UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-1400
Fidelity Contrafund
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | December 31 |
Date of reporting period: | September 30, 2016 |
Item 1.
Schedule of Investments
Quarterly Holdings Report
for
Fidelity Advisor® New Insights Fund
September 30, 2016
Investments September 30, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.9% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 15.5% | |||
Auto Components - 0.1% | |||
Magna International, Inc. Class A (sub. vtg.) | 853,000 | $36,618 | |
Automobiles - 0.9% | |||
BYD Co. Ltd. (H Shares) | 250,000 | 1,663 | |
Fuji Heavy Industries Ltd. | 134,400 | 5,043 | |
General Motors Co. | 1,049,900 | 33,355 | |
Maruti Suzuki India Ltd. | 3,753 | 309 | |
Tesla Motors, Inc. (a) | 983,224 | 200,607 | |
240,977 | |||
Distributors - 0.0% | |||
LKQ Corp. (a) | 86,200 | 3,057 | |
Diversified Consumer Services - 0.1% | |||
Bright Horizons Family Solutions, Inc. (a) | 301,139 | 20,143 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 35,400 | 1,641 | |
Weight Watchers International, Inc. (a) | 289,400 | 2,987 | |
24,771 | |||
Hotels, Restaurants & Leisure - 2.9% | |||
ARAMARK Holdings Corp. | 4,787,400 | 182,065 | |
Chipotle Mexican Grill, Inc. (a) | 37,000 | 15,670 | |
Compass Group PLC | 248,300 | 4,809 | |
Domino's Pizza, Inc. | 470,818 | 71,494 | |
Dunkin' Brands Group, Inc. | 552,300 | 28,764 | |
Marriott International, Inc. Class A | 376,900 | 25,377 | |
Sodexo SA | 27,400 | 3,263 | |
Starbucks Corp. | 6,274,498 | 339,701 | |
Texas Roadhouse, Inc. Class A | 64,700 | 2,525 | |
Vail Resorts, Inc. | 36,827 | 5,777 | |
Whitbread PLC | 967,787 | 49,122 | |
728,567 | |||
Household Durables - 0.7% | |||
D.R. Horton, Inc. | 3,502,024 | 105,761 | |
Mohawk Industries, Inc. (a) | 241,324 | 48,347 | |
Tempur Sealy International, Inc. (a)(b) | 214,300 | 12,159 | |
166,267 | |||
Internet & Direct Marketing Retail - 5.2% | |||
Amazon.com, Inc. (a) | 1,030,240 | 862,630 | |
ASOS PLC (a) | 25,700 | 1,615 | |
Etsy, Inc. (a) | 764,751 | 10,921 | |
Netflix, Inc. (a) | 1,642,300 | 161,849 | |
Priceline Group, Inc. (a) | 180,317 | 265,335 | |
Takeaway.com Holding BV (c) | 121,100 | 3,332 | |
TripAdvisor, Inc. (a) | 167,900 | 10,608 | |
1,316,290 | |||
Leisure Products - 0.1% | |||
Hasbro, Inc. | 120,244 | 9,539 | |
Mattel, Inc. | 262,562 | 7,950 | |
17,489 | |||
Media - 1.0% | |||
Charter Communications, Inc. Class A (a) | 319,747 | 86,322 | |
DISH Network Corp. Class A (a) | 56,700 | 3,106 | |
Interpublic Group of Companies, Inc. | 648,400 | 14,492 | |
Liberty Broadband Corp.: | |||
Class A (a) | 141,105 | 9,900 | |
Class C (a) | 600 | 43 | |
Liberty Global PLC: | |||
Class A (a) | 1,280,805 | 43,778 | |
