Important information about performance returns. Performance cited represents past performance. Past performance, before and after taxes, does not guarantee future results and current performance may be lower or higher than the data quoted. Investment returns and principal will fluctuate with market and economic conditions, and you may have a gain or loss when you sell your assets. Your return may differ significantly from those reported. The underlying investments held in a client’s account may differ from those of the accounts included in the composite. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
1. The composite returns represent the asset-weighted performance of the Fidelity® Strategic Advisers U.S. Large Cap Equity SMA sleeve in a client's Fidelity® Wealth Services - Personalized Portfolios account, the asset-weighted performance of accounts in the Fidelity® U.S. Large Cap Strategy of Fidelity® Strategic Disciplines, and the asset-weighted performance of accounts in the U.S. Large Cap Strategy of Fidelity Managed FidFolios®. Returns for the Fidelity® Strategic Advisers U.S. Large Cap Equity SMA sleeve in a client's Fidelity® Wealth Services - Personalized Portfolios account were included in the composite beginning on January 31, 2019 , returns for the Fidelity® U.S. Large Cap Strategy of Fidelity® Strategic Disciplines were included in the composite beginning on March 31, 2019, and returns for the U.S. Large Cap Strategy of Fidelity Managed FidFolios® were included in the composite beginning on April 30, 2023, all on both a pre-tax and after-tax basis. U.S. Large Cap Strategy accounts of Fidelity Managed FidFolios® included in the composite are generally subject to a flat fee and can be higher than fees for the Fidelity® Strategic Advisers U.S. Large Cap Equity SMA sleeve in a client's Fidelity® Wealth Services - Personalized Portfolios account, and the breakpoint fee schedule for Fidelity® U.S. Large Cap Strategy of Fidelity® Strategic Disciplines accounts.
2. The composite returns represent the asset-weighted performance of the Fidelity® Strategic Advisers International Equity SMA sleeve in a client's Fidelity® Wealth Services - Personalized Portfolios account, the asset-weighted performance of accounts in the Fidelity® International Strategy of Fidelity® Strategic Disciplines, and the asset-weighted performance of accounts in the International Strategy of Fidelity Managed FidFolios®. Returns for the Fidelity® Strategic Advisers International Equity SMA sleeve in a client's Fidelity® Wealth Services - Personalized Portfolios account were included in the composite beginning on June 30, 2019 on a pre-tax basis and July 31, 2019 on an after-tax basis. The returns for the Fidelity® International Strategy of Fidelity® Strategic Disciplines were included in the composite beginning on July 31, 2019 and returns for the International Strategy of Fidelity Managed FidFolios® were included in the composite beginning on April 30, 2023, all on both a pre-tax and after-tax basis. International Strategy accounts of Fidelity Managed FidFolios® included in the composite are generally subject to a flat fee and can be higher than fees for the Fidelity® Strategic Advisers International Equity SMA sleeve in a client's Fidelity® Wealth Services - Personalized Portfolios account, and the breakpoint fee schedule for Fidelity® International Strategy of Fidelity® Strategic Disciplines accounts.
3. The composite returns represent the asset-weighted performance of the accounts in the Fidelity® Dividend Income Strategy of Fidelity® Strategic Disciplines and the asset-weighted performance of accounts in the Dividend Income Strategy of Fidelity Managed FidFolios®. Returns for the Fidelity® Dividend Income Strategy of Fidelity® Strategic Disciplines were included in the composite beginning on May 31, 2015, and returns for the Dividend Income Strategy of Fidelity Managed FidFolios® were included in the composite beginning on April 30, 2023, all on both a pre-tax and after-tax basis. Dividend Income Strategy accounts of Fidelity Managed FidFolios® included in the composite are generally subject to a flat fee which can be higher than the breakpoint fee schedule for Fidelity® Dividend Income Strategy of Fidelity® Strategic Disciplines accounts.
