Quarterly Holdings Report
for
Fidelity® Small Cap Value Fund
April 30, 2022
SCV-NPRT3-0622
1.815774.117
Common Stocks - 97.7% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 1.6% | |||
Media - 1.6% | |||
Cogeco Communications, Inc. (a) | 145,400 | 11,940,762 | |
Nexstar Broadcasting Group, Inc. Class A | 426,800 | 67,613,656 | |
79,554,418 | |||
CONSUMER DISCRETIONARY - 9.2% | |||
Auto Components - 1.4% | |||
Adient PLC (b) | 2,040,000 | 69,645,600 | |
Hotels, Restaurants & Leisure - 3.6% | |||
Brinker International, Inc. (a)(b) | 1,660,036 | 60,309,108 | |
Churchill Downs, Inc. | 397,700 | 80,709,238 | |
Hilton Grand Vacations, Inc. (b) | 725,000 | 33,951,750 | |
174,970,096 | |||
Household Durables - 2.3% | |||
KB Home | 1,000,000 | 32,430,000 | |
Tempur Sealy International, Inc. | 2,290,000 | 62,081,900 | |
Traeger, Inc. (a)(b) | 3,055,000 | 18,299,450 | |
112,811,350 | |||
Specialty Retail - 1.9% | |||
Rent-A-Center, Inc. (a) | 2,095,263 | 50,537,744 | |
Williams-Sonoma, Inc. (a) | 330,100 | 43,071,448 | |
93,609,192 | |||
TOTAL CONSUMER DISCRETIONARY | 451,036,238 | ||
CONSUMER STAPLES - 5.4% | |||
Food & Staples Retailing - 3.4% | |||
BJ's Wholesale Club Holdings, Inc. (b) | 930,000 | 59,845,500 | |
U.S. Foods Holding Corp. (b) | 2,830,000 | 106,464,600 | |
166,310,100 | |||
Food Products - 2.0% | |||
Lamb Weston Holdings, Inc. | 1,460,000 | 96,506,000 | |
TOTAL CONSUMER STAPLES | 262,816,100 | ||
ENERGY - 5.3% | |||
Energy Equipment & Services - 1.3% | |||
TechnipFMC PLC (a)(b) | 9,000,000 | 62,280,000 | |
Oil, Gas & Consumable Fuels - 4.0% | |||
Antero Resources Corp. (b) | 3,402,000 | 119,750,399 | |
Brigham Minerals, Inc. Class A (c) | 3,130,100 | 77,563,878 | |
197,314,277 | |||
TOTAL ENERGY | 259,594,277 | ||
FINANCIALS - 25.4% | |||
Banks - 11.4% | |||
BOK Financial Corp. | 440,000 | 36,489,200 | |
Comerica, Inc. | 608,300 | 49,819,770 | |
Cullen/Frost Bankers, Inc. | 250,000 | 33,072,500 | |
Eastern Bankshares, Inc. (a) | 5,610,000 | 107,487,600 | |
First Foundation, Inc. | 2,183,575 | 48,519,037 | |
Independent Bank Group, Inc. (a) | 966,196 | 65,508,089 | |
Synovus Financial Corp. | 976,700 | 40,572,118 | |
The Bank of NT Butterfield & Son Ltd. (a) | 1,760,000 | 56,372,800 | |
Trico Bancshares | 1,199,400 | 45,037,470 | |
Webster Financial Corp. | 998,829 | 49,931,462 | |
Western Alliance Bancorp. | 379,700 | 28,898,967 | |
561,709,013 | |||
Capital Markets - 1.7% | |||
AllianceBernstein Holding LP | 1,238,200 | 49,292,742 | |
Lazard Ltd. Class A | 1,029,300 | 33,730,161 | |
83,022,903 | |||
Consumer Finance - 3.4% | |||
Encore Capital Group, Inc. (a)(b)(c) | 1,250,200 | 72,274,062 | |
FirstCash Holdings, Inc. | 1,205,000 | 96,134,900 | |
168,408,962 | |||
Diversified Financial Services - 0.9% | |||
ECN Capital Corp. | 9,302,051 | 42,142,169 | |
Insurance - 8.0% | |||
Assurant, Inc. | 500,000 | 90,940,000 | |
Axis Capital Holdings Ltd. | 242,498 | 13,902,410 | |
Enstar Group Ltd. (b) | 280,249 | 66,068,702 | |
First American Financial Corp. | 800,000 | 46,648,000 | |
Old Republic International Corp. | 3,258,700 | 71,723,987 | |
Primerica, Inc. | 503,400 | 65,220,504 | |
Reinsurance Group of America, Inc. | 348,200 | 37,368,824 | |