LiLAC Class A (a) | 279,642 | 7,715 | |
Liberty Media Corp. Liberty SiriusXM Class A (a) | 536,080 | 18,216 | |
Megacable Holdings S.A.B. de CV unit | 43,798 | 168 | |
Naspers Ltd. Class N | 88,200 | 15,265 | |
Omnicom Group, Inc. | 90,500 | 7,693 | |
Sirius XM Holdings, Inc. (a) | 2,828,300 | 11,794 | |
The Walt Disney Co. | 528,428 | 49,070 | |
Weinstein Co. Holdings LLC Class A-1 unit (a)(d)(e) | 2,267 | 121 | |
267,683 | |||
Multiline Retail - 0.4% | |||
Dollar Tree, Inc. (a) | 371,600 | 29,330 | |
Ollie's Bargain Outlet Holdings, Inc. (a)(b) | 1,205,819 | 31,605 | |
Target Corp. | 693,100 | 47,602 | |
108,537 | |||
Specialty Retail - 2.8% | |||
AutoZone, Inc. (a) | 128,934 | 99,065 | |
Home Depot, Inc. | 882,100 | 113,509 | |
Inditex SA | 39,810 | 1,476 | |
Nitori Holdings Co. Ltd. | 50,600 | 6,066 | |
O'Reilly Automotive, Inc. (a) | 348,916 | 97,735 | |
Ross Stores, Inc. | 184,200 | 11,844 | |
The Children's Place Retail Stores, Inc. | 131,700 | 10,519 | |
Tiffany & Co., Inc. (b) | 788,100 | 57,240 | |
TJX Companies, Inc. | 3,991,174 | 298,460 | |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 85,700 | 20,395 | |
716,309 | |||
Textiles, Apparel & Luxury Goods - 1.3% | |||
adidas AG | 172,300 | 29,967 | |
Brunello Cucinelli SpA | 1,809,352 | 35,163 | |
China Hongxing Sports Ltd. (a) | 6,000,000 | 253 | |
Coach, Inc. | 892,900 | 32,644 | |
Hermes International SCA | 77,200 | 31,415 | |
NIKE, Inc. Class B | 3,562,978 | 187,591 | |
Pandora A/S | 10,100 | 1,221 | |
Under Armour, Inc. Class C (non-vtg.) | 203,084 | 6,876 | |
325,130 | |||
TOTAL CONSUMER DISCRETIONARY | 3,951,695 | ||
CONSUMER STAPLES - 5.5% | |||
Beverages - 0.8% | |||
Boston Beer Co., Inc. Class A (a) | 64,500 | 10,014 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 785,875 | 130,840 | |
Kweichow Moutai Co. Ltd. | 49,400 | 2,209 | |
Molson Coors Brewing Co. Class B | 208,500 | 22,893 | |
Monster Beverage Corp. (a) | 29,400 | 4,316 | |
PepsiCo, Inc. | 215,100 | 23,396 | |
The Coca-Cola Co. | 307,000 | 12,992 | |
206,660 | |||
Food & Staples Retailing - 1.4% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 324,400 | 15,721 | |
Costco Wholesale Corp. | 846,225 | 129,058 | |
CVS Health Corp. | 949,677 | 84,512 | |
Kroger Co. | 1,854,500 | 55,042 | |
Sysco Corp. | 442,400 | 21,682 | |
Tesco PLC (a) | 22,677,900 | 53,712 | |
359,727 | |||
Food Products - 1.2% | |||
Amplify Snack Brands, Inc. (a)(b) | 2,328,000 | 37,714 | |
Associated British Foods PLC | 2,265,692 | 76,354 | |
Greencore Group PLC | 3,916,500 | 17,031 | |
Mead Johnson Nutrition Co. Class A | 842,500 | 66,566 | |
Mondelez International, Inc. | 933,243 | 40,969 | |
The Kraft Heinz Co. | 397,100 | 35,544 | |
TreeHouse Foods, Inc. (a) | 291,200 | 25,390 | |
