Fidelity Advisor Hedged Equity Fund - Class Z (FEQZX)

Fidelity Advisor Hedged Equity Fund - Class Z is an actively managed mutual fund designed to provide capital appreciation while seeking to mitigate downside risk. The fund primarily invests at least 80% of its assets in equity securities, predominantly targeting large-cap companies with market capitalizations similar to those in the S&P 500 Index. This approach allows the fund to capture broad equity market exposure without being limited to either growth or value styles. A distinguishing characteristic of the fund is its disciplined use of options-based strategies, especially the purchase of put options, which serve as a form of portfolio insurance intended to offset or lessen losses during market downturns. The fund's portfolio typically features a diversified mix of prominent U.S. companies, with top holdings including firms like Apple, Microsoft, and NVIDIA, reflecting its alignment with major market sectors. Managed by a team of experienced professionals, the fund appeals to investors interested in equity participation with an added layer of risk management. As a Class Z share, it is available primarily to eligible institutional investors and is positioned within the options trading mutual fund category, reflecting its unique risk-return profile and market role.