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Fidelity Advisor® Real Estate A FHEAX Sustainability

| Quantitative rating as of

Sustainability Analysis

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Sustainable Summary

Fidelity Advisor® Real Estate Fund has a number of attributes that may meet the expectations of sustainability-focused investors, despite some issues worthy of attention.

Fidelity Advisor® Real Estate Fund's holdings are exposed to average levels of ESG risk relative to those of its peers in the Real Estate Sector Equity category, thus earning it an average Morningstar Sustainability Rating of 3 globes. Competing funds in the category with ratings of 4 or 5 globes have less ESG risk in their holdings. Unlike impact, which measures positive environmental and societal outcomes attributable to an investment, ESG risk reflects the degree to which investments could be affected by material ESG issues like climate change and inequalities.

Currently, the fund's involvement in fossil fuels is negligible, and compares favorably with 0.21% for its average peer. No companies held by Fidelity Advisor® Real Estate Fund are recognized as being involved in controversies at a high or severe level. From bribery and corruption to workplace discrimination and environmental incidents, controversies can have significant financial repercussions, ranging from legal penalties to consumer boycotts. In addition, controversies can damage the reputation of both companies themselves and their shareholders.

One potential issue for a sustainability-focused investor is that Fidelity Advisor® Real Estate Fund doesn’t have an ESG-focused mandate. A fund with an ESG-focused mandate would have a higher probability to drive positive ESG outcomes.

Fidelity Advisor® Real Estate Fund's asset-weighted Carbon Risk Score of 10.26 is at the lower end of the medium carbon risk band. This suggests the fund’s investee companies are adequately positioned to transition to a low-carbon economy. Investors concerned about the transition risks may prefer to consider funds with negligible or low carbon risk. Such funds invest in companies that tend to operate in sectors less exposed to the transition (such as healthcare and IT) and/or companies in more carbon-intensive sectors (such as industrials and utilities) but that consider climate change in their business strategy and products, and therefore are positively aligned with the transition.

ESG Commitment Level Asset Manager

An ESG Commitment Level Asset Manager rating is not assigned to this investment.

Morningstar analysts award an ESG Commitment Level Asset Manager ratings to investments that also receive Morningstar Analyst Ratings. Not all investments currently have Asset Manager rating. Morningstar is expanding its coverage, prioritizing investments that are most relevant to investors.