299,568 | |||
Household Products - 1.0% | |||
Colgate-Palmolive Co. | 3,084,149 | 228,659 | |
Spectrum Brands Holdings, Inc. | 87,500 | 12,048 | |
240,707 | |||
Personal Products - 1.1% | |||
Estee Lauder Companies, Inc. Class A | 2,734,400 | 242,158 | |
Hypermarcas SA | 181,300 | 1,554 | |
L'Oreal SA | 223,101 | 42,129 | |
285,841 | |||
TOTAL CONSUMER STAPLES | 1,392,503 | ||
ENERGY - 8.1% | |||
Energy Equipment & Services - 0.5% | |||
Helmerich & Payne, Inc. (b) | 455,700 | 30,669 | |
Oceaneering International, Inc. | 1,798,799 | 49,485 | |
Schlumberger Ltd. | 662,103 | 52,068 | |
132,222 | |||
Oil, Gas & Consumable Fuels - 7.6% | |||
Anadarko Petroleum Corp. | 2,548,446 | 161,470 | |
Antero Resources Corp. (a) | 2,557,556 | 68,926 | |
Apache Corp. | 74,400 | 4,752 | |
Birchcliff Energy Ltd. (a) | 2,444,900 | 17,107 | |
Birchcliff Energy Ltd. (a)(c) | 585,400 | 4,096 | |
Cabot Oil & Gas Corp. | 3,902,480 | 100,684 | |
Canadian Natural Resources Ltd. | 1,082,100 | 34,592 | |
Chevron Corp. | 1,831,500 | 188,498 | |
Cimarex Energy Co. | 105,800 | 14,216 | |
Concho Resources, Inc. (a) | 118,900 | 16,331 | |
Concho Resources, Inc. (a) | 25,680 | 3,527 | |
ConocoPhillips Co. | 4,027,300 | 175,067 | |
Continental Resources, Inc. (a) | 640,300 | 33,270 | |
Diamondback Energy, Inc. (a) | 1,240,282 | 119,737 | |
Energy Transfer Equity LP | 4,700,500 | 78,921 | |
EOG Resources, Inc. | 2,309,560 | 223,358 | |
Golar LNG Ltd. (b) | 1,193,600 | 25,304 | |
Noble Energy, Inc. | 1,454,861 | 51,997 | |
PDC Energy, Inc. (a) | 138,800 | 9,308 | |
Peyto Exploration & Development Corp. (b) | 52,900 | 1,485 | |
Pioneer Natural Resources Co. | 718,300 | 133,352 | |
PrairieSky Royalty Ltd. | 195,674 | 3,990 | |
Southwestern Energy Co. (a) | 1,797,800 | 24,882 | |
Suncor Energy, Inc. | 807,000 | 22,402 | |
The Williams Companies, Inc. | 7,912,800 | 243,160 | |
Whiting Petroleum Corp. (a)(b) | 2,000,000 | 17,480 | |
Williams Partners LP | 4,115,300 | 153,048 | |
1,930,960 | |||
TOTAL ENERGY | 2,063,182 | ||
FINANCIALS - 10.8% | |||
Banks - 4.3% | |||
Bank of America Corp. | 11,723,827 | 183,478 | |
Bank of Ireland (a) | 192,079,228 | 39,918 | |
Citigroup, Inc. | 3,789,200 | 178,964 | |
First Republic Bank | 650,200 | 50,137 | |
Grupo Financiero Galicia SA sponsored ADR | 7,713 | 240 | |
HDFC Bank Ltd. sponsored ADR | 2,004,472 | 144,101 | |
JPMorgan Chase & Co. | 1,093,900 | 72,843 | |
Kotak Mahindra Bank Ltd. | 643,944 | 7,532 | |
Metro Bank PLC | 570,725 | 20,424 | |
PNC Financial Services Group, Inc. | 925,989 | 83,422 | |
PT Bank Central Asia Tbk | 1,318,800 | 1,591 | |
U.S. Bancorp | 2,855,014 | 122,452 | |
Wells Fargo & Co. | 4,158,100 | 184,121 | |
1,089,223 | |||