4. The composite returns represent the asset-weighted performance of the Fidelity® Strategic Advisers Tax-Managed U.S. Large Cap SMA sleeve in a client's Fidelity® Wealth Services - Personalized Portfolios account, the asset-weighted performance of accounts in the Fidelity® U.S. Large Cap Index Strategy of Fidelity® Strategic Disciplines, and the asset-weighted performance of accounts in the U.S. Large Cap Index Strategy of Fidelity Managed FidFolios®. Returns for the Fidelity® Strategic Advisers Tax-Managed U.S. Large Cap SMA sleeve in a client's Fidelity® Wealth Services - Personalized Portfolios account were included in the composite beginning on December 31, 2010, returns for the Fidelity® U.S. Large Cap Index Strategy of Fidelity® Strategic Disciplines were included in the composite beginning on July 31, 2015, and returns for the U.S. Large Cap Index Strategy of Fidelity Managed FidFolios® were included in the composite beginning October 31, 2021, all on both a pre-tax and after-tax basis. U.S. Large Cap Index Strategy accounts of Fidelity Managed FidFolios® included in the composite are generally subject to a flat fee and can be higher than fees for Fidelity® Strategic Advisers Tax-Managed U.S. Large Cap SMA sleeve in a client's Fidelity® Wealth Services - Personalized Portfolios account, and the breakpoint fee schedule for Fidelity® U.S. Large Cap Index Strategy of Fidelity® Strategic Disciplines accounts
5. Prior to July 1, 2019, the strategy used the S&P 500® Index as its reference index in managing accounts, and the returns shown under Fidelity U.S. Large Cap Index℠ (pre-tax benchmark) include return information for the S&P 500® Index for periods prior to that date linked to the return information for the Fidelity U.S. Large Cap Index℠ for periods from that date forward.
6. The composite returns represent the asset-weighted performance of the Fidelity® Strategic Advisers Tax-Managed International Equity Index SMA sleeve in a client's Fidelity® Wealth Services - Personalized Portfolios account, the asset-weighted performance of accounts in the Fidelity® International Index Strategy of Fidelity® Strategic Disciplines, and the asset-weighted performance of accounts in the International Index Strategy of Fidelity Managed FidFolios®. Returns for the Fidelity® Strategic Advisers Tax-Managed International Equity Index SMA sleeve in a client's Fidelity® Wealth Services - Personalized Portfolios account were included in the composite beginning on October 31, 2019, returns for the Fidelity® International Index Strategy of Fidelity® Strategic Disciplines were included in the composite beginning on September 30, 2019, and returns for the International Index Strategy of Fidelity Managed FidFolios® were included in the composite beginning on November 30, 2021, all on both a pre-tax and after-tax basis. International Index accounts of Fidelity Managed FidFolios® included in the composite are generally subject to a flat fee rate and can be higher than fees for the Fidelity® Strategic Advisers Tax-Managed International Equity Index SMA sleeve in a client's Fidelity® Wealth Services - Personalized Portfolios account, and the breakpoint fee schedule for Fidelity® International Index Strategy of Fidelity® Strategic Disciplines accounts.
Before investing in any investment product, you should consider its investment objectives, risks, and expenses. This material has been prepared for informational purposes only and is not to be considered investment advice or a solicitation for investment. Information contained in this report is as of the period indicated and is subject to change. Please read the applicable advisory program's Form ADV, Part 2A brochure, available from a Fidelity advisor or at Fidelity.com/information.
Market indexes are included for informational purposes and for context with respect to market conditions. All indexes are unmanaged, and performance of the indexes includes reinvestment of dividends and interest income, unless otherwise noted. Review the definitions of indexes for more information. Please note an investor cannot invest directly into an index. Therefore, the performance of securities indexes do not incorporate or otherwise reflect the fees and expenses typically associated with managed accounts or investment funds.
Information about the calculation of account and composite returns. Returns for periods of one year or less in duration are reported cumulative. Returns for periods greater than one year may be reported on either a cumulative or average annual basis. Calendar year returns reflect the cumulative rates of return for the 12-month period from January 1 to December 31, inclusively, of the year indicated.
Reported rates of return utilize a time-weighted calculation, which vastly reduces the impact of cash flows. Returns shown assume reinvestment of interest, dividends, and capital gains distributions. Assets valued in U.S. dollars. Performance includes accrued interest for certain securities when provided by a third-party vendor; otherwise, performance returns are computed on a cash basis. Performance will be understated for periods when accrued interest information is not available. For accounts with individual bonds, amortization and accretion for bonds are not included in performance calculations. Performance reporting generally begins after the portfolio manager reviews the account and deems it ready for investment in the chosen strategy.
Net rates of return are calculated to include the deduction of the actual (net of any applicable fee credits) investment advisory fees paid for each account including any applicable separately managed account sleeve fees ("sleeve fees"), and any underlying fund's own management fees and operating expenses. If applicable, gross rates of return are presented with net rates of return to help you understand the overall effect of investment advisory fees on performance. Gross rates of return are calculated without the deduction of investment advisory fees paid for each account (including sleeve fees) but are net of any underlying fund's own management fees and operating expenses. Strategic Advisers LLC ("Strategic Advisers") includes performance from the time period when the program was offered by Fidelity Personal and Workplace Advisors LLC and subadvised by Strategic Advisers (other than the bond strategies offered through FSD) from July 2018 through March 2025 and for legacy programs offered by Strategic Advisers prior to July 2018. Fee schedules for these legacy programs differ from current fee schedules, and fees for accounts enrolled in those legacy programs may have been higher or lower than Strategic Advisers' current fees. Fee structures and services offered have changed over time. Please consult a Fidelity financial advisor or the applicable investment advisory program's current Form ADV, Part 2A Brochure for current fee information. Additional information about our methodology for calculating pre- and after-tax performance return information is available at Fidelity.com/information in a document titled "About Managed Account Performance."
