Fidelity Mid Cap Index Fund
FSMDX
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- Fidelity Mid Cap Index Fund (FSMDX) is an open-end mutual fund that seeks to provide investment results corresponding to the total return of stocks of mid-capitalization United States companies, as represented by the Russell Midcap Index. The fund normally invests at least 80% of its assets in common stocks included in the Russell Midcap Index and in securities that track the index, such as depositary receipts representing securities in the index; it may also lend portfolio securities to earn additional income. Managed within the mid-cap blend category, FSMDX emphasizes a market-cap-weighted portfolio of U.S. equities, with approximately 97.85% allocated to U.S. stocks, 1.92% to non-U.S. stocks, and minimal cash holdings of 0.23%, targeting institutional and retail investors seeking low-cost exposure to mid-cap growth and value stocks across sectors. Launched on September 8, 2011, and domiciled in the United States, the fund is managed by Fidelity Investments, with a headquarters in Boston, Massachusetts, and operates primarily in the U.S. market through daily pricing and no minimum initial investment requirement. Key portfolio managers include Louis Bottari (since inception), alongside Peter Matthew, Robert Regan, Payal Gupta, and Navid Sohrabi; the fund maintains a low net expense ratio of 0.03% and total net assets exceeding $45 billion. It is available for sale exclusively in the United States, with no front-end or deferred loads, and supports tax-efficient strategies through after-tax return considerations. In recent developments, FSMDX reported performance aligned with the Russell Midcap Index through the third quarter of 2025, with security lending income providing a slight positive contribution to returns amid a market environment driven by strong corporate profits and artificial intelligence optimism. The fund's assets under management reached $45.03 billion as of the latest reporting, reflecting sustained investor interest in its benchmark-tracking approach during a period of mid-cap market advances, including a 5.33% index gain in Q3 2025. No major structural changes, such as new share classes, acquisitions, partnerships, or strategic shifts, have been announced in the past 1-2 years; operations remain focused on index replication with ongoing portfolio rebalancing to mirror the benchmark's composition.