Capital Markets - 1.4% | |||
BlackRock, Inc. Class A | 308,146 | 111,691 | |
IntercontinentalExchange, Inc. | 32,900 | 8,862 | |
KKR & Co. LP | 2,607,228 | 37,179 | |
MarketAxess Holdings, Inc. | 24,600 | 4,074 | |
Morgan Stanley | 2,804,577 | 89,915 | |
MSCI, Inc. Class A | 239,700 | 20,120 | |
Oaktree Capital Group LLC Class A | 1,040,776 | 44,129 | |
S&P Global, Inc. | 297,490 | 37,650 | |
Silver Run Acquisition Corp. (a)(b) | 261,512 | 4,119 | |
357,739 | |||
Diversified Financial Services - 2.0% | |||
Berkshire Hathaway, Inc. Class A (a) | 2,240 | 484,333 | |
WME Entertainment Parent, LLC Class A unit (d)(e) | 12,568,770 | 25,816 | |
510,149 | |||
Insurance - 3.1% | |||
Admiral Group PLC | 411,269 | 10,923 | |
AFLAC, Inc. | 24,400 | 1,754 | |
AIA Group Ltd. | 17,443,000 | 117,300 | |
American International Group, Inc. | 2,592,100 | 153,815 | |
Chubb Ltd. | 2,426,988 | 304,951 | |
Direct Line Insurance Group PLC | 541,700 | 2,561 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 66,800 | 39,141 | |
FNF Group | 2,855,300 | 105,389 | |
Marsh & McLennan Companies, Inc. | 149,600 | 10,061 | |
The Travelers Companies, Inc. | 256,145 | 29,341 | |
775,236 | |||
TOTAL FINANCIALS | 2,732,347 | ||
HEALTH CARE - 11.9% | |||
Biotechnology - 1.9% | |||
Agios Pharmaceuticals, Inc. (a)(b) | 878,462 | 46,400 | |
Amgen, Inc. | 1,333,999 | 222,524 | |
Celgene Corp. (a) | 104,100 | 10,882 | |
Five Prime Therapeutics, Inc. (a) | 37,900 | 1,989 | |
Genmab A/S (a) | 105,900 | 18,055 | |
Gilead Sciences, Inc. | 994,428 | 78,679 | |
Intrexon Corp. (a)(b) | 794,681 | 22,267 | |
Light Sciences Oncology, Inc. (a) | 2,708,254 | 0 | |
NantKwest, Inc. (a)(b) | 151,002 | 1,175 | |
Neurocrine Biosciences, Inc. (a) | 123,060 | 6,232 | |
Opko Health, Inc. (a)(b) | 698,374 | 7,396 | |
OvaScience, Inc. (a) | 153,700 | 1,100 | |
Regeneron Pharmaceuticals, Inc. (a) | 112,600 | 45,267 | |
TESARO, Inc. (a) | 105,900 | 10,615 | |
472,581 | |||
Health Care Equipment & Supplies - 3.6% | |||
Baxter International, Inc. | 130,100 | 6,193 | |
Becton, Dickinson & Co. | 357,896 | 64,325 | |
Boston Scientific Corp. (a) | 8,084,124 | 192,402 | |
C.R. Bard, Inc. | 157,438 | 35,310 | |
Danaher Corp. | 810,368 | 63,525 | |
Dentsply Sirona, Inc. | 371,683 | 22,089 | |
DexCom, Inc. (a) | 1,018,463 | 89,278 | |
Edwards Lifesciences Corp. (a) | 1,276,956 | 153,950 | |
I-Pulse, Inc. (a) | 58,562 | 440 | |
Intuitive Surgical, Inc. (a) | 86,900 | 62,988 | |
Medtronic PLC | 697,200 | 60,238 | |
Nevro Corp. (a) | 198,000 | 20,669 | |
Penumbra, Inc. (a) | 39,000 | 2,964 | |
ResMed, Inc. | 32,000 | 2,073 | |
Stryker Corp. | 143,400 | 16,693 | |
Teleflex, Inc. | 127,300 | 21,393 | |
The Cooper Companies, Inc. | 592,851 | 106,274 | |
