Fidelity Mid Cap Enhanced Index Fund
FMEIX
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- Fidelity Mid Cap Enhanced Index Fund (FMEIX) is a diversified domestic equity mutual fund employing a mid-cap core investment strategy that seeks capital appreciation by investing at least 80% of its assets in common stocks included in the Russell Midcap Index; it uses a proprietary quantitative process involving multifactor statistical models to select securities based on valuation, earnings growth, momentum, quality, and technical indicators, while managing risk to closely track benchmark characteristics in position sizing, industry allocation, and market capitalization. The fund targets mid-capitalization U.S. companies across sectors such as industrials, information technology, financials, health care, and consumer discretionary, with top holdings including Trane Technologies PLC, Apollo Global Management, Inc., Nucor Corp., and Cintas Corp.; it maintains approximately 290 holdings for broad diversification. Launched on December 20, 2007, and managed by Fidelity Management & Research Company LLC (FMR LLC), a leading provider of investment management services headquartered in Boston, Massachusetts, the fund operates primarily in the United States with minor exposure to developed international markets. In a significant strategic shift approved by the Board of Trustees in June 2023, the fund—with assets of approximately $1.6 billion—was reorganized and converted into the Fidelity Enhanced Mid Cap ETF (FMDE), effective November 17, 2023, retaining identical investment objectives, policies, and strategies while offering shareholders benefits including lower expenses, intraday trading flexibility, greater holdings transparency, and potential tax efficiency. This conversion, part of Fidelity's broader initiative involving six enhanced index funds totaling over $13 billion in assets, marked a major transition from mutual fund to exchange-traded fund structure to better align with evolving investor preferences. The successor ETF continues the quantitative approach under co-portfolio managers Maximilian Kaufmann, Shashi Naik, and Anna Lester from Fidelity's Systematic Equity Strategies team, with no material changes to its investment model or positioning post-conversion.