Fidelity® U.S. Large Cap Equity Strategy

A separately managed account that leverages the power of Fidelity's active management capabilities and seeks to deliver returns greater than the S&P 500® Index over a full market cycle

Investment strategy: Seeks to deliver capital appreciation and returns greater than the S&P 500® Index over a full market cycle


Types of investments: Primarily US large-cap stocks

Investment minimum: $200,000


Gross annual advisory fee: 0.30% – 0.90%1 (varies based on total assets invested)

Strategic Advisers LLC (Strategic Advisers) constructs portfolios using a combination of 3 large-cap model approaches (growth, value, and core), providing ongoing active management to tilt toward different styles throughout the market cycle.



Why we focus on style diversification


Diversification across investment styles is important and may help to provide stability and capital appreciation over the long term.


Performance across investment styles*, 2004–2018


Table provides an example of how various types of stocks have performed between 2004 and 2018 using no specific return numbers. Types of stocks include Value, as measured by the Russell 1000 Value Index, Growth, as measured by the Russell 1000 Growth Index, Core, as measured by the Russell 1000 Index, and Blended, which is represented by equal portions of the three aforementioned indexes. As the table shows, different types of stocks have outperformed one another in different years. Within in each column, the index or blend of indexes generating the highest returns is at the top and the index or blend of indexes generating the lowest returns is at the bottom. For instance, in 2004 Value stocks outperformed the other types, which in 2007 Growth stocks outperformed other types. Over time, we believe that a Blended portfolio will provide the smoothest, most consistent performance.


By allocating across investment styles and adjusting as needed, the portfolio seeks to provide less volatile returns than a U.S. Growth or Value index alone.

Source: Fidelity as of 12/31/18.

Past performance is no guarantee of future results.

*Investment styles are represented by Core, Growth, Value, and Blended: Core: Russell 1000® Index; Growth: Russell 1000® Growth Index; Value: Russell 1000® Value Index; Blended: 33.3% Russell 1000® Index, 33.3% Russell 1000® Growth Index, 33.3% Russell 1000® Value Index.

Note: Blended is shown for illustrative purposes only and is not an investment style used within the Fidelity U.S. Large Cap Equity Strategy. Weights shown are not indicative of the actual weights within the portfolio.

The power of Fidelity's active management

Experienced and reliable with deep investment and research capabilities


Strategic Advisers LLC (Strategic Advisers) provides portfolio management capabilities for this strategy and has partnered with FMR Co., Inc. (FMR) to leverage their investment research capabilities. FMR provides model holdings and Strategic Advisers executes the trades and provides ongoing active management of the portfolios, including the use of tax-sensitive investment management techniques.2


FMR leverages its in-depth experience, access to US corporations, and proprietary tools to identify stocks they believe to be consistent with the investment strategy.


Pyramid depicts the elements of the power behind Fidelity's active management. At the top of the pyramid is reliability; the firm has $2.6 trillion in global assets under management. Next is Deep, Diverse Capabilities; there are currently 1,800+ stocks covered by the equity research team and 23,700 research notes published by equity analysts in 2018. Next level down is experience; Fidelity Management and Research Company has a 70+ year of investing and portfolio management experience, 25+ years of managing models that seek to align to risk profiles, and 180+ portfolio managers across Fidelity Asset Management.

Source: Global assets under management, Fidelity Investments as of 9/30/18. Research notes and Stocks covered, Fidelity Management & Research Company (FMR Co.). As of 12/31/18.

* FMR Equity Analysts

† Not all resources and Fidelity Funds are available to the Fidelity U.S. Large Cap Equity Strategy.

We take a disciplined and thoughtful approach to building and maintaining your portfolio by applying a number of tax-sensitive investment management techniques2 designed to help reduce the impact of taxes and enhance after-tax returns in an effort to help you achieve your financial goals.


Graphic helps explain the three steps of our investment process — Research, Portfolio Construction, and Your SMA. a. In conducting research, we utilize in-depth fundamental, qualitative, and asset class research to identify market opportunities and risks. b. During portfolio construction, we emphasize different model portfolios based on how we believe they may perform under different market conditions, diversify across different U.S. large-cap equity styles,