7% | |||
Berkshire Hathaway, Inc. Class A (a) | 1,004 | 544,795,530 | |
MasterCard, Inc. Class A | 58,400 | 24,908,184 | |
PayPal Holdings, Inc. (a) | 29,900 | 1,836,159 | |
Visa, Inc. Class A | 572,800 | 149,128,480 | |
720,668,353 | |||
Insurance - 1.9% | |||
American International Group, Inc. | 422,100 | 28,597,275 | |
Arthur J. Gallagher & Co. | 42,611 | 9,582,362 | |
Chubb Ltd. | 138,268 | 31,248,568 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 31,600 | 29,154,610 | |
Intact Financial Corp. | 128,685 | 19,798,290 | |
Marsh & McLennan Companies, Inc. | 66,400 | 12,580,808 | |
Progressive Corp. | 185,400 | 29,530,512 | |
The Travelers Companies, Inc. | 78,608 | 14,974,038 | |
175,466,463 | |||
TOTAL FINANCIALS | 1,184,708,318 | ||
HEALTH CARE - 13.1% | |||
Biotechnology - 5.8% | |||
Argenx SE ADR (a) | 19,209 | 7,307,680 | |
Galapagos NV sponsored ADR (a) | 78,679 | 3,198,301 | |
Gilead Sciences, Inc. | 24,800 | 2,009,048 | |
Krystal Biotech, Inc. (a) | 4,700 | 583,082 | |
Legend Biotech Corp. ADR (a) | 43,543 | 2,619,982 | |
Moonlake Immunotherapeutics (a)(d) | 41,300 | 2,494,107 | |
Neurocrine Biosciences, Inc. (a) | 7,500 | 988,200 | |
Recursion Pharmaceuticals, Inc. (a)(d) | 243,800 | 2,403,868 | |
Regeneron Pharmaceuticals, Inc. (a) | 278,361 | 244,481,683 | |
Roivant Sciences Ltd. (a) | 59,500 | 668,185 | |
United Therapeutics Corp. (a) | 75,474 | 16,595,978 | |
Vertex Pharmaceuticals, Inc. (a) | 646,100 | 262,891,629 | |
546,241,743 | |||
Health Care Equipment & Supplies - 1.1% | |||
Boston Scientific Corp. (a) | 475,000 | 27,459,750 | |
Intuitive Surgical, Inc. (a) | 188,250 | 63,508,020 | |
Straumann Holding AG | 5,653 | 913,541 | |
Stryker Corp. | 40,200 | 12,038,292 | |
103,919,603 | |||
Health Care Providers & Services - 1.8% | |||
UnitedHealth Group, Inc. | 318,678 | 167,774,407 | |
Life Sciences Tools & Services - 0.1% | |||
Danaher Corp. | 24,835 | 5,745,329 | |
Mettler-Toledo International, Inc. (a) | 556 | 674,406 | |
Thermo Fisher Scientific, Inc. | 1,860 | 987,269 | |
Veterinary Emergency Group LLC Class A (a)(b)(c)(f) | 65,157 | 3,711,994 | |
11,118,998 | |||
Pharmaceuticals - 4.3% | |||
Eli Lilly & Co. | 425,852 | 248,237,648 | |
Intra-Cellular Therapies, Inc. (a) | 31,880 | 2,283,246 | |
Johnson & Johnson | 83,479 | 13,084,498 | |
Merck & Co., Inc. | 955,500 | 104,168,610 | |
Novo Nordisk A/S Series B | 75,600 | 7,834,518 | |
Royalty Pharma PLC | 584,142 | 16,408,549 | |
Structure Therapeutics, Inc. ADR | 35,694 | 1,454,887 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | 97,500 | 1,017,900 | |
Verona Pharma PLC ADR (a) | 32,200 | 640,136 | |
Zoetis, Inc. Class A | 39,700 | 7,835,589 | |
402,965,581 | |||
TOTAL HEALTH CARE | 1,232,020,332 | ||
INDUSTRIALS - 7.0% | |||
Aerospace & Defense - 0.7% | |||
Axon Enterprise, Inc. (a) | 3,600 | 929,988 | |
General Dynamics Corp. | 6,900 | 1,791,723 | |
Howmet Aerospace, Inc. | 17,500 | 947,100 | |
Lockheed Martin Corp. | 46,900 | 21,256,956 | |
Northrop Grumman Corp. | 14,600 | 6,834,844 | |
Relativity Space, Inc. warrants (a)(b)(c) | 8,037 | 124,091 | |
Space Exploration Technologies Corp.: | |||
Class A (a)(b)(c) | 212,910 | 20,652,270 | |
Class C (a)(b)(c) | 7,830 | 759,510 | |
TransDigm Group, Inc. | 15,700 | 15,882,120 | |
69,178,602 | |||
Air Freight & Logistics - 0.0% | |||
Zipline International, Inc. (a)(b)(c) | 28,830 | 1,155,506 | |
Building Products - 0.5% | |||
Carrier Global Corp. | 91,300 | 5,245,185 | |
Trane Technologies PLC | 156,800 | 38,243,520 | |
43,488,705 | |||
Commercial Services & Supplies - 0.5% | |||
Cintas Corp. | 25,431 | 15,326,246 | |
Clean Harbors, Inc. (a) | 98,875 | 17,254,676 | |
Clean TeQ Water Pty Ltd. (a) | 2,653 | 497 | |
GFL Environmental, Inc. | 21,800 | 752,030 | |
Republic Services, Inc. | 29,800 | 4,914,318 | |
Veralto Corp. | 62,311 | 5,125,703 | |
43,373,470 | |||
Construction & Engineering - 0.0% | |||
Larsen & Toubro Ltd. | 29,978 | 1,270,195 | |
Electrical Equipment - 1.5% | |||
Eaton Corp. PLC | 359,200 | 86,502,544 | |
Generac Holdings, Inc. (a) | 4,900 | 633,276 | |
Hubbell, Inc. Class B | 136,156 | 44,785,793 | |
Nextracker, Inc. Class A | 10,300 | 482,555 | |
nVent Electric PLC | 81,300 | 4,804,017 | |
Vertiv Holdings Co. | 106,400 | 5,110,392 | |
142,318,577 | |||
Ground Transportation - 0.4% | |||
Canadian Pacific Kansas City Ltd. | 187,800 | 14,859,026 | |
Old Dominion Freight Lines, Inc. | 24,400 | 9,890,052 | |
Uber Technologies, Inc. (a) | 92,700 | 5,707,539 | |
Union Pacific Corp. | 7,300 | 1,793,026 | |
32,249,643 | |||
Industrial Conglomerates - 1.1% | |||
3M Co. | 19,200 | 2,098,944 | |
General Electric Co. | 766,937 | 97,884,169 | |
99,983,113 | |||
Machinery - 0.9% | |||
Caterpillar, Inc. | 39,900 | 11,797,233 | |
Deere & Co. | 47,300 | 18,913,851 | |
Fortive Corp. | 94,325 | 6,945,150 | |
Indutrade AB | 34,800 | 903,291 | |
Ingersoll Rand, Inc. | 40,100 | 3,101,334 | |
PACCAR, Inc. | 329,090 | 32,135,639 | |
Parker Hannifin Corp. | 20,200 | 9,306,140 | |
83,102,638 | |||
Passenger Airlines - 0.4% | |||
Copa Holdings SA Class A | 19,867 | 2,112,061 | |
Ryanair Holdings PLC sponsored ADR (a) | 275,700 | 36,767,352 | |
38,879,413 | |||
Professional Services - 0.2% | |||
Automatic Data Processing, Inc. | 7,700 | 1,793,869 | |
FTI Consulting, Inc. (a) | 3,681 | 733,071 | |
Thomson Reuters Corp. | 42,791 | 6,256,293 | |
Verisk Analytics, Inc. | 55,600 | 13,280,616 | |
22,063,849 | |||
Trading Companies & Distributors - 0.8% | |||
Fastenal Co. | 29,400 | 1,904,238 | |
United Rentals, Inc. | 64,300 | 36,870,906 | |
W.W. Grainger, Inc. | 48,419 | 40,124,341 | |
78,899,485 | |||
TOTAL INDUSTRIALS | 655,963,196 | ||
INFORMATION TECHNOLOGY - 26.0% | |||
Communications Equipment - 0.8% | |||
Arista Networks, Inc. (a) | 295,149 | 69,510,541 | |
Motorola Solutions, Inc. | 9,500 | 2,974,355 | |
72,484,896 | |||
Electronic Equipment, Instruments & Components - 2.2% | |||
Amphenol Corp. Class A | 1,876,087 | 185,976,504 | |
CDW Corp. | 68,636 | 15,602,336 | |
Fabrinet (a) | 1,300 | 247,429 | |
Jabil, Inc. | 37,600 | 4,790,240 | |
206,616,509 | |||
IT Services - 1.4% | |||
Accenture PLC Class A | 257,529 | 90,369,501 | |
ASAC II LP (a)(b)(c) | 2,013,117 | 338,204 | |
Cloudflare, Inc. (a) | 57,130 | 4,756,644 | |
Gartner, Inc. (a) | 13,013 | 5,870,294 | |
MongoDB, Inc. Class A (a) | 18,600 | 7,604,610 | |
Shopify, Inc. Class A (a) | 291,368 | 22,684,067 | |
X Holdings Corp. (b)(c) | 32,510 | 1,031,217 | |
132,654,537 | |||
Semiconductors & Semiconductor Equipment - 7.7% | |||
Advanced Micro Devices, Inc. (a) | 714,453 | 105,317,517 | |
Advantest Corp. | 78,000 | 2,628,253 | |
Analog Devices, Inc. | 114,500 | 22,735,120 | |
Applied Materials, Inc. | 68,100 | 11,036,967 | |
Arm Holdings Ltd. ADR (d) | 55,300 | 4,155,519 | |
ASML Holding NV (depository receipt) | 1,300 | 983,996 | |
Broadcom, Inc. | 33,300 | 37,171,125 | |
Lam Research Corp. | 3,700 | 2,898,062 | |
Lattice Semiconductor Corp. (a) | 127,091 | 8,768,008 | |
Monolithic Power Systems, Inc. | 40,832 | 25,756,009 | |
NVIDIA Corp. | 906,660 | 448,996,165 | |
ON Semiconductor Corp. (a) | 249,900 | 20,874,147 | |
Qualcomm, Inc. | 156,900 | 22,692,447 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 73,600 | 7,654,400 | |
721,667,735 | |||
Software - 10.0% | |||
Adobe, Inc. (a) | 73,066 | 43,591,176 | |
Atlassian Corp. PLC (a) | 4,300 | 1,022,798 | |
Cadence Design Systems, Inc. (a) | 493,962 | 134,540,430 | |
Check Point Software Technologies Ltd. (a) | 25,700 | 3,926,703 | |
Clear Secure, Inc. (d) | 123,430 | 2,548,830 | |
CoreWeave, Inc. (b)(c) | 7,760 | 2,404,514 | |
Crowdstrike Holdings, Inc. (a) | 27,500 | 7,021,300 | |
Datadog, Inc. Class A (a) | 23,607 | 2,865,418 | |
Dynatrace, Inc. (a) | 252,500 | 13,809,225 | |
HubSpot, Inc. (a) | 3,900 | 2,264,106 | |
Intuit, Inc. | 14,283 | 8,927,303 | |
Klaviyo, Inc. Class A (d) | 20,600 | 572,268 | |
Magic Leap, Inc.: | |||
Class A (a)(b)(c) | 72,297 | 31,088 | |
warrants (a)(b)(c) | 39,573 | 17,016 | |
Microsoft Corp. | 1,477,249 | 555,504,714 | |
Palo Alto Networks, Inc. (a) | 70,700 | 20,848,016 | |
Roper Technologies, Inc. | 4,600 | 2,507,782 | |
Salesforce, Inc. (a) | 302,194 | 79,519,329 | |
Samsara, Inc. (a) | 64,670 | 2,158,685 | |
ServiceNow, Inc. (a) | 27,500 | 19,428,475 | |
Stripe, Inc. Class B (a)(b)(c) | 26,700 | 656,553 | |
