Fidelity Advisor Equity Market Neutral Fund (FEMUX)

Fund Assets	13.46M
Expense Ratio	1.14%
Min. Investment	$0.00
Turnover	78.00%
Dividend (ttm)	n/a
Dividend Yield	n/a
Dividend Growth	n/a
Payout Frequency	n/a
Ex-Dividend Date	n/a

Previous Close	9.93
YTD Return	2.50%
1-Year Return	n/a
5-Year Return	n/a
52-Week Low	9.52
52-Week High	10.16
Beta (5Y)	n/a
Holdings	229
Inception Date	n/a

About FEMUX

Fidelity Equity Market Neutral Fund is an alternative mutual fund designed to seek capital appreciation through a market neutral strategy. The fund primarily invests at least 80% of its assets in equity securities and related derivatives, taking both long and short positions in domestic and international companies, including those in emerging markets. By holding both long and short exposures, the fund aims to minimize its correlation with broader equity market movements, targeting returns that are largely independent of market direction. This approach is structured to reduce the fund’s overall market risk (beta), with no specific bias toward sector, country, or investment style. The portfolio is constructed using a disciplined process that incorporates both fundamental and quantitative analysis to identify undervalued securities for long positions and overvalued ones for short positions. Its diversified positioning and use of advanced derivative instruments, such as futures, options, and swap agreements, allow the fund to adapt to various market conditions. The Fidelity Equity Market Neutral Fund serves investors seeking an alternative investment with exposure to global equities, but with a risk profile distinct from traditional long-only equity funds.

• Fund Family: Fidelity
• Stock Exchange: NASDAQ
• Ticker Symbol: FEMUX
• Share Class: Class I

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
FEMWX	Fidelity Advisor Equity Market Neutral Fund: Class Z	1.09%
FEMLX	Fidelity Advisor Equity Market Neutral Fund: Class A	1.39%
FEMOX	Fidelity Advisor Equity Market Neutral Fund: Class M	1.64%
FEMQX	Fidelity Advisor Equity Market Neutral Fund: Class C	2.14%

Top 10 Holdings

40.61% of assets

Name	Symbol	Weight
Morgan Stanley Institutional Prime Portfolio	MPFXX	21.12%
Apollo Global Management, Inc.	APO	2.31%
Meta Platforms, Inc.	META	2.30%
Wells Fargo & Company	WFC	2.29%
Insulet Corporation	PODD	2.22%
Morgan Stanley	MS	2.18%
Expedia Group, Inc.	EXPE	2.16%
Taiwan Semiconductor Manufacturing Company Limited	2330	2.04%
JPMorgan Chase & Co.	JPM	2.01%
Kuraray Co., Ltd.	3405	1.96%