Fidelity Select Defense & Aerospace Portfolio
FSDAX
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- Fidelity Select Defense & Aerospace Portfolio (FSDAX) is an actively managed open-end mutual fund that normally invests at least 80% of its assets in securities of companies principally engaged in the research, manufacture, or sale of products or services related to the defense or aerospace industries; such investments include common stocks of domestic and foreign issuers engaged in military aircraft, weaponry systems, satellite communications, radar equipment, and commercial aerospace manufacturing. The fund seeks capital appreciation through fundamental analysis of issuers' financial condition, industry position, market trends, and economic conditions, with a non-diversified portfolio primarily focused on U.S. equities in the industrials sector; top holdings typically include GE Aerospace, Boeing Co., RTX Corp., Howmet Aerospace Inc., and General Dynamics Corp., which together represent over 50% of assets. It is part of Fidelity Investments' Select Portfolios series, targeting investors seeking sector-specific exposure to defense and aerospace, with operations centered in the United States and select international markets. Incepted on May 8, 1984, the fund is headquartered in Boston, Massachusetts, as a product of Fidelity Management & Research Company LLC (FMR), which manages the portfolio from Fidelity's U.S.-based facilities. The fund maintains a gross expense ratio of approximately 0.66%, with an annualized turnover rate around 33%, reflecting active management without recent structural reorganizations, name changes, or new share classes; as of late 2025, it has delivered strong performance with year-to-date returns exceeding 40% amid heightened defense spending, though no major acquisitions, funding rounds, partnerships, or product launches specific to FSDAX were reported in 2024 or 2025.