Synopsys, Inc. (a) | 48,800 | 25,127,608 | |
Tanium, Inc. Class B (a)(b)(c) | 408,212 | 3,551,444 | |
Workday, Inc. Class A (a) | 10,300 | 2,843,418 | |
Zscaler, Inc. (a) | 5,300 | 1,174,268 | |
936,862,467 | |||
Technology Hardware, Storage & Peripherals - 3.9% | |||
Apple, Inc. | 1,878,100 | 361,590,593 | |
Dell Technologies, Inc. | 69,519 | 5,318,204 | |
Logitech International SA (d) | 5,900 | 560,854 | |
Samsung Electronics Co. Ltd. | 17,090 | 1,036,070 | |
368,505,721 | |||
TOTAL INFORMATION TECHNOLOGY | 2,438,791,865 | ||
MATERIALS - 2.3% | |||
Chemicals - 0.3% | |||
Linde PLC | 15,700 | 6,448,147 | |
RPM International, Inc. | 11,500 | 1,283,745 | |
Sherwin-Williams Co. | 27,691 | 8,636,823 | |
Westlake Corp. | 95,652 | 13,387,454 | |
29,756,169 | |||
Construction Materials - 0.1% | |||
CRH PLC | 16,000 | 1,106,560 | |
Martin Marietta Materials, Inc. | 2,000 | 997,820 | |
Vulcan Materials Co. | 25,100 | 5,697,951 | |
7,802,331 | |||
Metals & Mining - 1.9% | |||
B2Gold Corp. | 1,897,333 | 5,999,642 | |
Carpenter Technology Corp. | 3,900 | 276,120 | |
Franco-Nevada Corp. | 210,617 | 23,329,125 | |
Freeport-McMoRan, Inc. | 657,800 | 28,002,546 | |
Ivanhoe Electric, Inc. (a) | 327,100 | 3,297,168 | |
Ivanhoe Mines Ltd. (a) | 3,502,887 | 33,970,113 | |
Lundin Gold, Inc. | 29,100 | 363,242 | |
Novagold Resources, Inc. (a) | 493,634 | 1,844,073 | |
Nucor Corp. | 247,173 | 43,017,989 | |
Orla Mining Ltd. (a) | 1,613,200 | 5,259,442 | |
Steel Dynamics, Inc. | 253,440 | 29,931,264 | |
Wheaton Precious Metals Corp. | 80,800 | 3,986,186 | |
179,276,910 | |||
TOTAL MATERIALS | 216,835,410 | ||
UTILITIES - 0.3% | |||
Electric Utilities - 0.3% | |||
Constellation Energy Corp. | 190,248 | 22,238,089 | |
PG&E Corp. | 122,800 | 2,214,084 | |
24,452,173 | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
Vistra Corp. | 29,800 | 1,147,896 | |
TOTAL UTILITIES | 25,600,069 | ||
TOTAL COMMON STOCKS (Cost $4,491,344,739) | 9,038,515,455 | ||
Preferred Stocks - 1.2% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 1.1% | |||
COMMUNICATION SERVICES - 0.1% | |||
Interactive Media & Services - 0.1% | |||
ByteDance Ltd. Series E1 (a)(b)(c) | 37,932 | 8,387,903 | |
Reddit, Inc.: | |||
Series E(a)(b)(c) | 9,600 | 320,064 | |
Series F(a)(b)(c) | 49,896 | 1,663,533 | |
10,371,500 | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A(a)(b)(c) | 19,024 | 7,229 | |
Series C(a)(b)(c) | 74,857 | 48,657 | |
Series D(a)(b)(c) | 127,700 | 120,038 | |
175,924 | |||
Hotels, Restaurants & Leisure - 0.0% | |||
Discord, Inc. Series I (a)(b)(c) | 800 | 221,184 | |
TOTAL CONSUMER DISCRETIONARY | 397,108 | ||
CONSUMER STAPLES - 0.0% | |||
Consumer Staples Distribution & Retail - 0.0% | |||
GoBrands, Inc.: | |||
Series G(a)(b)(c) | 3,340 | 172,411 | |
Series H(a)(b)(c) | 3,970 | 257,335 | |
429,746 | |||
Food Products - 0.0% | |||
Bowery Farming, Inc.: | |||
Series C1(a)(b)(c) | 13,266 | 105,597 | |
Series D1(b)(c) | 7,186 | 38,301 | |
143,898 | |||
TOTAL CONSUMER STAPLES | 573,644 | ||
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Circle Internet Financial Ltd.: | |||
Series E(a)(b)(c) | 61,811 | 1,507,570 | |
Series F(a)(b)(c) | 38,025 | 927,430 | |
Tenstorrent Holdings, Inc. Series C1 (b)(c) | 23,737 | 1,393,599 | |
3,828,599 | |||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
ElevateBio LLC Series C (a)(b)(c) | 194,500 | 620,455 | |
Health Care Providers & Services - 0.0% | |||
Lyra Health, Inc.: | |||
Series E(a)(b)(c) | 79,800 | 1,117,200 | |
Series F(a)(b)(c) | 4,099 | 57,386 | |
Somatus, Inc. Series E (a)(b)(c) | 842 | 931,479 | |
2,106,065 | |||
TOTAL HEALTH CARE | 2,726,520 | ||
INDUSTRIALS - 0.9% | |||
Aerospace & Defense - 0.8% | |||
Relativity Space, Inc.: | |||
Series E(a)(b)(c) | 125,290 | 2,684,965 | |
Series F(b)(c) | 80,375 | 1,717,614 | |
Space Exploration Technologies Corp.: | |||
Series G(a)(b)(c) | 36,460 | 35,366,200 | |
Series H(a)(b)(c) | 7,256 | 7,038,320 | |
Series N(a)(b)(c) | 24,552 | 23,815,440 | |
70,622,539 | |||
Air Freight & Logistics - 0.1% | |||
Zipline International, Inc.: | |||
Series E(a)(b)(c) | 66,084 | 2,648,647 | |
Series F(b)(c) | 129,467 | 5,189,037 | |
7,837,684 | |||
Construction & Engineering - 0.0% | |||
Beta Technologies, Inc. Series B, 6.00% (a)(b)(c) | 15,787 | 1,782,352 | |
TOTAL INDUSTRIALS | 80,242,575 | ||
INFORMATION TECHNOLOGY - 0.1% | |||
Software - 0.1% | |||
Delphix Corp. Series D (a)(b)(c) | 232,855 | 1,080,447 | |
Moloco, Inc. Series A (b)(c) | 35,442 | 1,773,163 | |
Nuro, Inc.: | |||
Series C(a)(b)(c) | 190,290 | 1,037,081 | |
Series D(a)(b)(c) | 36,736 | 200,211 | |
Stripe, Inc.: | |||
Series H(a)(b)(c) | 11,500 | 282,785 | |
Series I(b)(c) | 128,075 | 3,149,364 | |
7,523,051 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | 105,662,997 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Petroleo Brasileiro SA - Petrobras sponsored ADR | 228,900 | 3,655,533 | |
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Magic Leap, Inc. Series AA (a)(b)(c) | 275,569 | 812,929 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 4,468,462 | ||
TOTAL PREFERRED STOCKS (Cost $61,572,115) | 110,131,459 | ||
Preferred Securities - 0.0% | |||
Principal Amount (g) | Value ($) | ||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc. 8% 12/31/25 (b)(c) (Cost $150,652) | 150,652 | 265,132 | |
Money Market Funds - 3.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (h) | 252,065,276 | 252,115,689 | |
Fidelity Securities Lending Cash Central Fund 5.40% (h)(i) | 29,366,708 | 29,369,645 | |
TOTAL MONEY MARKET FUNDS (Cost $281,485,334) | 281,485,334 | ||
TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $4,834,552,840) | 9,430,397,380 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (45,138,161) |
NET ASSETS - 100.0% | 9,385,259,219 |
(a) | Non-income producing |
(b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $169,023,837 or 1.8% of net assets. |
(c) | Level 3 security |
(d) | Security or a portion of the security is on loan at period end. |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,504,058 or 0.0% of net assets. |
(f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
ASAC II LP | 10/10/13 | 155,030 |
Beta Technologies, Inc. Series B, 6.00% | 4/04/22 | 1,628,745 |
Blu Investments LLC | 5/21/20 | 36,484 |
Bowery Farming, Inc. Series C1 | 5/18/21 | 799,267 |
Bowery Farming, Inc. Series D1 | 10/25/23 | 67,895 |
Bowery Farming, Inc. warrants | 10/25/23 | 0 |
ByteDance Ltd. Series E1 | 11/18/20 | 4,156,368 |
Circle Internet Financial Ltd. Series E | 5/11/21 | 1,003,200 |
Circle Internet Financial Ltd. Series F | 5/09/22 | 1,602,374 |
CoreWeave, Inc. | 11/29/23 | 2,404,514 |
Delphix Corp. Series D | 7/10/15 | 2,095,695 |
Discord, Inc. Series I | 9/15/21 | 440,500 |
ElevateBio LLC Series C | 3/09/21 | 815,928 |
Epic Games, Inc. | 7/13/20 - 7/30/20 | 4,082,500 |
Fanatics, Inc. Class A | 8/13/20 - 12/15/21 | 4,645,244 |
GoBrands, Inc. Series G | 3/02/21 | 834,056 |
GoBrands, Inc. Series H | 7/22/21 | 1,542,308 |
Lyra Health, Inc. Series E | 1/14/21 | 730,697 |
Lyra Health, Inc. Series F | 6/04/21 | 64,372 |
Magic Leap, Inc. Class A | 10/17/14 - 10/06/17 | 35,136,389 |
Magic Leap, Inc. Series AA | 7/07/20 | 4,756,362 |
Magic Leap, Inc. warrants | 7/07/20 | 0 |
Moloco, Inc. Series A | 6/26/23 | 2,126,520 |
Nuro, Inc. Series C | 10/30/20 | 2,484,160 |
Nuro, Inc. Series D | 10/29/21 | 765,788 |
Rad Power Bikes, Inc. | 1/21/21 | 703,890 |
Rad Power Bikes, Inc. warrants 10/6/33 | 10/06/23 | 0 |
Rad Power Bikes, Inc. Series A | 1/21/21 | 91,769 |
Rad Power Bikes, Inc. Series C | 1/21/21 | 361,098 |
Rad Power Bikes, Inc. Series D | 9/17/21 | 1,223,851 |
Rad Power Bikes, Inc. 8% 12/31/25 | 10/06/23 | 150,652 |
Reddit, Inc. Series E | 5/18/21 | 407,752 |
Reddit, Inc. Series F | 8/11/21 | 3,083,293 |
Relativity Space, Inc. Series E | 5/27/21 | 2,861,010 |
Relativity Space, Inc. Series F | 11/14/23 | 1,821,860 |
Relativity Space, Inc. warrants | 11/14/23 | 0 |
Somatus, Inc. Series E | 1/31/22 | 734,759 |
Space Exploration Technologies Corp. Class A | 10/16/15 - 2/16/21 | 3,185,238 |
Space Exploration Technologies Corp. Class C | 9/11/17 | 105,705 |
Space Exploration Technologies Corp. Series G | 1/20/15 | 2,824,191 |
Space Exploration Technologies Corp. Series H | 8/04/17 | 979,560 |
