Fidelity Select Materials Portfolio
FMFTX
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- Fidelity Advisor Materials Fund - Class M (FMFTX) is a mutual fund that seeks capital appreciation by investing primarily in common stocks of companies principally engaged in the manufacture, mining, processing, or distribution of raw materials and intermediate goods used in the industrial sector; at least 80% of assets are allocated to securities in the materials sector, including specialty chemicals, construction materials, fertilizers and agricultural chemicals, steel, gold, paper and plastic packaging products and materials, metal glass and plastic containers, and diversified metals and mining. The fund targets domestic and foreign issuers principally in the basic materials industry, with significant exposure to U.S. stocks (approximately 88%), Canadian equities (around 10%), and minor positions in Eurozone companies; top holdings as of recent data include firms such as Corteva Inc., The Mosaic Company, International Paper Company, First Quantum Minerals Ltd., and AptarGroup Inc. It operates within the natural resources category, serving investors seeking sector-specific growth in materials-related equities. Established with an inception date of December 12, 2006, the fund is managed by Fidelity Investments, with headquarters in Boston, Massachusetts; it maintains a net expense ratio of approximately 1.24% and total net assets around $738 million. Portfolio managers include Ashley Fernandes, who joined in April 2022, and Boris Shepov, added as co-manager effective December 10, 2024. Recent developments include the appointment of Boris Shepov as co-portfolio manager in December 2024, enhancing the management team's expertise amid ongoing sector rotations in materials; the fund reported semiannual returns of 6.50% ending August 31, 2025, with portfolio adjustments such as overweight positions in specialty chemicals like Axalta Coating Systems and underweights in commodity chemicals. Fidelity Investments has pursued broader sector fund mergers in 2025, including consolidations for other Select portfolios like Energy and Technology, though FMFTX itself remains independent without announced mergers or reorganizations; no significant funding rounds, acquisitions, or new product launches specific to FMFTX have occurred in the last 1-2 years. These changes reflect Fidelity's strategic review of its equity offerings to optimize shareholder value.