Fidelity Select Utilities Growth Portfolio
FSUTX
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- Fidelity Select Utilities Portfolio (FSUTX) is an open-end mutual fund that seeks capital appreciation by investing primarily in common stocks of companies principally engaged in the utilities industry and other energy-related activities. The fund normally invests at least 80% of its assets in securities of utilities companies, including electric, gas, water, and multi-utilities providers; independent power producers; and related energy infrastructure firms such as those involved in renewable energy generation, transmission, and distribution. It maintains a concentrated portfolio with top holdings typically comprising major players like NextEra Energy Inc., Constellation Energy Corp., Duke Energy Corp., Sempra, and Vistra Corp., representing over 40% of assets, with sector allocation heavily weighted toward utilities at approximately 92%, alongside minor exposures to industrials, technology, and energy. Launched on December 10, 1981, and domiciled in the United States, the fund is managed by Fidelity Investments with current lead manager Pranay Kirpalani, who assumed responsibility on December 5, 2024. Headquartered in Boston, Massachusetts, as part of Fidelity's broader asset management operations, FSUTX operates with a net expense ratio of 0.66%, total net assets of approximately $3.80 billion, and a portfolio turnover rate around 69%, distributing dividends quarterly with a trailing twelve-month yield of about 4.71%. The fund targets investors seeking sector-specific exposure primarily to U.S. markets (96% of assets), with minimal non-U.S. holdings in regions like Canada. In recent developments, the fund experienced a management transition with Pranay Kirpalani taking over as portfolio manager in December 2024, amid a broader utilities sector up-cycle driven by electrification trends, data center growth, and AI-related power demands. For the second quarter of 2025, FSUTX's retail class shares returned 3.78%, slightly trailing the MSCI U.S. IMI Utilities 25/50 Index's 4.10% gain, reflecting ongoing portfolio adjustments to capitalize on growth opportunities in electric utilities and independent power producers. As of late 2025, the fund's top holdings showed significant appreciation, including Constellation Energy up 48.35% and Vistra Corp. up 40.72% year-to-date, underscoring its focus on high-growth utilities amid structural sector shifts.