Zimmer Biomet Holdings, Inc. | 58,000 | 7,541 | |
928,345 | |||
Health Care Providers & Services - 2.4% | |||
Aetna, Inc. | 192,348 | 22,207 | |
Henry Schein, Inc. (a) | 1,189,881 | 193,927 | |
Surgical Care Affiliates, Inc. (a) | 30,000 | 1,463 | |
UnitedHealth Group, Inc. | 2,704,000 | 378,560 | |
Universal Health Services, Inc. Class B | 223,700 | 27,564 | |
623,721 | |||
Health Care Technology - 0.2% | |||
Castlight Health, Inc. (a) | 1,325,100 | 5,512 | |
Cerner Corp. (a) | 704,230 | 43,486 | |
Medidata Solutions, Inc. (a) | 53,697 | 2,994 | |
NantHealth, Inc. | 1,784 | 23 | |
52,015 | |||
Life Sciences Tools & Services - 2.6% | |||
Agilent Technologies, Inc. | 307,019 | 14,458 | |
Eurofins Scientific SA | 468,184 | 212,662 | |
Illumina, Inc. (a) | 272,451 | 49,493 | |
Mettler-Toledo International, Inc. (a) | 440,009 | 184,729 | |
PRA Health Sciences, Inc. (a) | 26,900 | 1,520 | |
Thermo Fisher Scientific, Inc. | 827,169 | 131,570 | |
Waters Corp. (a) | 466,091 | 73,871 | |
668,303 | |||
Pharmaceuticals - 1.2% | |||
AstraZeneca PLC sponsored ADR | 132,800 | 4,364 | |
Bristol-Myers Squibb Co. | 2,928,400 | 157,899 | |
Dermira, Inc. (a) | 100,300 | 3,392 | |
H Lundbeck A/S (a) | 40,200 | 1,317 | |
Jiangsu Hengrui Medicine Co. Ltd. | 247,440 | 1,635 | |
Johnson & Johnson | 838,356 | 99,035 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 605,800 | 27,873 | |
295,515 | |||
TOTAL HEALTH CARE | 3,040,480 | ||
INDUSTRIALS - 7.2% | |||
Aerospace & Defense - 1.6% | |||
General Dynamics Corp. | 841,000 | 130,490 | |
Northrop Grumman Corp. | 531,300 | 113,672 | |
Raytheon Co. | 147,600 | 20,093 | |
Rolls-Royce Group PLC | 151,600 | 1,414 | |
Saab AB (B Shares) | 45,900 | 1,634 | |
Space Exploration Technologies Corp. Class A (a)(e) | 121,180 | 11,684 | |
Teledyne Technologies, Inc. (a) | 393,900 | 42,514 | |
TransDigm Group, Inc. (a) | 295,312 | 85,381 | |
406,882 | |||
Air Freight & Logistics - 0.8% | |||
C.H. Robinson Worldwide, Inc. | 956,400 | 67,388 | |
Expeditors International of Washington, Inc. | 710,861 | 36,624 | |
FedEx Corp. | 515,110 | 89,979 | |
193,991 | |||
Airlines - 0.9% | |||
Ryanair Holdings PLC sponsored ADR | 1,907,359 | 143,109 | |
Southwest Airlines Co. | 2,078,500 | 80,833 | |
223,942 | |||
Building Products - 1.1% | |||
A.O. Smith Corp. | 98,445 | 9,725 | |
ASSA ABLOY AB (B Shares) | 149,200 | 3,031 | |
Fortune Brands Home & Security, Inc. | 1,622,524 | 94,269 | |
Masco Corp. | 1,632,300 | 56,004 | |
Toto Ltd. | 2,853,000 | 107,864 | |
270,893 | |||
Commercial Services & Supplies - 0.3% | |||
Cintas Corp. | 92,126 | 10,373 | |
KAR Auction Services, Inc. | 782,861 | 33,788 | |
Stericycle, Inc. (a) | 439,500 | 35,222 | |
79,383 | |||
Electrical Equipment - 0.4% | |||