Assumptions used in calculating after-tax returns. After-tax rate of return measures the performance of an account, taking into consideration the impact of a client's U.S. federal income taxes, based on the activity in the account. Strategic Advisers does not actively manage for alternative minimum taxes; state or local taxes; foreign taxes on non-U.S. investments; federal tax rules applicable to entities; or estate, gift, or generation-skipping transfer taxes. Strategic Advisers relies on information provided by clients in an effort to provide tax-sensitive investment management and does not offer tax advice. Any realized short-term or long-term capital gain or loss retains its short- or long-term characteristics in the after-tax calculation. The gain/loss for any account is applied in the month incurred and there is no carryforward. We assume that taxes are paid from outside the account. Taxes are recognized in the month in which they are incurred. This may inflate the value of some short-term losses if they are offset by long-term gains in subsequent months. After-Tax Returns do not take into account the tax consequences associated with income accrual, deductions with respect to debt obligations held in client accounts, or federal income tax limitations on capital losses. Withdrawals from client accounts during the performance period result in adjustments to take into account unrealized capital gains across all securities in such account, as well as the actual capital gains realized on the securities. Adjustments for reclassification of dividends from non-qualified to qualified status that occur in January of the subsequent year, are reflected in the prior December monthly returns. We assume that a client reclaims in full any excess foreign tax withheld and is able to take a U.S. foreign tax credit in an amount equal to any foreign taxes paid, which increases an account's after-tax performance; the amount of the increase will depend on the total mix of foreign securities held and their applicable foreign tax rates, as well as the amount of distributions from those securities.
We assume that losses are used to offset gains realized outside the account in the same month, and we add the imputed tax benefit of such a net loss to that month's return. This can inflate the value of the losses to the extent that there are no items outside the account against which they can be applied, and after-tax returns may exceed pre-tax returns as a result of an imputed tax benefit received upon realization of tax losses. Our after-tax performance calculation methodology uses the full value of harvested tax losses without regard to any future taxes that would be owed on a subsequent sale of any new investment purchased following the harvesting of a tax loss. That assumption may not be appropriate in all client situations but is appropriate where (1) the new investment is donated (and not sold) by the client as part of a charitable gift, (2) the client passes away and leaves the investment to heirs, (3) the client's long-term capital gains rate is 0% when they start withdrawing assets and realizing gains, (4) harvested losses exceed the amount of gains for the life of the account, or (5) where the proceeds from the sale of the original investment sold to harvest the loss are not reinvested. It is important to understand that the value of tax-loss harvesting for any particular client can only be determined by fully examining a client's investment and tax decisions for the life the account and the client, which our methodology does not attempt to do. Clients and potential clients should speak with their tax advisors for more information about how our tax-loss harvesting approach could provide value under their specific circumstances.
Information about composite returns. The rates of return featured for accounts managed to a long-term asset allocation represent a composite of accounts managed with the same long-term asset allocation, investment approach and investment universe as applicable; rates of return featured for accounts managed with a single asset class strategy represent a composite of accounts managed to the applicable strategy. Accounts included in the composite utilize a time-weighted calculation, which vastly reduces the impact of cash flows. Composites are asset-weighted. An asset-weighted methodology takes into account the differing sizes of client accounts (i.e. considers accounts proportionately). Larger accounts may, by percentage, pay lower investment advisory fees than smaller accounts, thereby decreasing the investment advisory fee applicable to the composite and increasing the composite's net-of-fee performance. For tax-smart accounts in Fidelity Wealth Services, composite results are based on the returns of the managed portion of the accounts; assets in a liquidity sleeve are excluded from composite performance.
