Fidelity Select Portfolios Air Transportation Portfolio
FSAIX
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- Fidelity Select Portfolios: Air Transportation Portfolio (FSAIX) is a sector-specific mutual fund that normally invests at least 80% of its assets in securities of companies principally engaged in the regional, national and international air transportation industry, including passenger airlines, air freight and logistics companies, aerospace and defense manufacturers, and related services such as aircraft leasing and ground support. The fund provides exposure to common stocks of firms operating passenger airlines like Delta Air Lines, Southwest Airlines and SkyWest; air cargo and logistics providers such as UPS and FedEx; aerospace and defense contractors including Raytheon Technologies; and other aviation-related entities, with a primary focus on U.S.-based companies and limited international holdings. Managed by Fidelity Management & Research Company LLC as part of the Fidelity Select Portfolios series, it targets investors seeking concentrated exposure to the air transportation sector while exhibiting higher volatility compared to broader market funds due to its narrow focus. Launched on December 16, 1985, the fund is domiciled and headquartered in Boston, Massachusetts, at Fidelity Investments' principal offices on 245 Summer Street, with operations serving investors worldwide through Fidelity's global platform. It operates primarily in the United States market but holds securities of companies with international air transportation activities, including routes and logistics spanning North America, Europe, Asia and other regions. In recent developments, the fund benefited from strategic portfolio positioning amid industry consolidation, notably the Alaska Air Group acquisition of Hawaiian Airlines, which closed in September 2024 and supported performance through exposure to niche regional carriers like SkyWest, which gained significantly in 2024-2025 amid capacity discipline and rising air travel demand. For the fiscal year ending February 28, 2025, the fund delivered a 4.55% return, outperforming its MSCI U.S. IMI Transportation 25/50 Linked Index benchmark while trailing broader sector advances, driven by overweight positions in passenger airlines and underweights in weaker cargo segments. No major fund-level acquisitions, partnerships or structural changes were reported in the last 1-2 years, though ongoing active management reflects adaptations to airline industry dynamics including merger activity and profitability improvements.