Acuity Brands, Inc. | 275,717 | 72,955 | |
Fortive Corp. | 590,534 | 30,058 | |
Vestas Wind Systems A/S | 81,200 | 6,683 | |
109,696 | |||
Industrial Conglomerates - 0.1% | |||
3M Co. | 69,300 | 12,213 | |
General Electric Co. | 605,974 | 17,949 | |
Honeywell International, Inc. | 70,053 | 8,167 | |
38,329 | |||
Machinery - 0.5% | |||
Illinois Tool Works, Inc. | 298,400 | 35,760 | |
Ingersoll-Rand PLC | 71,000 | 4,824 | |
PACCAR, Inc. | 275,300 | 16,182 | |
Pentair PLC | 439,700 | 28,246 | |
Rational AG | 55,300 | 27,706 | |
Xylem, Inc. | 126,570 | 6,639 | |
119,357 | |||
Professional Services - 0.7% | |||
Equifax, Inc. | 910,048 | 122,474 | |
IHS Markit Ltd. (a) | 253,334 | 9,513 | |
TransUnion Holding Co., Inc. (a) | 590,962 | 20,388 | |
Verisk Analytics, Inc.(a) | 312,419 | 25,393 | |
177,768 | |||
Road & Rail - 0.2% | |||
Canadian Pacific Railway Ltd. | 5,000 | 763 | |
Genesee & Wyoming, Inc. Class A (a) | 793,300 | 54,698 | |
55,461 | |||
Trading Companies & Distributors - 0.6% | |||
Air Lease Corp.: | |||
Class A (c) | 320,800 | 9,168 | |
Class A | 1,361,641 | 38,916 | |
HD Supply Holdings, Inc. (a) | 1,247,709 | 39,902 | |
United Rentals, Inc. (a) | 753,800 | 59,166 | |
147,152 | |||
TOTAL INDUSTRIALS | 1,822,854 | ||
INFORMATION TECHNOLOGY - 31.7% | |||
Communications Equipment - 0.9% | |||
Arista Networks, Inc. (a) | 170,765 | 14,529 | |
Cisco Systems, Inc. | 6,846,500 | 217,171 | |
231,700 | |||
Electronic Equipment & Components - 1.9% | |||
Amphenol Corp. Class A | 5,540,729 | 359,704 | |
CDW Corp. | 1,500,828 | 68,633 | |
Flextronics International Ltd. (a) | 112,200 | 1,528 | |
IPG Photonics Corp. (a) | 787,157 | 64,822 | |
494,687 | |||
Internet Software & Services - 12.2% | |||
Akamai Technologies, Inc. (a) | 1,537,400 | 81,467 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 163,400 | 17,286 | |
Alphabet, Inc.: | |||
Class A | 1,183,454 | 951,568 | |
Class C (a) | 550,298 | 427,741 | |
Apptio, Inc. | 38,500 | 835 | |
Cornerstone OnDemand, Inc. (a) | 75,100 | 3,451 | |
CoStar Group, Inc. (a) | 6,900 | 1,494 | |
Dropbox, Inc. (a)(e) | 1,289,836 | 15,981 | |
eBay, Inc. (a) | 624,200 | 20,536 | |
Endurance International Group Holdings, Inc. (a) | 3,512,300 | 30,733 | |
Facebook, Inc. Class A (a) | 9,872,559 | 1,266,359 | |
GoDaddy, Inc. (a) | 1,691,700 | 58,414 | |
LogMeIn, Inc. (a) | 207,519 | 18,758 | |
MercadoLibre, Inc. | 33,900 | 6,270 | |
NetEase, Inc. sponsored ADR | 17,600 | 4,238 | |
Nutanix, Inc.: | |||
Class A (a) | 99,400 | 3,678 | |
Class B | 783,938 | 26,105 | |
Rightmove PLC | 791,322 | 43,304 | |
Shopify, Inc. Class A (a) | 77,800 | 3,339 | |
SurveyMonkey (a)(e) | 2,069,881 | 21,734 | |
Tencent Holdings Ltd. | 1,226,500 | 34,099 | |
The Trade Desk, Inc. | 82,300 | 2,404 | |