Space Exploration Technologies Corp. Series N | 8/04/20 | 6,629,040 |
Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 3,151,959 |
Stripe, Inc. Class B | 5/18/21 | 1,071,428 |
Stripe, Inc. Series H | 3/15/21 | 461,438 |
Stripe, Inc. Series I | 3/20/23 - 5/12/23 | 2,578,680 |
Tanium, Inc. Class B | 4/21/17 - 9/18/20 | 3,439,433 |
Tenstorrent Holdings, Inc. Series C1 | 4/23/21 | 1,411,288 |
TulCo LLC | 8/24/17 - 12/14/17 | 2,643,700 |
Veterinary Emergency Group LLC Class A | 9/16/21 - 11/13/23 | 2,650,269 |
X Holdings Corp. | 10/25/22 | 3,251,000 |
Zipline International, Inc. | 10/12/21 | 1,037,880 |
Zipline International, Inc. Series E | 12/21/20 | 2,156,281 |
Zipline International, Inc. Series F | 4/11/23 | 5,204,198 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 440,690,320 | 2,229,430,943 | 2,418,005,574 | 14,487,130 | - | - | 252,115,689 | 0.6% |
Fidelity Securities Lending Cash Central Fund 5.40% | 6,128,103 | 292,846,192 | 269,604,650 | 134,869 | - | - | 29,369,645 | 0.1% |
Total | 446,818,423 | 2,522,277,135 | 2,687,610,224 | 14,621,999 | - | - | 281,485,334 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 1,605,955,127 | 1,554,940,794 | 36,082,290 | 14,932,043 |
Consumer Discretionary | 972,620,881 | 948,933,248 | 11,972,244 | 11,715,389 |
Consumer Staples | 177,658,653 | 163,820,635 | 13,234,696 | 603,322 |
Energy | 543,359,389 | 542,551,244 | 808,145 | - |
Financials | 1,188,536,917 | 1,160,850,775 | 11,916,673 | 15,769,469 |
Health Care | 1,234,746,852 | 1,219,560,279 | 8,748,059 | 6,438,514 |
Industrials | 736,205,771 | 633,271,819 | - | 102,933,952 |
Information Technology | 2,447,127,845 | 2,428,133,576 | 2,628,253 | 16,366,016 |
Materials | 216,835,410 | 216,835,410 | - | - |
Utilities | 25,600,069 | 25,600,069 | - | - |
Preferred Securities | 265,132 | - | - | 265,132 |
Money Market Funds | 281,485,334 | 281,485,334 | - | - |
Total Investments in Securities: | 9,430,397,380 | 9,175,983,183 | 85,390,360 | 169,023,837 |
Net Unrealized Depreciation on Unfunded Commitments | (102,665) | - | (102,665) | - |
Total | (102,665) | - | (102,665) | - |
(Amounts in thousands) | |||
Investments in Securities: | |||
Industrials | |||
Beginning Balance | $ | 75,025,107 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 20,882,787 | ||
Cost of Purchases | 7,026,058 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 102,933,952 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2023 | $ | 20,882,787 | |
Other Investments in Securities | |||
Beginning Balance | $ | 63,901,460 | |
Net Realized Gain (Loss) on Investment Securities | 900,588 | ||
Net Unrealized Gain (Loss) on Investment Securities | (5,463,435) | ||
Cost of Purchases | 7,688,222 | ||
Proceeds of Sales | (936,950) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 66,089,885 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2023 | $ | (5,463,435) | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |
Consolidated Statement of Assets and Liabilities | ||||
December 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $27,498,740) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $4,553,067,506) | $ | 9,148,912,046 | ||
Fidelity Central Funds (cost $281,485,334) | 281,485,334 | |||
Total Investment in Securities (cost $4,834,552,840) | $ | 9,430,397,380 | ||
Cash | 141,446 | |||
Foreign currency held at value (cost $29,051) | 28,999 | |||
Receivable for investments sold | 134,616 | |||
Receivable for fund shares sold | 2,547,830 | |||
Dividends receivable | 6,470,903 | |||
Distributions receivable from Fidelity Central Funds | 1,196,742 | |||
Other receivables | 37,403 | |||
Total assets | 9,440,955,319 | |||
Liabilities | ||||
Payable for investments purchased | $ | 637,551 | ||
Unrealized depreciation on unfunded commitments | 102,665 | |||
Payable for fund shares redeemed | 25,424,989 | |||
Other payables and accrued expenses | 164,228 | |||
Collateral on securities loaned | 29,366,667 | |||
Total Liabilities | 55,696,100 | |||
Net Assets | $ | 9,385,259,219 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 4,847,116,608 | ||
Total accumulated earnings (loss) | 4,538,142,611 | |||
Net Assets | $ | 9,385,259,219 | ||
Net Asset Value, offering price and redemption price per share ($9,385,259,219 ÷ 497,729,831 shares) | $ | 18.86 |
Consolidated Statement of Operations | ||||
Year ended December 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 88,253,917 | ||
Income from Fidelity Central Funds (including $134,869 from security lending) | 14,621,999 | |||
Total Income | 102,875,916 | |||
Expenses | ||||
Custodian fees and expenses | $ | 123,556 | ||
Independent trustees' fees and expenses | 51,816 | |||
Total expenses before reductions | 175,372 | |||
Expense reductions | (3,163) | |||
Total expenses after reductions | 172,209 | |||
Net Investment income (loss) | 102,703,707 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (9,764,782) | |||
Foreign currency transactions | (140,507) | |||
Total net realized gain (loss) | (9,905,289) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of increase in deferred foreign taxes of $115,595) | 2,422,757,647 | |||
Unfunded commitments | 206,483 | |||
Assets and liabilities in foreign currencies | 25,424 | |||
Total change in net unrealized appreciation (depreciation) | 2,422,989,554 | |||
Net gain (loss) | 2,413,084,265 | |||
Net increase (decrease) in net assets resulting from operations | $ | 2,515,787,972 |
Consolidated Statement of Changes in Net Assets | ||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 102,703,707 | $ | 91,855,692 |
Net realized gain (loss) | (9,905,289) | 321,739,744 | ||
Change in net unrealized appreciation (depreciation) | 2,422,989,554 | (2,587,093,534) | ||
Net increase (decrease) in net assets resulting from operations | 2,515,787,972 | (2,173,498,098) | ||
Distributions to shareholders | (95,371,154) | (568,513,318) | ||
Share transactions | ||||
Proceeds from sales of shares | 874,791,955 | 3,429,424,120 | ||
Reinvestment of distributions | 95,371,154 | 568,513,318 | ||
Cost of shares redeemed | (2,073,553,948) | (1,208,298,984) | ||
Net increase (decrease) in net assets resulting from share transactions | (1,103,390,839) | 2,789,638,454 | ||
Total increase (decrease) in net assets | 1,317,025,979 | 47,627,038 | ||
Net Assets | ||||
Beginning of period | 8,068,233,240 | 8,020,606,202 | ||
End of period | $ | 9,385,259,219 | $ | 8,068,233,240 |
Other Information | ||||
Shares | ||||
Sold | 53,382,549 | 215,811,257 | ||
Issued in reinvestment of distributions | 5,254,609 | 36,485,463 | ||
Redeemed | (124,634,354) | (75,287,602) | ||
Net increase (decrease) | (65,997,196) | 177,009,118 | ||
Fidelity® Series Opportunistic Insights Fund |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 14.31 | $ | 20.74 | $ | 20.25 | $ | 18.10 | $ | 15.18 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .19 | .20 | .14 | .12 | .15 | |||||
Net realized and unrealized gain (loss) | 4.55 | (5.44) | 4.79 | 5.36 | 4.43 | |||||
Total from investment operations | 4.74 | (5.24) | 4.93 | 5.48 | 4.58 | |||||
Distributions from net investment income | (.19) | (.18) | (.20) | (.16) | (.15) | |||||
Distributions from net realized gain | - | (1.00) | (4.24) | (3.18) | (1.51) | |||||
Total distributions | (.19) | (1.19) C | (4.44) | (3.33) C | (1.66) | |||||
Net asset value, end of period | $ | 18.86 | $ | 14.31 | $ | 20.74 | $ | 20.25 | $ | 18.10 |
Total Return D | 33.20% | (25.73)% | 24.81% | 31.18% | 30.53% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions G | -% | -% | -% | -% | -% | |||||
Expenses net of fee waivers, if any G | -% | -% | -% | -% | -% | |||||
Expenses net of all reductions G | -% | -% | -% | -% | -% | |||||
Net investment income (loss) | 1.17% | 1.23% | .61% | .61% | .81% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 9,385,259 | $ | 8,068,233 | $ | 8,020,606 | $ | 7,673,290 | $ | 6,899,733 |
Portfolio turnover rate H | 29% | 36% | 43% | 33% | 27% I |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $168,758,705 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.5 - 20.3 / 15.6 | Increase |
Enterprise value/Revenue multiple (EV/R) | 1.1 - 43.5 / 11.5 | Increase | |||
Enterprise value/Net income multiple (EV/NI) | 12.3 | Increase | |||
Market approach | Transaction price | $59.45 | Increase | ||
