Fidelity Disruptive Automation Fund
FBOTX
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- Fidelity Disruptive Automation Fund (FBOTX) is a mutual fund that seeks long-term growth of capital by investing at least 80% of its assets in equity securities of companies engaged in disruptive automation. These companies design and manufacture automation technologies, enabling tools, and processes, including robotics; artificial intelligence; machine vision; process sensors; pneumatic systems; autonomous driving; and 3D printing, with investments spanning domestic and foreign issuers across growth and value stocks in any economic sector. The fund employs fundamental analysis of issuers' financial conditions, industry positions, market conditions, and quantitative portfolio construction, targeting innovative firms developing unconventional business models that could displace incumbents. Originally launched as a mutual fund on April 16, 2020, under Fidelity Summer Street Trust, the fund is managed by Fidelity Management & Research Company LLC, with a headquarters at 245 Summer Street, Boston, Massachusetts. It operates globally, with recent portfolio allocations showing approximately 52% in U.S. stocks and 46% in non-U.S. stocks, including significant exposure to developed markets (31%) and emerging markets (16%), and top holdings such as Taiwan Semiconductor Manufacturing Co. Ltd., NVIDIA Corp., and Deere & Co. The fund falls within the World Large-Stock Growth category, with net assets around $111 million as of recent reports, and maintains a non-diversified strategy focused on thematic equity in industrials (primarily industrial machinery) and technology sectors like semiconductors and application software. In a major strategic shift, the Fidelity Disruptive Automation Fund was reorganized from its mutual fund structure into the actively managed Fidelity Disruptive Automation ETF (FBOT) effective June 9, 2023, with the ETF first listed on Nasdaq on June 12, 2023, carrying forward approximately $112 million in net assets from the predecessor fund. This conversion enhanced tax efficiency and reduced the expense ratio to 0.50%, while preserving the core investment strategy and management team, including lead manager Michael Kim since inception, alongside David Wagner (since January 2025) and Clayton Pfannenstiel (since September 2025). Post-conversion, the ETF has seen increased institutional interest, including stake increases by Truist Financial Corp. in Q2 2025 and new positions by firms such as Farther Finance Advisors, Jane Street Group, and Envestnet Asset Management in Q1 2025. No significant acquisitions, partnerships, or new product launches beyond the ETF reorganization have been reported in the last 1-2 years.