Fidelity® Small Cap Value FCPVX

Fidelity Small Cap Value comanager Derek Janssen will retire at year-end 2023. His eventual departure adds to a history of personnel changes on this strategy. Most recently, Fidelity promoted small-cap analyst Gabriela Kelleher to comanager in May 2021. She has roughly 15 years of industry experience split across Goldman Sachs Asset Management (where she covered industrials and consumer discretionary stocks) and Fidelity, which she joined in 2018 as a tech analyst. As a first-time manager, she worked closely with Janssen to get up to speed on unfamiliar sectors, and she is now contributing ideas across the portfolio. She will take over as the strategy's sole manager following Janssen's departure. Her history here helps aid an orderly transition, though she remains unproven as a manager. The strategy retains its Average People rating and Morningstar Analyst Ratings of Neutral across all share classes.