Composites set minimum eligibility criteria for inclusion. Accounts with less than one full calendar month of returns and accounts subject to significant investment restrictions are excluded from composites (including fixed income strategies offered through Fidelity Strategic Disciplines with a state preference option). Accounts with a do-not-trade restriction are removed from the composite once the restriction has been applied to the account for thirty days. For periods prior to October 1, 2022, composite inclusion required a minimum investment level that reflected product-relative investment requirements. Effective October 1, 2022, product composites will reflect all accounts for which we produce a rate of return and that meet the aforementioned criteria. Non-fee paying accounts, if included in composite, will increase the net-of-fee performance. Certain products, like Fidelity Go, offer investment services where accounts under a certain asset level do not incur investment advisory fees. Employees do not incur investment advisory fees for certain products.
Information about after-tax composite benchmarks. Return information for an after-tax benchmark represents an asset-weighted composite of clients' individual after-tax benchmark returns. Each client's personal after-tax benchmark is composed of mutual funds (index funds where available) and ETFs in the same asset class percentages as the client's investment strategy. The after-tax benchmark uses mutual funds and ETFs as investable alternatives to market indexes in order to provide a benchmark that takes into account the associated tax consequences of these investable alternatives. The after-tax benchmark returns implicitly take into account the net expense ratio of their component mutual funds because mutual funds report performance net of their expense. They assume reinvestment of dividends and capital gains, if applicable. The after-tax benchmark also takes into consideration the tax impact of rebalancing the benchmark portfolio, assuming the same tax rates as are applicable to each client's account, as well as an adjustment for the level of unrealized gains in each account. The after-tax composite benchmark return is calculated assuming the use of the “average cost-basis method” for calculating the tax basis of mutual fund shares.
Additional Information. Changes in laws and regulations may have a material impact on pre- and/or after-tax investment results. Strategic Advisers LLC relies on information provided by clients in an effort to provide tax-smart investing techniques. Strategic Advisers LLC can make no guarantees as to the effectiveness of the tax-smart investing techniques applied in serving to reduce or minimize a client's overall tax liabilities or as to the tax results that may be generated by a given transaction. Strategic Advisers does not provide tax or legal advice. Please consult your tax or legal professional for additional guidance. For more information about Strategic Advisers and its advisory offerings, including information about fees and investment risks, please visit our website at Fidelity.com.
The information contained herein includes information obtained from sources believed to be reliable, but we do not warrant or guarantee the timeliness or accuracy of the information as it has not been independently verified. It is made available on an "as is" basis without warranty
These account types are a single asset class that offers a concentrated exposure. Please note, Fidelity recommends clients diversify and rebalance their investments across multiple asset classes, sectors, and issuers in an effort to reduce the investment risk associated with holding concentrated investments. Keep in mind however, that diversification and asset allocation do not ensure a profit or guarantee against loss.
Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks.
The S&P 500® Index is an unmanaged, market capitalization–weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. You cannot invest directly in an index. Securities indexes are not subject to fees and expenses typically associated with managed accounts or investment funds.
The MSCI EAFE Index (Net MA Tax) is a market capitalization-weighted index that is designed to measure the investable equity market performance for global investors in developed markets, excluding the U.S. and Canada. The MSCI EAFE Index (Net MA Tax) reflects the return of the MSCI EAFE Index (Net MA Tax) over the relevant period and does not indicate the actual performance results of a managed portfolio, past or future, nor do they reflect advisory fees. The returns assume reinvestment of dividends, interest income, and capital gains, if any. Index returns are adjusted for tax withholding rates applicable to U.S.-based mutual funds organized as Massachusetts business trusts.
The Fidelity U.S. Large Cap Index℠ is a float-adjusted market capitalization–weighted index designed to reflect the performance of the stocks of the largest 500 U.S. companies based on float-adjusted market capitalization. Indexes are unmanaged. It is not possible to invest directly in an index. Securities indices are not subject to fees and expenses typically associated with managed accounts or investment funds.
The Fidelity® Developed International ex-North America Focus Index (Net) is a float-adjusted market capitalization–weighted index designed to reflect the performance of the developed international equity market, including large-capitalization stocks. Index returns are adjusted for tax withholding rates applicable to U.S.-based mutual funds organized as Massachusetts business trusts. It is not possible to invest directly in an index. Securities indices are not subject to fees and expenses typically associated with managed accounts or investment funds.
Fidelity® Strategic Disciplines, Fidelity® Wealth Services and Fidelity Managed FidFolios® are advisory services offered by Strategic Advisers LLC (Strategic Advisers), a registered investment adviser, for a fee. Personalized Portfolios accounts are discretionary investment management accounts offered through Fidelity® Wealth Services. Brokerage services provided by Fidelity Brokerage Services LLC (FBS), and custodial and related services provided by National Financial Services LLC (NFS), each a member NYSE and SIPC. Strategic Advisers, FBS and NFS are Fidelity Investments companies.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