391,872,427 | |||
TOTAL FINANCIALS | 1,247,155,474 | ||
HEALTH CARE - 6.7% | |||
Biotechnology - 1.7% | |||
ALX Oncology Holdings, Inc. (b) | 325,000 | 4,153,500 | |
Aurinia Pharmaceuticals, Inc. (a)(b) | 655,000 | 6,739,950 | |
Blueprint Medicines Corp. (b) | 200,000 | 11,670,000 | |
Celldex Therapeutics, Inc. (b) | 200,000 | 6,110,000 | |
Cyteir Therapeutics, Inc. | 725,000 | 1,631,250 | |
Erasca, Inc. | 705,000 | 5,132,400 | |
Exelixis, Inc. (b) | 375,000 | 8,377,500 | |
Global Blood Therapeutics, Inc. (b) | 225,000 | 6,907,500 | |
Imago BioSciences, Inc. | 410,000 | 6,703,500 | |
Instil Bio, Inc. (b) | 955,000 | 6,751,850 | |
Keros Therapeutics, Inc. (b) | 155,000 | 8,216,550 | |
Protagonist Therapeutics, Inc. (b) | 89,600 | 814,464 | |
Relay Therapeutics, Inc. (b) | 250,000 | 5,957,500 | |
TG Therapeutics, Inc. (b) | 565,000 | 3,921,100 | |
83,087,064 | |||
Health Care Equipment & Supplies - 1.1% | |||
Envista Holdings Corp. (b) | 1,400,000 | 55,468,000 | |
Health Care Providers & Services - 2.3% | |||
Owens & Minor, Inc. (a) | 2,125,000 | 75,416,250 | |
Premier, Inc. | 1,000,000 | 36,210,000 | |
111,626,250 | |||
Pharmaceuticals - 1.6% | |||
Arvinas Holding Co. LLC (b) | 75,000 | 4,122,750 | |
Jazz Pharmaceuticals PLC (b) | 133,600 | 21,405,392 | |
Prestige Brands Holdings, Inc. (b) | 1,000,000 | 54,660,000 | |
80,188,142 | |||
TOTAL HEALTH CARE | 330,369,456 | ||
INDUSTRIALS - 18.4% | |||
Aerospace & Defense - 1.3% | |||
Curtiss-Wright Corp. | 465,000 | 66,453,150 | |
Building Products - 2.9% | |||
Builders FirstSource, Inc. (b) | 1,000,000 | 61,570,000 | |
Hayward Holdings, Inc. (a)(b) | 1,625,160 | 25,840,044 | |
Jeld-Wen Holding, Inc. (a)(b) | 2,617,921 | 54,426,578 | |
141,836,622 | |||
Commercial Services & Supplies - 0.6% | |||
KAR Auction Services, Inc. (a)(b) | 1,975,600 | 28,962,296 | |
Construction & Engineering - 0.7% | |||
Arcosa, Inc. (a) | 600,000 | 32,118,000 | |
Electrical Equipment - 0.7% | |||
Atkore, Inc. (b) | 336,100 | 32,299,210 | |
Machinery - 3.6% | |||
Crane Co. | 517,300 | 49,779,779 | |
EnPro Industries, Inc. | 552,334 | 51,483,052 | |
ITT, Inc. | 800,000 | 56,176,000 | |
Luxfer Holdings PLC sponsored | 1,191,600 | 19,232,424 | |
176,671,255 | |||
Professional Services - 5.0% | |||
ASGN, Inc. (b) | 550,000 | 62,397,500 | |
CACI International, Inc. Class A (b) | 280,000 | 74,284,000 | |
First Advantage Corp. | 1,700,000 | 29,512,000 | |
KBR, Inc. | 1,010,000 | 49,722,300 | |
TriNet Group, Inc. (b) | 355,000 | 31,488,500 | |
247,404,300 | |||
Trading Companies & Distributors - 3.6% | |||
Beacon Roofing Supply, Inc. (b) | 1,733,000 | 103,338,790 | |
Univar Solutions, Inc. (b) | 2,575,000 | 74,984,000 | |
178,322,790 | |||
TOTAL INDUSTRIALS | 904,067,623 | ||
INFORMATION TECHNOLOGY - 8.6% | |||
Communications Equipment - 0.8% | |||
Lumentum Holdings, Inc. (a)(b) | 455,000 | 36,950,550 | |
Electronic Equipment & Components - 3.8% | |||
Insight Enterprises, Inc. (b) | 798,000 | 79,297,260 | |
TD SYNNEX Corp. | 865,000 | 86,577,850 | |
TTM Technologies, Inc. (b) | 1,515,000 | 21,134,250 | |
187,009,360 | |||
IT Services - 4.0% | |||
Concentrix Corp. | 568,809 | 89,576,041 | |
Cyxtera Technologies, Inc. Class A (a)(b) | 4,571,645 | 54,996,889 | |
