Fidelity Disruptive Communications Fund
FNETX
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- Fidelity Disruptive Communications Fund (FNETX) is an actively managed open-end mutual fund that seeks capital appreciation by investing primarily in equity securities of companies positioned to benefit from disruptive changes in communications technologies and infrastructure. The fund targets issuers engaged in innovative advancements across social media platforms, 5G-related digital infrastructure, internet of things connectivity, cloud computing services, big data analytics, and transformative consumer communication experiences; it may also allocate to related sectors such as semiconductors, networking equipment, cybersecurity solutions, and content delivery networks, with a portfolio typically comprising 40-60 holdings focused on large-cap growth companies domiciled predominantly in the United States. Managed by Fidelity Management & Research Company LLC, the fund benchmarks against the MSCI USA IMI Communications Services 25/50 Index and maintains a net expense ratio of approximately 1.00%, with total net assets under management of around $38 million as of mid-2023. Launched on April 16, 2020, and headquartered in Boston, Massachusetts—the global base of Fidelity Investments—the fund operates within the broader thematic investing segment of the asset management industry, serving retail and institutional investors seeking exposure to high-growth communications disruptors without direct sector index constraints. In a significant strategic shift, Fidelity Investments announced the conversion of FNETX, along with five other Disruptive thematic mutual funds (including Disruptive Automation (FBOTX), Disruptive Finance (FNTEX), Disruptive Technology (FTEKX), Disruptive Medicine, and Disruptors (FGDFX)), into transparent actively managed exchange-traded funds during 2022-2023; this restructuring, approved by the funds' Board of Trustees, aims to deliver lower expenses, enhanced intraday trading flexibility, greater portfolio transparency, and improved tax efficiency for shareholders, with the corresponding ETF (FDCF) now trading on Nasdaq featuring identical investment objectives and substantially similar strategies under managers like Michael Kim (since inception) and Priyanshu Bakshi (since January 2025).