Premium rate | 45.0% | Increase | |||
Recovery value | Recovery value | $0.00 - $0.17 / $0.06 | Increase | ||
Discounted cash flow | Weighted average cost of capital (WACC) | 27.4% | Decrease | ||
Exit multiple | 1.5 | Increase | |||
Black scholes | Discount rate | 3.9% - 4.4% / 4.1% | Increase | ||
Volatility | 60.0% - 100.0% / 75.7% | Increase | |||
Term | 2.0 - 5.0 / 3.8 | Increase | |||
Preferred Securities | $265,132 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.5 | Increase |
Recovery value | Recovery value | $0.00 | Increase | ||
Black scholes | Discount rate | 4.4% | Increase | ||
Volatility | 60.0% | Increase | |||
Term | 2.0 | Increase |
Gross unrealized appreciation | $4,655,081,385 |
Gross unrealized depreciation | (91,820,934) |
Net unrealized appreciation (depreciation) | $4,563,260,451 |
Tax Cost | $4,867,034,264 |
Capital loss carryforward | $(25,037,847) |
Net unrealized appreciation (depreciation) on securities and other investments | $4,563,269,246 |
Short-term | $(25,037,847) |
Long-term | - |
Total capital loss carryforward | $(25,037,847) |
December 31, 2023 | December 31, 2022 | |
Ordinary Income | $95,371,154 | $ 95,989,152 |
Long-term Capital Gains | - | 472,524,166 |
Total | $95,371,154 | $ 568,513,318 |
Investment to be Acquired | Shares | Commitment Amount | |
Fidelity Series Opportunistic Insights Fund | Lions Gate Entertainment Corp. | 165,588 | $1,594,612 |
$ Amount | % of Net Assets | |
Fidelity Series Opportunistic Insights Fund | 9,204,948 | .10 |
Purchases ($) | Sales ($) | |
Fidelity Series Opportunistic Insights Fund | 2,438,203,174 | 3,141,941,149 |
Amount | |
Fidelity Series Opportunistic Insights Fund | $ 37,053 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Series Opportunistic Insights Fund | 96,675,587 | 134,139,943 | 637,566 |
Amount ($) | |
Fidelity Series Opportunistic Insights Fund | 1,601 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Series Opportunistic Insights Fund | $14,372 | $12,981 | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2023 to December 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2023 | Ending Account Value December 31, 2023 | Expenses Paid During Period- C July 1, 2023 to December 31, 2023 | |||||||
Fidelity® Series Opportunistic Insights Fund | -%-D | |||||||||
Actual | $ 1,000 | $ 1,110.10 | $-E | |||||||
Hypothetical-B | $ 1,000 | $ 1,025.21 | $-E | |||||||
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![](https://capedge.com/proxy/N-CSR/0000024238-24-000011/img94725_1.jpg)
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Contents
Average Annual Total Returns | |||
Periods ended December 31, 2023 | Past 1 year | Past 5 years | Life of Fund A |
Fidelity® Contrafund® K6 | 37.67% | 16.38% | 14.00% |
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity® Contrafund® K6, on May 25, 2017, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
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Top Holdings (% of Fund's net assets) | ||
Meta Platforms, Inc. Class A | 11.0 | |
Berkshire Hathaway, Inc. Class A | 7.4 | |
Microsoft Corp. | 6.9 | |
Amazon.com, Inc. | 5.4 | |
NVIDIA Corp. | 4.4 | |
Apple, Inc. | 4.3 | |
UnitedHealth Group, Inc. | 3.4 | |
Eli Lilly & Co. | 2.8 | |
Alphabet, Inc. Class A | 2.6 | |
Alphabet, Inc. Class C | 2.3 | |
50.5 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 25.7 | |
Communication Services | 18.2 | |
Financials | 14.4 | |
Health Care | 12.3 | |
Consumer Discretionary | 10.4 | |
Industrials | 6.1 | |
Energy | 4.0 | |
Materials | 2.5 | |
Consumer Staples | 2.4 | |
Utilities | 0.3 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Common Stocks - 95.3% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 18.1% | |||
Entertainment - 2.2% | |||
Liberty Media Corp. Liberty Formula One Class C | 849,643 | 53,637,963 | |
Liberty Media Corp. Liberty Live Class C | 51,028 | 1,907,937 | |
Netflix, Inc. (a) | 987,234 | 480,664,490 | |
The Walt Disney Co. | 189,182 | 17,081,243 | |
Universal Music Group NV | 2,072,346 | 59,159,534 | |
612,451,167 | |||
Interactive Media & Services - 15.9% | |||
Alphabet, Inc.: | |||
Class A (a) | 5,357,583 | 748,400,769 | |
Class C (a) | 4,584,776 | 646,132,482 | |
Bumble, Inc. (a) | 447,886 | 6,601,840 | |
Epic Games, Inc. (a)(b)(c) | 14,010 | 8,999,043 | |
Meta Platforms, Inc. Class A (a) | 8,955,277 | 3,169,809,843 | |
4,579,943,977 | |||
Wireless Telecommunication Services - 0.0% | |||
T-Mobile U.S., Inc. | 7,372 | 1,181,953 | |
TOTAL COMMUNICATION SERVICES | 5,193,577,097 | ||
CONSUMER DISCRETIONARY - 10.4% | |||
Automobiles - 0.4% | |||
BYD Co. Ltd. (H Shares) | 671,590 | 18,525,565 | |
General Motors Co. | 163,843 | 5,885,241 | |
Hyundai Motor Co. Ltd. | 202,300 | 31,793,437 | |
Li Auto, Inc. ADR (a) | 344,261 | 12,885,689 | |
Rad Power Bikes, Inc. (b)(c) | 331,574 | 125,998 | |
Rad Power Bikes, Inc. warrants 10/6/33 (a)(b)(c) | 389,358 | 802,077 | |
Tesla, Inc. (a) | 102,407 | 25,446,091 | |
Toyota Motor Corp. | 323,750 | 5,932,304 | |
101,396,402 | |||
Broadline Retail - 5.7% | |||
Amazon.com, Inc. (a) | 10,157,175 | 1,543,281,170 | |
Coupang, Inc. Class A (a) | 2,517,903 | 40,764,850 | |
Dollarama, Inc. | 125,815 | 9,066,884 | |
Kohl's Corp. (d) | 358,536 | 10,282,812 | |
MercadoLibre, Inc. (a) | 22,171 | 34,842,613 | |
PDD Holdings, Inc. ADR (a) | 23,669 | 3,463,011 | |
1,641,701,340 | |||
Diversified Consumer Services - 0.1% | |||
Duolingo, Inc. (a) | 58,770 | 13,331,975 | |
Hotels, Restaurants & Leisure - 1.7% | |||
Airbnb, Inc. Class A (a) | 1,046,465 | 142,465,745 | |
Booking Holdings, Inc. (a) | 23,663 | 83,937,867 | |
Cava Group, Inc. | 148,540 | 6,384,249 | |
Chipotle Mexican Grill, Inc. (a) | 38,502 | 88,052,534 | |
Deliveroo PLC Class A (a)(e) | 8,496,898 | 13,819,809 | |
Doordash, Inc. (a) | 97,393 | 9,631,194 | |
Evolution AB (e) | 57,073 | 6,802,778 | |
Hilton Worldwide Holdings, Inc. | 400,339 | 72,897,729 | |
Light & Wonder, Inc. Class A (a) | 31,448 | 2,582,195 | |
Marriott International, Inc. Class A | 59,038 | 13,313,659 | |
McDonald's Corp. | 87,973 | 26,084,874 | |
Restaurant Brands International, Inc. | 157,431 | 12,300,541 | |
Starbucks Corp. | 133,830 | 12,849,018 | |
Yum China Holdings, Inc. | 70,139 | 2,975,998 | |
494,098,190 | |||
Household Durables - 0.4% | |||
D.R. Horton, Inc. | 175,275 | 26,638,295 | |
Garmin Ltd. | 7,194 | 924,717 | |
Lennar Corp. Class A | 666,688 | 99,363,180 | |
126,926,192 | |||
Leisure Products - 0.0% | |||
Bandai Namco Holdings, Inc. | 68,646 | 1,372,799 | |
Sega Sammy Holdings, Inc. | 158,233 | 2,213,018 | |
3,585,817 | |||
Specialty Retail - 1.7% | |||
Abercrombie & Fitch Co. Class A (a) | 132,833 | 11,718,527 | |
Academy Sports & Outdoors, Inc. | 604,670 | 39,908,220 | |
Dick's Sporting Goods, Inc. | 295,398 | 43,408,736 | |
Fanatics, Inc. Class A (a)(b)(c) | 332,480 | 26,006,586 | |
Fast Retailing Co. Ltd. | 48,261 | 11,933,927 | |
Gap, Inc. | 409,785 | 8,568,604 | |
O'Reilly Automotive, Inc. (a) | 113,036 | 107,393,243 | |
Ross Stores, Inc. | 125,916 | 17,425,515 | |
The Home Depot, Inc. | 63,682 | 22,068,997 | |
TJX Companies, Inc. | 1,018,548 | 95,549,988 | |
Williams-Sonoma, Inc. (d) | 548,176 | 110,610,953 | |
494,593,296 | |||
Textiles, Apparel & Luxury Goods - 0.4% | |||
Deckers Outdoor Corp. (a) | 22,253 | 14,874,573 | |
lululemon athletica, Inc. (a) | 16,074 | 8,218,475 | |
NIKE, Inc. Class B | 465,609 | 50,551,169 | |
On Holding AG (a) | 1,357,819 | 36,620,378 | |
Ralph Lauren Corp. (d) | 44,838 | 6,465,640 | |
116,730,235 | |||
TOTAL CONSUMER DISCRETIONARY | 2,992,363,447 | ||
CONSUMER STAPLES - 2.4% | |||
Beverages - 0.5% | |||
Anheuser-Busch InBev SA NV ADR (d) | 45,040 | 2,910,485 | |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 48,835 | 6,365,642 | |
Kweichow Moutai Co. Ltd. (A Shares) | 11,900 | 2,892,934 | |
PepsiCo, Inc. | 270,559 | 45,951,741 | |
The Coca-Cola Co. | 1,535,542 | 90,489,490 | |
148,610,292 | |||
Consumer Staples Distribution & Retail - 1.6% | |||
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 494,617 | 29,127,176 | |
Casey's General Stores, Inc. | 78,704 | 21,623,137 | |
Costco Wholesale Corp. | 565,690 | 373,400,655 | |
Performance Food Group Co. (a) | 41,667 | 2,881,273 | |
Walmart, Inc. | 166,830 | 26,300,750 | |
453,332,991 | |||
Food Products - 0.1% | |||