Genpact Ltd. | 1,250,000 | 50,337,500 | |
194,910,430 | |||
TOTAL INFORMATION TECHNOLOGY | 418,870,340 | ||
MATERIALS - 5.9% | |||
Chemicals - 3.0% | |||
Tronox Holdings PLC | 2,125,000 | 36,550,000 | |
Valvoline, Inc. | 2,170,800 | 65,623,284 | |
Westlake Corp. | 350,000 | 44,292,500 | |
146,465,784 | |||
Construction Materials - 1.9% | |||
Eagle Materials, Inc. | 180,200 | 22,222,264 | |
RHI Magnesita NV | 571,411 | 17,000,033 | |
Summit Materials, Inc. (b) | 1,900,000 | 52,820,000 | |
92,042,297 | |||
Containers & Packaging - 1.0% | |||
O-I Glass, Inc. (b) | 3,800,000 | 51,224,000 | |
TOTAL MATERIALS | 289,732,081 | ||
REAL ESTATE - 7.7% | |||
Equity Real Estate Investment Trusts (REITs) - 3.4% | |||
Corporate Office Properties Trust (SBI) | 1,320,000 | 35,230,800 | |
Douglas Emmett, Inc. | 2,000,000 | 58,920,000 | |
LXP Industrial Trust (REIT) (a) | 5,850,000 | 73,417,500 | |
167,568,300 | |||
Real Estate Management & Development - 4.3% | |||
Cushman & Wakefield PLC (b) | 4,163,779 | 74,531,644 | |
DIC Asset AG | 3,000,000 | 41,969,726 | |
Jones Lang LaSalle, Inc. (b) | 262,400 | 57,394,752 | |
Realogy Holdings Corp. (b) | 3,083,900 | 33,799,544 | |
207,695,666 | |||
TOTAL REAL ESTATE | 375,263,966 | ||
UTILITIES - 3.5% | |||
Gas Utilities - 2.4% | |||
Brookfield Infrastructure Corp. A Shares | 1,651,900 | 117,152,748 | |
Independent Power and Renewable Electricity Producers - 1.1% | |||
NextEra Energy Partners LP (a) | 841,600 | 56,101,056 | |
TOTAL UTILITIES | 173,253,804 | ||
TOTAL COMMON STOCKS (Cost $4,363,209,463) | 4,791,713,777 | ||
Money Market Funds - 6.8% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 0.32% (d) | 34,007,213 | 34,014,015 | |
Fidelity Securities Lending Cash Central Fund 0.32% (d)(e) | 298,857,413 | 298,887,299 | |
TOTAL MONEY MARKET FUNDS (Cost $332,901,313) | 332,901,314 | ||
Equity Funds - 1.0% | |||
Shares | Value ($) | ||
Domestic Equity Funds - 1.0% | |||
iShares Russell 2000 Value ETF (a) (Cost $54,035,461) | 340,000 | 50,598,800 | |
TOTAL INVESTMENT IN SECURITIES - 105.5% (Cost $4,750,146,237) | 5,175,213,891 |
NET OTHER ASSETS (LIABILITIES) - (5.5)% | (268,242,759) |
NET ASSETS - 100.0% | 4,906,971,132 |
Security Type Abbreviations
ETF | - | EXCHANGE-TRADED FUND |
Legend
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing |
(c) | Affiliated company |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | 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 0.32% | 24,411,882 | 1,816,759,128 | 1,807,156,995 | 82,552 | - | - | 34,014,015 | 0.1% |
Fidelity Securities Lending Cash Central Fund 0.32% | 63,724,657 | 1,025,073,818 | 789,911,176 | 1,150,015 | - | - | 298,887,299 | 0.8% |
Total | 88,136,539 | 2,841,832,946 | 2,597,068,171 | 1,232,567 | - | - | 332,901,314 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Brigham Minerals, Inc. Class A | 43,208,000 | 22,753,335 | - | 3,058,545 | - | 11,602,543 | 77,563,878 |
Encore Capital Group, Inc. | 59,184,468 | - | - | - | - | 13,089,594 | 72,274,062 |
Total | 102,392,468 | 22,753,335 | - | 3,058,545 | - | 24,692,137 | 149,837,940 |
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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