Twilio, Inc.: | |||
Class A (b) | 110,600 | 7,118 | |
Class B | 751,240 | 45,932 | |
WebMD Health Corp. (a)(b) | 40,929 | 2,034 | |
3,094,878 | |||
IT Services - 5.4% | |||
Accenture PLC Class A | 366,940 | 44,829 | |
ASAC II LP (a)(e) | 9,408,021 | 1,581 | |
Computer Sciences Corp. | 61,600 | 3,216 | |
Fidelity National Information Services, Inc. | 416,230 | 32,062 | |
First Data Corp. Class A (a) | 9,819,903 | 129,230 | |
Fiserv, Inc. (a) | 1,359,857 | 135,265 | |
FleetCor Technologies, Inc. (a) | 354,600 | 61,605 | |
Global Payments, Inc. | 307,180 | 23,579 | |
MasterCard, Inc. Class A | 1,039,448 | 105,785 | |
PayPal Holdings, Inc. (a) | 5,074,621 | 207,907 | |
Total System Services, Inc. | 941,260 | 44,380 | |
Vantiv, Inc. (a) | 161,100 | 9,065 | |
Visa, Inc. Class A | 6,867,096 | 567,909 | |
1,366,413 | |||
Semiconductors & Semiconductor Equipment - 2.7% | |||
Acacia Communications, Inc. (b) | 30,800 | 3,181 | |
Applied Materials, Inc. | 1,227,800 | 37,018 | |
Broadcom Ltd. | 1,225,054 | 211,346 | |
Inphi Corp. (a) | 36,700 | 1,597 | |
KLA-Tencor Corp. | 20,000 | 1,394 | |
Lam Research Corp. | 666,000 | 63,077 | |
Linear Technology Corp. | 548,600 | 32,526 | |
NVIDIA Corp. | 355,800 | 24,379 | |
Qualcomm, Inc. | 3,676,600 | 251,847 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 901,400 | 27,574 | |
Texas Instruments, Inc. | 289,100 | 20,289 | |
Xilinx, Inc. | 571,500 | 31,055 | |
705,283 | |||
Software - 7.4% | |||
Activision Blizzard, Inc. | 8,038,636 | 356,112 | |
Adobe Systems, Inc. (a) | 2,516,370 | 273,127 | |
ANSYS, Inc. (a) | 460,100 | 42,610 | |
Atlassian Corp. PLC | 124,600 | 3,734 | |
Autodesk, Inc. (a) | 106,900 | 7,732 | |
CDK Global, Inc. | 120,394 | 6,906 | |
Citrix Systems, Inc. (a) | 288,000 | 24,543 | |
Electronic Arts, Inc. (a) | 1,697,582 | 144,974 | |
Fair Isaac Corp. | 11,300 | 1,408 | |
Gigamon, Inc. (a) | 33,600 | 1,841 | |
Intuit, Inc. | 371,900 | 40,913 | |
LINE Corp. ADR | 30,147 | 1,459 | |
Microsoft Corp. | 6,635,300 | 382,193 | |
Mobileye NV (a)(b) | 1,164,400 | 49,569 | |
Paycom Software, Inc. (a) | 59,900 | 3,003 | |
Pegasystems, Inc. | 35,312 | 1,041 | |
RealPage, Inc. (a) | 414,300 | 10,648 | |
Red Hat, Inc. (a) | 18,800 | 1,520 | |
Salesforce.com, Inc. (a) | 4,803,012 | 342,599 | |
Symantec Corp. | 577,800 | 14,503 | |
Trion World Network, Inc. (a)(e) | 702,569 | 84 | |
Trion World Network, Inc.: | |||
warrants 8/10/17 (a)(e) | 18,998 | 0 | |
warrants 10/3/18 (a)(e) | 27,981 | 0 | |
Tyler Technologies, Inc. (a) | 11,700 | 2,003 | |
Ultimate Software Group, Inc. (a) | 494,103 | 100,990 | |
Workday, Inc. Class A (a) | 832,500 | 76,332 | |
1,889,844 | |||
Technology Hardware, Storage & Peripherals - 1.2% | |||