Bowery Farming, Inc. warrants (a)(b)(c) | 20,213 | 83,480 | |
Mondelez International, Inc. | 603,433 | 43,706,652 | |
43,790,132 | |||
Personal Care Products - 0.2% | |||
Estee Lauder Companies, Inc. Class A | 37,659 | 5,507,629 | |
L'Oreal SA | 56,282 | 28,056,619 | |
L'Oreal SA | 44,473 | 22,169,824 | |
Oddity Tech Ltd. (d) | 59,045 | 2,747,364 | |
58,481,436 | |||
TOTAL CONSUMER STAPLES | 704,214,851 | ||
ENERGY - 3.9% | |||
Energy Equipment & Services - 0.1% | |||
Baker Hughes Co. Class A | 76,376 | 2,610,532 | |
Schlumberger Ltd. | 280,954 | 14,620,846 | |
TechnipFMC PLC | 123,154 | 2,480,322 | |
19,711,700 | |||
Oil, Gas & Consumable Fuels - 3.8% | |||
Birchcliff Energy Ltd. (d) | 314,438 | 1,371,610 | |
Cameco Corp. | 298,230 | 12,853,713 | |
Canadian Natural Resources Ltd. | 1,452,070 | 95,131,653 | |
Cheniere Energy, Inc. | 342,701 | 58,502,488 | |
Chevron Corp. | 265,762 | 39,641,060 | |
ConocoPhillips Co. | 1,633,243 | 189,570,515 | |
Diamondback Energy, Inc. | 49,300 | 7,645,444 | |
EOG Resources, Inc. | 609,881 | 73,765,107 | |
Equinor ASA | 81,900 | 2,595,572 | |
Exxon Mobil Corp. | 3,132,229 | 313,160,255 | |
Hess Corp. | 800,558 | 115,408,441 | |
Marathon Petroleum Corp. | 165,395 | 24,538,002 | |
Occidental Petroleum Corp. | 1,183,769 | 70,682,847 | |
Pioneer Natural Resources Co. | 126,806 | 28,516,133 | |
PrairieSky Royalty Ltd. | 282,743 | 4,950,483 | |
Reliance Industries Ltd. | 164,882 | 5,121,660 | |
Shell PLC ADR | 168,479 | 11,085,918 | |
Tourmaline Oil Corp. | 59,085 | 2,657,164 | |
Valero Energy Corp. | 373,345 | 48,534,850 | |
1,105,732,915 | |||
TOTAL ENERGY | 1,125,444,615 | ||
FINANCIALS - 14.3% | |||
Banks - 2.2% | |||
AIB Group PLC | 2,135,372 | 9,146,494 | |
Banco Santander SA (Spain) | 3,495,627 | 14,621,103 | |
Bank of America Corp. | 4,268,543 | 143,721,843 | |
Bank of Ireland Group PLC | 1,067,100 | 9,687,620 | |
First Citizens Bancshares, Inc. | 16,178 | 22,956,097 | |
JPMorgan Chase & Co. | 1,719,128 | 292,423,673 | |
Nu Holdings Ltd. (a) | 2,581,952 | 21,507,660 | |
Royal Bank of Canada | 543,862 | 54,999,817 | |
Starling Bank Ltd. Series D (a)(b)(c) | 4,139,223 | 16,566,830 | |
Wells Fargo & Co. | 902,560 | 44,424,003 | |
630,055,140 | |||
Capital Markets - 0.6% | |||
Brookfield Asset Management Ltd.: | |||
Class A | 13,690 | 549,852 | |
Class A | 328,861 | 13,210,346 | |
Brookfield Corp. (Canada) Class A | 111,610 | 4,476,866 | |
CME Group, Inc. | 51,435 | 10,832,211 | |
Coinbase Global, Inc. (a)(d) | 186,529 | 32,441,124 | |
Goldman Sachs Group, Inc. | 8,473 | 3,268,629 | |
KKR & Co. LP | 39,642 | 3,284,340 | |
London Stock Exchange Group PLC | 125,968 | 14,890,872 | |
Moody's Corp. | 7,341 | 2,867,101 | |
Morgan Stanley | 626,805 | 58,449,566 | |
MSCI, Inc. | 31,818 | 17,997,852 | |
TulCo LLC (a)(b)(c)(f) | 1,552 | 1,129,297 | |
UBS Group AG | 791,694 | 24,568,353 | |
187,966,409 | |||
Consumer Finance - 0.2% | |||
American Express Co. | 384,984 | 72,122,903 | |
Financial Services - 9.4% | |||
Berkshire Hathaway, Inc. Class A (a) | 3,938 | 2,136,857,368 | |
MasterCard, Inc. Class A | 191,328 | 81,603,305 | |
PayPal Holdings, Inc. (a) | 100,404 | 6,165,810 | |
Visa, Inc. Class A | 1,846,815 | 480,818,285 | |
2,705,444,768 | |||
Insurance - 1.9% | |||
American International Group, Inc. | 1,343,316 | 91,009,659 | |
Arthur J. Gallagher & Co. | 178,959 | 40,244,300 | |
Chubb Ltd. | 349,404 | 78,965,304 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 69,845 | 64,439,992 | |
Intact Financial Corp. | 290,517 | 44,696,272 | |
Marsh & McLennan Companies, Inc. | 241,863 | 45,825,783 | |
Progressive Corp. | 754,166 | 120,123,560 | |
The Travelers Companies, Inc. | 253,306 | 48,252,260 | |
533,557,130 | |||
TOTAL FINANCIALS | 4,129,146,350 | ||
HEALTH CARE - 12.3% | |||
Biotechnology - 3.8% | |||
Argenx SE ADR (a) | 68,848 | 26,191,845 | |
Galapagos NV sponsored ADR (a) | 327,022 | 13,293,444 | |
Gilead Sciences, Inc. | 81,842 | 6,630,020 | |
Krystal Biotech, Inc. (a) | 16,791 | 2,083,091 | |
Legend Biotech Corp. ADR (a) | 154,349 | 9,287,179 | |
Moonlake Immunotherapeutics (a)(d) | 131,169 | 7,921,296 | |
Neurocrine Biosciences, Inc. (a) | 22,817 | 3,006,368 | |
Recursion Pharmaceuticals, Inc. (a)(d) | 814,590 | 8,031,857 | |
Regeneron Pharmaceuticals, Inc. (a) | 681,676 | 598,709,214 | |
Roivant Sciences Ltd. (a) | 211,359 | 2,373,562 | |
United Therapeutics Corp. (a) | 124,637 | 27,406,430 | |
Vertex Pharmaceuticals, Inc. (a) | 917,612 | 373,367,147 | |
1,078,301,453 | |||
Health Care Equipment & Supplies - 0.9% | |||
Boston Scientific Corp. (a) | 1,496,516 | 86,513,590 | |
Intuitive Surgical, Inc. (a) | 387,035 | 130,570,128 | |
Straumann Holding AG | 29,913 | 4,834,027 | |
Stryker Corp. | 129,520 | 38,786,059 | |
260,703,804 | |||
Health Care Providers & Services - 3.4% | |||
Cencora, Inc. | 14,780 | 3,035,516 | |
UnitedHealth Group, Inc. | 1,874,923 | 987,090,712 | |
990,126,228 | |||
Life Sciences Tools & Services - 0.2% | |||
Danaher Corp. | 118,916 | 27,510,027 | |
Lonza Group AG | 22 | 9,275 | |
Mettler-Toledo International, Inc. (a) | 2,875 | 3,487,260 | |
Thermo Fisher Scientific, Inc. | 5,834 | 3,096,629 | |
Veterinary Emergency Group LLC Class A (a)(b)(c)(f) | 203,735 | 11,606,783 | |
45,709,974 | |||
Pharmaceuticals - 4.0% | |||
Eli Lilly & Co. | 1,391,265 | 810,996,194 | |
Intra-Cellular Therapies, Inc. (a) | 129,383 | 9,266,410 | |
Johnson & Johnson | 52,962 | 8,301,264 | |
Merck & Co., Inc. | 2,133,764 | 232,622,951 | |
Novo Nordisk A/S Series B | 231,844 | 24,026,269 | |
Royalty Pharma PLC | 1,701,508 | 47,795,360 | |
Structure Therapeutics, Inc. ADR | 107,698 | 4,389,770 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | 345,588 | 3,607,939 | |
Verona Pharma PLC ADR (a) | 118,733 | 2,360,412 | |
Zoetis, Inc. Class A | 44,462 | 8,775,465 | |
1,152,142,034 | |||
TOTAL HEALTH CARE | 3,526,983,493 | ||
INDUSTRIALS - 5.5% | |||
Aerospace & Defense - 0.8% | |||
Axon Enterprise, Inc. (a) | 11,111 | 2,870,305 | |
General Dynamics Corp. | 22,419 | 5,821,542 | |
Howmet Aerospace, Inc. | 53,572 | 2,899,317 | |
Lockheed Martin Corp. | 139,651 | 63,295,419 | |
Northrop Grumman Corp. | 205,279 | 96,099,311 | |
Relativity Space, Inc. warrants (a)(b)(c) | 24,482 | 378,002 | |
Space Exploration Technologies Corp. Class A (a)(b)(c) | 73,000 | 7,081,000 | |
TransDigm Group, Inc. | 60,242 | 60,940,807 | |
239,385,703 | |||
Air Freight & Logistics - 0.1% | |||
United Parcel Service, Inc. Class B | 137,139 | 21,562,365 | |
Zipline International, Inc. (a)(b)(c) | 87,466 | 3,505,637 | |
25,068,002 | |||
Building Products - 0.3% | |||
Carrier Global Corp. | 284,220 | 16,328,439 | |
Trane Technologies PLC | 262,015 | 63,905,459 | |
80,233,898 | |||
Commercial Services & Supplies - 0.4% | |||
Cintas Corp. | 64,293 | 38,746,819 | |
Clean Harbors, Inc. (a) | 166,548 | 29,064,291 | |
Clean TeQ Water Pty Ltd. (a)(d) | 517,891 | 97,052 | |
GFL Environmental, Inc. | 76,877 | 2,652,011 | |
Republic Services, Inc. | 93,297 | 15,385,608 | |
Veralto Corp. (d) | 189,846 | 15,616,732 | |
101,562,513 | |||
Construction & Engineering - 0.0% | |||
Larsen & Toubro Ltd. | 100,185 | 4,244,928 | |
Electrical Equipment - 0.7% | |||
Eaton Corp. PLC | 459,635 | 110,689,301 | |
Generac Holdings, Inc. (a) | 14,159 | 1,829,909 | |
Hubbell, Inc. Class B | 183,789 | 60,453,716 | |
Nextracker, Inc. Class A | 31,244 | 1,463,781 | |
nVent Electric PLC | 239,384 | 14,145,201 | |
Vertiv Holdings Co. | 342,109 | 16,431,495 | |
205,013,403 | |||
Ground Transportation - 0.4% | |||
Canadian Pacific Kansas City Ltd. | 443,826 | 35,116,198 | |
Old Dominion Freight Lines, Inc. | 114,307 | 46,332,056 | |
Uber Technologies, Inc. (a) | 261,738 | 16,115,209 | |
Union Pacific Corp. | 25,735 | 6,321,031 | |
103,884,494 | |||
Industrial Conglomerates - 0.9% | |||
3M Co. | 61,917 | 6,768,766 | |
General Electric Co. | 1,864,577 | 237,975,963 | |
244,744,729 | |||
Machinery - 0.9% | |||
Caterpillar, Inc. | 129,594 | 38,317,058 | |
Deere & Co. | 174,694 | 69,854,890 | |
Fortive Corp. | 96,282 | 7,089,244 | |
Indutrade AB | 124,847 | 3,240,609 | |
Ingersoll Rand, Inc. | 129,105 | 9,984,981 | |
PACCAR, Inc. | 1,078,322 | 105,298,143 | |
Parker Hannifin Corp. | 60,319 | 27,788,963 | |
261,573,888 | |||
Passenger Airlines - 0.2% | |||
Copa Holdings SA Class A | 64,247 | 6,830,099 | |
