Fidelity Growth Company Fund - Class K
FGCKX
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- Fidelity Growth Company Fund - Class K (FGCKX) is an open-end mutual fund managed by Fidelity Management & Research Company LLC (FMR) that seeks capital appreciation by investing primarily in common stocks of domestic and foreign companies believed to have above-average growth potential. The fund normally invests in growth stocks across market capitalizations, with a focus on factors such as projected earnings per share growth, sales growth, free cash flow growth, research and development expenses exceeding sales, general and administrative costs, or capital raises for business expansion; effective December 11, 2025, it normally invests at least 80% of assets in securities of such growth companies, including derivatives providing similar exposure. It emphasizes fundamental analysis of issuers' financial condition, industry position, market conditions, and economic factors, maintaining a non-diversified portfolio that permits concentrated positions in fewer issuers; key sectors include technology (approximately 54%), retail trade (17%), and health care (8%), with top holdings typically comprising fast-growing large-cap names like Nvidia. The fund offers Class K shares with a net expense ratio of 0.45%, reflecting a performance-adjusted management fee relative to the Russell 3000 Growth Index and no 12b-1 fees or shareholder fees; it is available primarily to certain employer-sponsored retirement plans such as 401(k), 403(b), 457(b), defined benefit, and retiree health savings plans, but is closed to new retail investors and individual IRAs. Portfolio turnover stands at 18% as of the most recent fiscal year, supporting tax efficiency in taxable accounts through lower transaction costs. Assets under management for the broader fund exceed $77 billion, with Class K comprising about $7.9 billion. Launched with share class inception on May 9, 2008 as part of the Fidelity Growth Company Fund family (portfolio inception January 17, 1983), FGCKX is headquartered at 245 Summer Street, Boston, Massachusetts, and operates globally through investments in U.S. (94%), non-U.S. stocks (3%), and minor cash or other assets. Portfolio manager Steven Wymer has led the strategy since 1997, delivering strong long-term performance with 10-year annualized returns of 19.95% and 5-year returns of 15.15% as of August 2025, outperforming the Russell 3000 Growth Index. Recent developments include a strategic shift announced in the January 29, 2025 prospectus to formally adopt an 80% policy in growth securities effective December 11, 2025, enhancing clarity on investment focus amid heightened emphasis on third-party growth classifications; performance-based mechanisms reduced net expense ratios for certain share classes in late 2024 through November 2025. The fund earned top rankings in Investor's Business Daily's 2025 best mutual funds list and maintained Morningstar high ratings, driven by Wymer's Nvidia overweight position amid its ascent. No major acquisitions, funding rounds, or name changes occurred in the last 1-2 years, though Q1 2025 commentary noted a -12.59% quarterly return lagging the benchmark due to market volatility.