Fidelity Advisor Hedged Equity C (FEQDX)

Fidelity Advisor Hedged Equity Fund Class C is a mutual fund designed primarily to achieve capital appreciation through investments in U.S. equity markets. The fund allocates at least 80% of its assets to common stocks of companies with market capitalizations generally in line with those found in the S&P 500 Index, blending both "growth" and "value" stock strategies. A key distinguishing feature is its disciplined, options-based approach, which aims to provide downside protection by purchasing put options—financial instruments that typically increase in value when equities decline. This hedging strategy helps to mitigate potential losses during market downturns, differentiating the fund from traditional equity offerings. The portfolio is diversified across hundreds of holdings, including significant positions in leading technology, financial, and consumer companies. With an emphasis on risk management alongside participation in the equity market’s potential gains, the fund serves investors seeking exposure to large-cap U.S. equities while incorporating an explicit strategy for loss mitigation in volatile market conditions. It plays an important role in the market by offering a structured, options-integrated alternative to conventional stock funds for those attentive to downside risk.