Fidelity Advisor Hedged Equity Fund - Class I (FEQJX)

The Fidelity Advisor Hedged Equity Fund - Class I is an actively managed mutual fund designed to seek capital appreciation by investing primarily in large-cap U.S. equity securities. The fund typically allocates at least 80% of its assets to common stocks of companies with market capitalizations generally similar to those included in the S&P 500 Index. It uses a blend of both growth and value stocks, aiming for risk-return characteristics that closely match the S&P 500 Index. A distinguishing feature of this fund is its disciplined options-based hedging strategy: it regularly purchases put options to help provide downside protection, with the goal of mitigating losses during market downturns. The fund employs a diversified mix of option strike prices and expirations to tailor its risk management. Managed by an experienced team, the fund’s portfolio is concentrated in major U.S. equities across sectors such as technology, financials, and consumer discretionary. This approach makes the Fidelity Advisor Hedged Equity Fund - Class I particularly notable for investors seeking broad equity exposure with a built-in mechanism to address potential volatility and market declines.