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Fidelity® Select Materials FSDPX

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Fidelity Select Materials Manager to Retire in December 2022; Comanager Added and Ratings Unchanged

Analyst

Analyst Note

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On April 1, 2022, Fidelity announced that Jody Simes, manager of Fidelity Select Materials since November 2019, will retire at the end of 2022. The firm has added Ashley Fernandes, its experienced global energy and materials sector leader, as a comanager in anticipation of taking over for Simes. Given Fernandes’ relevant background, a reasonable transition period, and no anticipated changes to the investment approach, the strategy’s Morningstar Analyst Ratings and Pillar ratings are unchanged.

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