Ryanair Holdings PLC sponsored ADR (a) | 436,099 | 58,158,163 | |
64,988,262 | |||
Professional Services - 0.2% | |||
Automatic Data Processing, Inc. | 23,492 | 5,472,931 | |
FTI Consulting, Inc. (a) | 11,677 | 2,325,475 | |
Thomson Reuters Corp. | 152,537 | 22,301,795 | |
Verisk Analytics, Inc. | 168,299 | 40,199,899 | |
70,300,100 | |||
Trading Companies & Distributors - 0.6% | |||
Fastenal Co. | 94,622 | 6,128,667 | |
United Rentals, Inc. | 74,814 | 42,899,844 | |
W.W. Grainger, Inc. | 148,475 | 123,039,748 | |
172,068,259 | |||
TOTAL INDUSTRIALS | 1,573,068,179 | ||
INFORMATION TECHNOLOGY - 25.6% | |||
Communications Equipment - 0.7% | |||
Arista Networks, Inc. (a) | 751,638 | 177,018,265 | |
Motorola Solutions, Inc. | 30,729 | 9,620,943 | |
186,639,208 | |||
Electronic Equipment, Instruments & Components - 2.0% | |||
Amphenol Corp. Class A | 5,449,561 | 540,214,982 | |
CDW Corp. | 117,089 | 26,616,671 | |
Fabrinet (a) | 4,099 | 780,163 | |
Jabil, Inc. | 115,838 | 14,757,761 | |
582,369,577 | |||
IT Services - 1.3% | |||
Accenture PLC Class A | 656,786 | 230,472,775 | |
Cloudflare, Inc. (a) | 268,203 | 22,330,582 | |
Gartner, Inc. (a) | 38,576 | 17,402,019 | |
MongoDB, Inc. Class A (a) | 62,669 | 25,622,221 | |
Shopify, Inc. Class A (a) | 938,510 | 73,066,444 | |
X Holdings Corp. (b)(c) | 102,340 | 3,246,225 | |
372,140,266 | |||
Semiconductors & Semiconductor Equipment - 7.1% | |||
Advanced Micro Devices, Inc. (a) | 1,776,707 | 261,904,379 | |
Advantest Corp. | 239,262 | 8,062,066 | |
Analog Devices, Inc. | 339,506 | 67,412,311 | |
Applied Materials, Inc. | 209,422 | 33,941,024 | |
Arm Holdings Ltd. ADR (d) | 181,586 | 13,645,280 | |
ASML Holding NV (depository receipt) | 4,067 | 3,078,394 | |
Broadcom, Inc. (d) | 124,394 | 138,854,803 | |
Lam Research Corp. | 12,150 | 9,516,609 | |
Lattice Semiconductor Corp. (a) | 421,721 | 29,094,532 | |
Monolithic Power Systems, Inc. | 74,278 | 46,853,077 | |
NVIDIA Corp. | 2,578,061 | 1,276,707,368 | |
ON Semiconductor Corp. (a) | 736,025 | 61,480,168 | |
Qualcomm, Inc. | 541,925 | 78,378,613 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 258,679 | 26,902,616 | |
2,055,831,240 | |||
Software - 10.1% | |||
Adobe, Inc. (a) | 230,231 | 137,355,815 | |
Atlassian Corp. PLC (a) | 13,095 | 3,114,777 | |
Aurora Innovation, Inc. (a)(d) | 889,698 | 3,887,980 | |
Aurora Innovation, Inc. (a)(b) | 2,651,543 | 11,587,243 | |
Cadence Design Systems, Inc. (a) | 553,150 | 150,661,466 | |
Check Point Software Technologies Ltd. (a) | 109,097 | 16,668,931 | |
Clear Secure, Inc. (d) | 459,235 | 9,483,203 | |
CoreWeave, Inc. (b)(c) | 23,380 | 7,244,527 | |
Crowdstrike Holdings, Inc. (a) | 87,484 | 22,336,415 | |
Datadog, Inc. Class A (a) | 94,969 | 11,527,337 | |
Dynatrace, Inc. (a) | 436,986 | 23,898,764 | |
HubSpot, Inc. (a) | 12,046 | 6,993,185 | |
Intuit, Inc. | 40,268 | 25,168,708 | |
Klaviyo, Inc. Class A (d) | 78,221 | 2,172,979 | |
Microsoft Corp. | 5,283,977 | 1,986,986,711 | |
Palo Alto Networks, Inc. (a) | 213,495 | 62,955,406 | |
Roper Technologies, Inc. | 14,949 | 8,149,746 | |
Salesforce, Inc. (a) | 922,428 | 242,727,704 | |
Samsara, Inc. (a) | 206,988 | 6,909,259 | |
ServiceNow, Inc. (a) | 92,767 | 65,538,958 | |
Stripe, Inc. Class B (a)(b)(c) | 75,100 | 1,846,709 | |
Synopsys, Inc. (a) | 145,360 | 74,847,318 | |
Tanium, Inc. Class B (a)(b)(c) | 449,538 | 3,910,981 | |
Workday, Inc. Class A (a) | 31,255 | 8,628,255 | |
ZenPayroll, Inc. (a)(b)(c) | 50,300 | 1,728,308 | |
Zscaler, Inc. (a) | 16,983 | 3,762,753 | |
2,900,093,438 | |||
Technology Hardware, Storage & Peripherals - 4.4% | |||
Apple, Inc. | 6,484,800 | 1,248,518,544 | |
Dell Technologies, Inc. | 207,358 | 15,862,887 | |
Logitech International SA (d) | 19,021 | 1,808,136 | |
Samsung Electronics Co. Ltd. | 59,870 | 3,629,578 | |
1,269,819,145 | |||
TOTAL INFORMATION TECHNOLOGY | 7,366,892,874 | ||
MATERIALS - 2.5% | |||
Chemicals - 0.3% | |||
Linde PLC | 49,681 | 20,404,484 | |
RPM International, Inc. | 35,949 | 4,012,987 | |
Sherwin-Williams Co. | 90,546 | 28,241,297 | |
Westlake Corp. | 170,683 | 23,888,793 | |
76,547,561 | |||
Construction Materials - 0.1% | |||
CRH PLC | 51,435 | 3,557,245 | |
Martin Marietta Materials, Inc. | 5,941 | 2,964,024 | |
Vulcan Materials Co. | 77,725 | 17,644,352 | |
24,165,621 | |||
Metals & Mining - 2.1% | |||
B2Gold Corp. | 11,660,099 | 36,870,922 | |
Carpenter Technology Corp. | 11,861 | 839,759 | |
Franco-Nevada Corp. | 713,818 | 79,066,502 | |
Freeport-McMoRan, Inc. | 2,550,565 | 108,577,552 | |
Ivanhoe Electric, Inc. (a) | 1,269,976 | 12,801,358 | |
Ivanhoe Mines Ltd. (a) | 12,935,098 | 125,441,311 | |
Ivanhoe Mines Ltd. (a)(e) | 1,337,865 | 12,974,277 | |
Lundin Gold, Inc. | 126,288 | 1,576,396 | |
Novagold Resources, Inc. (a) | 1,890,804 | 7,063,492 | |
Nucor Corp. | 791,148 | 137,691,398 | |
Steel Dynamics, Inc. | 576,356 | 68,067,644 | |
Sunrise Energy Metals Ltd. (a) | 664,566 | 206,055 | |
Wheaton Precious Metals Corp. | 334,882 | 16,521,064 | |
607,697,730 | |||
TOTAL MATERIALS | 708,410,912 | ||
UTILITIES - 0.3% | |||
Electric Utilities - 0.3% | |||
Constellation Energy Corp. | 659,507 | 77,089,773 | |
PG&E Corp. | 837,574 | 15,101,459 | |
92,191,232 | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
Vistra Corp. | 105,422 | 4,060,855 | |
TOTAL UTILITIES | 96,252,087 | ||
TOTAL COMMON STOCKS (Cost $17,481,648,789) | 27,416,353,905 | ||
Preferred Stocks - 1.0% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.9% | |||
COMMUNICATION SERVICES - 0.1% | |||
Interactive Media & Services - 0.1% | |||
ByteDance Ltd. Series E1 (a)(b)(c) | 80,736 | 17,853,152 | |
Reddit, Inc.: | |||
Series E(a)(b)(c) | 27,300 | 910,182 | |
Series F(a)(b)(c) | 149,136 | 4,972,194 | |
23,735,528 | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A(a)(b)(c) | 43,228 | 16,427 | |
Series C(a)(b)(c) | 170,098 | 110,564 | |
Series D(a)(b)(c) | 404,900 | 380,606 | |
507,597 | |||
Hotels, Restaurants & Leisure - 0.0% | |||
Discord, Inc. Series I (a)(b)(c) | 2,700 | 746,496 | |
Textiles, Apparel & Luxury Goods - 0.0% | |||
Canva, Inc.: | |||
Series A(b)(c) | 3,132 | 3,501,357 | |
Series A2(b)(c) | 568 | 634,984 | |
4,136,341 | |||
TOTAL CONSUMER DISCRETIONARY | 5,390,434 | ||
CONSUMER STAPLES - 0.0% | |||
Consumer Staples Distribution & Retail - 0.0% | |||
GoBrands, Inc.: | |||
Series G(a)(b)(c) | 8,352 | 431,130 | |
Series H(a)(b)(c) | 11,788 | 764,098 | |
1,195,228 | |||
Food Products - 0.0% | |||
Bowery Farming, Inc.: | |||
Series C1(a)(b)(c) | 37,316 | 297,035 | |
Series D1(b)(c) | 20,213 | 107,735 | |
404,770 | |||
TOTAL CONSUMER STAPLES | 1,599,998 | ||
FINANCIALS - 0.1% | |||
Financial Services - 0.1% | |||
Acrisure Holdings, Inc. Series B (a)(b)(c) | 57,282 | 1,391,953 | |
Circle Internet Financial Ltd.: | |||
Series E(a)(b)(c) | 175,323 | 4,276,128 | |
Series F(a)(b)(c) | 118,667 | 2,894,288 | |
Tenstorrent Holdings, Inc. Series C1 (b)(c) | 63,948 | 3,754,387 | |
12,316,756 | |||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
ElevateBio LLC Series C (a)(b)(c) | 486,500 | 1,551,935 | |
Health Care Providers & Services - 0.0% | |||
Lyra Health, Inc.: | |||
Series E(a)(b)(c) | 190,800 | 2,671,200 | |
Series F(a)(b)(c) | 11,519 | 161,266 | |
Somatus, Inc. Series E (a)(b)(c) | 2,766 | 3,059,943 | |
5,892,409 | |||
TOTAL HEALTH CARE | 7,444,344 | ||
INDUSTRIALS - 0.6% | |||
Aerospace & Defense - 0.5% | |||
Relativity Space, Inc.: | |||
Series D(a)(b)(c) | 207,384 | 3,925,779 | |
Series E(a)(b)(c) | 143,887 | 3,083,498 | |
Series F(b)(c) | 244,823 | 5,231,868 | |
Space Exploration Technologies Corp.: | |||
Series G(a)(b)(c) | 11,832 | 11,477,040 | |
Series J(b)(c) | 79,868 | 77,471,960 | |
Series N(a)(b)(c) | 49,490 | 48,005,300 | |
149,195,445 | |||
Air Freight & Logistics - 0.1% | |||
Zipline International, Inc.: | |||
Series E(a)(b)(c) | 178,019 | 7,135,002 | |
Series F(b)(c) | 286,824 | 11,495,906 | |
18,630,908 | |||
Construction & Engineering - 0.0% | |||
Beta Technologies, Inc. Series B, 6.00% (a)(b)(c) | 47,990 | 5,418,071 | |
TOTAL INDUSTRIALS | 173,244,424 | ||
INFORMATION TECHNOLOGY - 0.1% | |||
Software - 0.1% | |||
ASAPP, Inc. Series C (a)(b)(c) | 204,122 | 628,696 | |
Carbon, Inc.: | |||
Series D(a)(b)(c) | 9,678 | 80,521 | |
Series E(a)(b)(c) | 7,351 | 73,069 | |
Moloco, Inc. Series A (b)(c) | 95,881 | 4,796,926 | |
Nuro, Inc.: | |||
