Fidelity Select Materials Portfolio
FMFEX
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- Fidelity Advisor Materials Fund - Class I (FMFEX) is an open-end mutual fund that normally invests at least 80% of its assets in securities of companies principally engaged in the manufacture, mining, processing, or distribution of raw materials and intermediate goods, including common stocks, preferred stocks, and debt securities of such companies; the fund targets the basic materials sector with allocations across sub-industries such as industrial gases, specialty chemicals, fertilizers and agricultural chemicals, construction materials, gold, steel, paper and plastic packaging products and materials, copper, commodity chemicals, metal glass and plastic containers, diversified metals and mining, silver, diversified chemicals, and aluminum. The fund operates primarily in U.S. and international markets, with significant exposure to U.S. stocks (approximately 86%), non-U.S. stocks (approximately 13%), and minimal cash holdings, focusing on mid-cap blend style within the Morningstar Natural Resources category and serving institutional and retail investors seeking sector-specific growth. Established with a portfolio inception in September 1986 and share class inception on December 12, 2006, the fund is domiciled in the United States and managed by Fidelity Investments, headquartered in Boston, Massachusetts. Portfolio management features Ashley Fernandes as lead manager since April 1, 2022, and co-manager Boris Shepov since December 10, 2024, reflecting a recent addition to the team that enhances the fund's natural resources sector leadership under Fidelity's Equity division. In 2025, Fidelity proposed mergers for several Select sector funds, including potential consolidation involving the related Fidelity Select Materials Portfolio (FSDPX), with prospectuses supplemented to the SEC on July 22, 2025, though FMFEX itself maintained operational continuity amid broader equity fund rationalization efforts; no direct mergers, acquisitions, or funding rounds affected FMFEX, but the firm pursued strategic alignments across its product lineup. The fund's net expense ratio stands at 0.72%, with assets under management around $112 million for the Class I shares as of recent data.