Series C(a)(b)(c) | 405,967 | 2,212,520 | |
Series D(a)(b)(c) | 114,603 | 624,586 | |
Stripe, Inc.: | |||
Series H(a)(b)(c) | 29,000 | 713,110 | |
Series I(b)(c) | 321,951 | 7,916,775 | |
ZenPayroll, Inc.: | |||
Series D(a)(b)(c) | 184,203 | 6,329,215 | |
Series E(a)(b)(c) | 28,063 | 964,245 | |
24,339,663 | |||
MATERIALS - 0.0% | |||
Metals & Mining - 0.0% | |||
High Power Exploration, Inc. Series A (a)(b)(c) | 1,289,012 | 5,555,642 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 253,626,789 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Petroleo Brasileiro SA - Petrobras sponsored ADR | 1,431,774 | 22,865,431 | |
TOTAL PREFERRED STOCKS (Cost $231,431,780) | 276,492,220 | ||
Preferred Securities - 0.0% | |||
Principal Amount (g) | Value ($) | ||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc. 8% 12/31/25 (b)(c) (Cost $389,358) | 389,358 | 685,230 | |
Money Market Funds - 4.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (h) | 1,099,908,085 | 1,100,128,067 | |
Fidelity Securities Lending Cash Central Fund 5.40% (h)(i) | 251,051,770 | 251,076,876 | |
TOTAL MONEY MARKET FUNDS (Cost $1,351,203,950) | 1,351,204,943 | ||
TOTAL INVESTMENT IN SECURITIES - 101.0% (Cost $19,064,673,877) | 29,044,736,298 |
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (285,109,616) |
NET ASSETS - 100.0% | 28,759,626,682 |
(a) | Non-income producing |
(b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $360,160,745 or 1.3% of net assets. |
(c) | Level 3 security |
(d) | Security or a portion of the security is on loan at period end. |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $33,596,864 or 0.1% of net assets. |
(f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Acrisure Holdings, Inc. Series B | 3/22/21 | 1,043,678 |
ASAPP, Inc. Series C | 4/30/21 | 1,346,613 |
Aurora Innovation, Inc. | 7/18/23 | 7,159,166 |
Beta Technologies, Inc. Series B, 6.00% | 4/04/22 | 4,951,128 |
Bowery Farming, Inc. Series C1 | 5/18/21 | 2,248,263 |
Bowery Farming, Inc. Series D1 | 10/25/23 | 190,978 |
Bowery Farming, Inc. warrants | 10/25/23 | 0 |
ByteDance Ltd. Series E1 | 11/18/20 | 8,846,581 |
Canva, Inc. Series A | 9/22/23 | 3,340,783 |
Canva, Inc. Series A2 | 9/22/23 | 605,864 |
Carbon, Inc. Series D | 12/15/17 | 225,990 |
Carbon, Inc. Series E | 3/22/19 | 205,787 |
Circle Internet Financial Ltd. Series E | 5/11/21 | 2,845,500 |
Circle Internet Financial Ltd. Series F | 5/09/22 | 5,000,627 |
CoreWeave, Inc. | 11/29/23 | 7,244,527 |
Discord, Inc. Series I | 9/15/21 | 1,486,686 |
ElevateBio LLC Series C | 3/09/21 | 2,040,868 |
Epic Games, Inc. | 7/13/20 - 7/30/20 | 8,055,750 |
Fanatics, Inc. Class A | 8/13/20 - 12/15/21 | 12,844,485 |
GoBrands, Inc. Series G | 3/02/21 | 2,085,639 |
GoBrands, Inc. Series H | 7/22/21 | 4,579,527 |
High Power Exploration, Inc. Series A | 11/15/19 - 3/04/21 | 6,793,094 |
Lyra Health, Inc. Series E | 1/14/21 | 1,747,079 |
Lyra Health, Inc. Series F | 6/04/21 | 180,899 |
Moloco, Inc. Series A | 6/26/23 | 5,752,860 |
Nuro, Inc. Series C | 10/30/20 | 5,299,737 |
Nuro, Inc. Series D | 10/29/21 | 2,388,982 |
Rad Power Bikes, Inc. | 1/21/21 | 1,599,460 |
Rad Power Bikes, Inc. warrants 10/6/33 | 10/06/23 | 0 |
Rad Power Bikes, Inc. Series A | 1/21/21 | 208,525 |
Rad Power Bikes, Inc. Series C | 1/21/21 | 820,526 |
Rad Power Bikes, Inc. Series D | 9/17/21 | 3,880,481 |
Rad Power Bikes, Inc. 8% 12/31/25 | 10/06/23 | 389,358 |
Reddit, Inc. Series E | 5/18/21 | 1,159,546 |
Reddit, Inc. Series F | 8/11/21 | 9,215,770 |
Relativity Space, Inc. Series D | 11/20/20 | 3,095,642 |
Relativity Space, Inc. Series E | 5/27/21 | 3,285,674 |
Relativity Space, Inc. Series F | 11/14/23 | 5,549,403 |
Relativity Space, Inc. warrants | 11/14/23 | 0 |
Somatus, Inc. Series E | 1/31/22 | 2,413,708 |
Space Exploration Technologies Corp. Class A | 2/16/21 | 3,065,927 |
Space Exploration Technologies Corp. Series G | 9/07/23 | 9,583,920 |
Space Exploration Technologies Corp. Series J | 9/07/23 | 64,693,080 |
Space Exploration Technologies Corp. Series N | 8/04/20 | 13,362,300 |
Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 8,226,276 |
Stripe, Inc. Class B | 5/18/21 | 3,013,641 |
Stripe, Inc. Series H | 3/15/21 | 1,163,625 |
Stripe, Inc. Series I | 3/20/23 - 5/12/23 | 6,482,206 |
Tanium, Inc. Class B | 9/18/20 | 5,122,575 |
Tenstorrent Holdings, Inc. Series C1 | 4/23/21 | 3,801,992 |
TulCo LLC | 8/24/17 - 9/07/18 | 651,224 |
Veterinary Emergency Group LLC Class A | 9/16/21 - 11/13/23 | 8,225,615 |
X Holdings Corp. | 10/25/22 | 10,234,000 |
ZenPayroll, Inc. | 10/01/21 | 1,448,054 |
ZenPayroll, Inc. Series D | 7/16/19 | 2,452,184 |
ZenPayroll, Inc. Series E | 7/13/21 | 852,984 |
Zipline International, Inc. | 10/12/21 | 3,148,776 |
Zipline International, Inc. Series E | 12/21/20 | 5,808,653 |
Zipline International, Inc. Series F | 4/11/23 | 11,529,493 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 962,008,110 | 5,206,404,614 | 5,068,284,657 | 47,562,589 | - | - | 1,100,128,067 | 2.4% |
Fidelity Securities Lending Cash Central Fund 5.40% | 120,547,595 | 1,706,792,844 | 1,576,263,563 | 588,562 | - | - | 251,076,876 | 0.9% |
Total | 1,082,555,705 | 6,913,197,458 | 6,644,548,220 | 48,151,151 | - | - | 1,351,204,943 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 5,217,312,625 | 5,125,418,520 | 59,159,534 | 32,734,571 |
Consumer Discretionary | 2,997,753,881 | 2,927,664,191 | 37,764,595 | 32,325,095 |
Consumer Staples | 705,814,849 | 653,904,928 | 50,226,443 | 1,683,478 |
Energy | 1,148,310,046 | 1,145,714,474 | 2,595,572 | - |
Financials | 4,141,463,106 | 4,072,250,628 | 39,199,595 | 30,012,883 |
Health Care | 3,534,427,837 | 3,486,507,139 | 28,869,571 | 19,051,127 |
Industrials | 1,746,312,603 | 1,562,103,540 | - | 184,209,063 |
Information Technology | 7,391,232,537 | 7,340,854,058 | 8,062,066 | 42,316,413 |
Materials | 713,966,554 | 708,410,912 | - | 5,555,642 |
Utilities | 96,252,087 | 96,252,087 | - | - |
Preferred Securities | 685,230 | - | - | 685,230 |
Money Market Funds | 1,351,204,943 | 1,351,204,943 | - | - |
Total Investments in Securities: | 29,044,736,298 | 28,470,285,420 | 225,877,376 | 348,573,502 |
Net Unrealized Depreciation on Unfunded Commitments | (315,279) | - | (315,279) | - |
Total | (315,279) | - | (315,279) | - |
Investments in Securities: | |||
Beginning Balance | $ | 199,463,590 | |
Net Realized Gain (Loss) on Investment Securities | 187,440 | ||
Net Unrealized Gain (Loss) on Investment Securities | 32,675,771 | ||
Cost of Purchases | 116,435,047 | ||
Proceeds of Sales | (188,346) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 348,573,502 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2023 | $ | 32,675,771 | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |
Consolidated Statement of Assets and Liabilities | ||||
December 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $241,161,017) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $17,713,469,927) | $ | 27,693,531,355 | ||
Fidelity Central Funds (cost $1,351,203,950) | 1,351,204,943 | |||
Total Investment in Securities (cost $19,064,673,877) | $ | 29,044,736,298 | ||
Cash | 465,021 | |||
Foreign currency held at value (cost $268,800) | 268,802 | |||
Receivable for investments sold | 137,818,587 | |||
Receivable for fund shares sold | 21,067,265 | |||
Dividends receivable | 21,644,038 | |||
Distributions receivable from Fidelity Central Funds | 5,106,450 | |||
Other receivables | 174,667 | |||
Total assets | 29,231,281,128 | |||
Liabilities | ||||
Payable for investments purchased | $ | 2,005,880 | ||
Unrealized depreciation on unfunded commitments | 315,279 | |||
Payable for fund shares redeemed | 207,593,784 | |||
Accrued management fee | 10,634,456 | |||
Other payables and accrued expenses | 27,822 | |||
Collateral on securities loaned | 251,077,225 | |||
Total Liabilities | 471,654,446 | |||
Net Assets | $ | 28,759,626,682 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 19,582,128,295 | ||
Total accumulated earnings (loss) | 9,177,498,387 | |||
Net Assets | $ | 28,759,626,682 | ||
Net Asset Value, offering price and redemption price per share ($28,759,626,682 ÷ 1,247,868,860 shares) | $ | 23.05 |
Consolidated Statement of Operations | ||||
Year ended December 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 212,663,176 | ||
Income from Fidelity Central Funds (including $588,562 from security lending) | 48,151,151 | |||
Total Income | 260,814,327 | |||
Expenses | ||||
Management fee | $ | 108,311,784 | ||
Independent trustees' fees and expenses | 141,144 | |||
Total expenses before reductions | 108,452,928 | |||
Expense reductions | (16,741) | |||
Total expenses after reductions | 108,436,187 | |||
Net Investment income (loss) | 152,378,140 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (220,584,889) | |||
Redemptions in-kind | 396,537,801 | |||
Foreign currency transactions | (189,561) | |||
Total net realized gain (loss) | 175,763,351 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of increase in deferred foreign taxes of $106,763) | 7,196,369,277 | |||
Unfunded commitments | 461,845 | |||
Assets and liabilities in foreign currencies | 35,282 | |||
Total change in net unrealized appreciation (depreciation) | 7,196,866,404 | |||
Net gain (loss) | 7,372,629,755 | |||
Net increase (decrease) in net assets resulting from operations | $ | 7,525,007,895 |
Consolidated Statement of Changes in Net Assets | ||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 152,378,140 | $ | 134,044,290 |
Net realized gain (loss) | 175,763,351 | (161,744,148) | ||
Change in net unrealized appreciation (depreciation) | 7,196,866,404 | (7,153,578,023) | ||
Net increase (decrease) in net assets resulting from operations | 7,525,007,895 | (7,181,277,881) | ||
Distributions to shareholders | (138,038,744) | (224,884,344) | ||
Share transactions | ||||
Proceeds from sales of shares | 6,872,796,883 | 5,373,501,397 | ||
Reinvestment of distributions | 137,821,339 | 224,688,774 | ||
Cost of shares redeemed | (4,722,190,787) | (5,254,427,380) | ||
Net increase (decrease) in net assets resulting from share transactions | 2,288,427,435 | 343,762,791 | ||
Total increase (decrease) in net assets | 9,675,396,586 | (7,062,399,434) | ||
Net Assets | ||||
Beginning of period | 19,084,230,096 | 26,146,629,530 | ||
End of period | $ | 28,759,626,682 | $ | 19,084,230,096 |
Other Information | ||||
Shares | ||||
Sold | 339,925,449 | 285,619,497 | ||
Issued in reinvestment of distributions | 6,351,213 | 12,078,442 | ||
Redeemed | (232,582,425) | (283,595,105) | ||
Net increase (decrease) | 113,694,237 | 14,102,834 | ||
Fidelity® Contrafund® K6 |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 16.83 | $ | 23.34 | $ | 18.89 | $ | 14.47 | $ | 11.08 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .13 | .12 | .03 | .03 | .05 | |||||
Net realized and unrealized gain (loss) | 6.20 | (6.43) | 4.53 | 4.43 | 3.38 | |||||
Total from investment operations | 6.33 | (6.31) | 4.56 | 4.46 | 3.43 | |||||
Distributions from net investment income | (.11) | (.11) | (.05) | (.04) | (.04) | |||||
Distributions from net realized gain | - | (.09) | (.06) | - | - | |||||
Total distributions | (.11) | (.20) | (.11) | (.04) | (.04) | |||||
Net asset value, end of period | $ | 23.05 | $ | 16.83 | $ | 23.34 | $ | 18.89 | $ | 14.47 |
Total Return C | 37.67% | (27.12)% | 24.14% | 30.83% | 31.00% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .45% | .45% | .45% | .45% | .45% | |||||
Expenses net of fee waivers, if any | .45% | .45% | .45% | .45% | .45% | |||||
Expenses net of all reductions | .45% | .45% | .45% | .45% | .45% | |||||
Net investment income (loss) | .63% | .64% | .12% | .18% | .39% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 28,759,627 | $ | 19,084,230 | $ | 26,146,630 | $ | 17,402,109 | $ | 11,849,878 |
Portfolio turnover rate F | 25% G | 38% G | 40% G | 45% G | 39% G |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $347,888,272 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.5 - 20.3 / 14.8 | Increase |
Enterprise value/Revenue multiple (EV/R) | 1.1 - 43.5 / 12.0 | Increase | |||
Enterprise value/Net income multiple (EV/NI) | 12.3 | Increase | |||
Market approach | Transaction price | $59.45 | Increase | ||
Premium rate | 45.0% | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Discounted cash flow | Weighted average cost of capital (WACC) | 27.4% | Decrease | ||
Exit multiple | 1.5 | Increase | |||
Black scholes | Discount rate | 3.9% - 4.4% / 4.1% | Increase | ||
Volatility | 60.0% - 100.0% / 76.1% | Increase | |||
Term | 2.0 - 5.0 / 3.9 | Increase | |||
Book value | Discount rate | 5.0% | Decrease | ||
Book value multiple | 1.0 | Increase | |||
Preferred Securities | $685,230 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.5 | Increase |
Recovery value | Recovery value | $0.00 | Increase | ||
Black scholes | Discount rate | 4.4% | Increase | ||
Volatility | 60.0% | Increase | |||
Term | 2.0 | Increase |
Gross unrealized appreciation | $10,090,605,495 |
Gross unrealized depreciation | (205,634,249) |
Net unrealized appreciation (depreciation) | $9,884,971,246 |
Tax Cost | $19,159,449,773 |
Undistributed ordinary income | $30,228,139 |
Capital loss carryforward | $(737,716,482) |
Net unrealized appreciation (depreciation) on securities and other investments | $9,885,014,621 |
Short-term | $(737,716,482) |
Total capital loss carryforward | $(737,716,482) |
December 31, 2023 | December 31, 2022 | |
Ordinary Income | $138,038,744 | $119,109,830 |
Long-term Capital Gains | - | 105,774,514 |
Total | $138,038,744 | $224,884,344 |
Investment to be Acquired | Shares | Commitment Amount | |
Fidelity Contrafund K6 | Lions Gate Entertainment Corp. | 508,514 | $4,896,990 |
$ Amount | % of Net Assets | |
Fidelity Contrafund K6 | 12,736,080 | .04 |
Purchases ($) | Sales ($) | |
Fidelity Contrafund K6 | 7,990,888,911 | 5,804,330,793 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
Fidelity Contrafund K6 | 36,779,822 | 396,537,801 | 806,748,004 |
Shares | Total Proceeds ($) | |
Fidelity Contrafund K6 | 43,028,081 | 787,276,717 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
Fidelity Contrafund K6 | 55,666,002 | 367,380,483 | 992,024,707 |
Shares | Total Proceeds ($) | |
Fidelity Contrafund K6 | 44,817,858 | 914,186,580 |
Amount | |
Fidelity Contrafund K6 | $91,611 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Contrafund K6 | 618,296,067 | 354,993,797 | (13,824,725) |
Amount ($) | |
Fidelity Contrafund K6 | 4,626 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Contrafund K6 | $64,310 | $55,754 | $1,991,484 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2023 to December 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2023 | Ending Account Value December 31, 2023 | Expenses Paid During Period- C July 1, 2023 to December 31, 2023 | |||||||
Fidelity® Contrafund® K6 | .45% | |||||||||
Actual | $ 1,000 | $ 1,110.30 | $ 2.39 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.94 | $ 2.29 | |||||||
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Item 2.
Code of Ethics
As of the end of the period, December 31, 2023, Fidelity Contrafund (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Advisor New Insights Fund, Fidelity Contrafund, Fidelity Contrafund K6 and Fidelity Series Opportunistic Insights Fund (the “Funds”):
Services Billed by PwC
December 31, 2023 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Advisor New Insights Fund | $76,000 | $6,000 | $24,900 | $2,000 |
Fidelity Contrafund | $127,600 | $7,100 | $54,600 | $2,400 |
Fidelity Contrafund K6 | $109,400 | $5,600 | $36,800 | $1,900 |
Fidelity Series Opportunistic Insights Fund | $69,200 | $5,700 | $12,900 | $1,900 |
December 31, 2022 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Advisor New Insights Fund | $69,100 | $6,100 | $71,400 | $2,100 |
Fidelity Contrafund | $125,300 | $7,200 | $50,600 | $2,500 |
Fidelity Contrafund K6 | $103,200 | $5,700 | $42,000 | $2,000 |
Fidelity Series Opportunistic Insights Fund | $64,900 | $5,700 | $12,400 | $2,000 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by PwC
December 31, 2023A | December 31, 2022A | |
Audit-Related Fees | $8,284,200 | $7,914,600 |
Tax Fees | $1,000 | $1,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | December 31, 2023A | December 31, 2022A |
PwC | $13,749,600 | $13,092,700 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Contrafund
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | February 22, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | February 22, 2024 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | February 22, 2024 |