Apple, Inc. | 2,568,369 | 290,354 | |
Hewlett Packard Enterprise Co. | 323,900 | 7,369 | |
Samsung Electronics Co. Ltd. | 10,934 | 15,936 | |
313,659 | |||
TOTAL INFORMATION TECHNOLOGY | 8,096,464 | ||
MATERIALS - 3.8% | |||
Chemicals - 2.1% | |||
Air Products & Chemicals, Inc. | 347,900 | 52,303 | |
Albemarle Corp. U.S. | 587,200 | 50,200 | |
E.I. du Pont de Nemours & Co. | 294,800 | 19,743 | |
Frutarom Industries Ltd. | 30,700 | 1,617 | |
Ingevity Corp. (a) | 205,019 | 9,451 | |
LyondellBasell Industries NV Class A | 469,900 | 37,902 | |
Potash Corp. of Saskatchewan, Inc. | 1,809,300 | 29,444 | |
PPG Industries, Inc. | 1,940,264 | 200,546 | |
Sherwin-Williams Co. | 434,100 | 120,098 | |
The Dow Chemical Co. | 304,500 | 15,782 | |
Westlake Chemical Corp. | 34,100 | 1,824 | |
538,910 | |||
Construction Materials - 0.2% | |||
Martin Marietta Materials, Inc. | 280,834 | 50,300 | |
Vulcan Materials Co. | 99,300 | 11,293 | |
61,593 | |||
Containers & Packaging - 0.1% | |||
Ball Corp. | 257,500 | 21,102 | |
WestRock Co. | 240,618 | 11,665 | |
32,767 | |||
Metals & Mining - 1.4% | |||
B2Gold Corp. (a) | 32,761,132 | 85,901 | |
Detour Gold Corp. (a) | 423,800 | 9,219 | |
Fortescue Metals Group Ltd. | 800,520 | 3,064 | |
Franco-Nevada Corp. | 1,718,261 | 120,047 | |
GoviEx Uranium, Inc. (a) | 851,865 | 91 | |
GoviEx Uranium, Inc. (a)(c) | 23,200 | 2 | |
GoviEx Uranium, Inc. Class A (a)(c) | 2,625,135 | 280 | |
Ivanhoe Mines Ltd. (a) | 4,380,900 | 7,613 | |
Kirkland Lake Gold, Inc. (a) | 698,600 | 5,298 | |
Newcrest Mining Ltd. (a) | 4,190,020 | 70,728 | |
Novagold Resources, Inc. (a) | 3,660,472 | 20,451 | |
Premier Gold Mines Ltd. (a) | 312,800 | 963 | |
Randgold Resources Ltd. sponsored ADR | 193,957 | 19,409 | |
Torex Gold Resources, Inc. (a) | 103,850 | 2,246 | |
345,312 | |||
TOTAL MATERIALS | 978,582 | ||
REAL ESTATE - 0.9% | |||
Equity Real Estate Investment Trusts (REITs) - 0.6% | |||
American Tower Corp. | 1,285,275 | 145,660 | |
Equity Residential (SBI) | 24,000 | 1,544 | |
VEREIT, Inc. | 397,700 | 4,124 | |
151,328 | |||
Real Estate Management & Development - 0.3% | |||
Realogy Holdings Corp. | 2,627,600 | 67,950 | |
TOTAL REAL ESTATE | 219,278 | ||
TELECOMMUNICATION SERVICES - 0.2% | |||
Wireless Telecommunication Services - 0.2% | |||
T-Mobile U.S., Inc. (a) | 1,001,900 | 46,809 | |
UTILITIES - 1.3% | |||
Electric Utilities - 1.3% | |||
Alliant Energy Corp. | 1,739,000 | 66,621 | |
DONG Energy A/S | 261,000 | 10,829 | |
Duke Energy Corp. | 724,800 | 58,013 | |
Exelon Corp. | 2,811,200 | 93,585 | |
IDACORP, Inc. | 400,000 | 31,312 | |
Xcel Energy, Inc. | 1,942,200 | 79,902 | |
340,262 | |||
TOTAL COMMON STOCKS | |||
(Cost $17,137,477) | 24,684,456 | ||
Preferred Stocks - 1.5% | |||
Convertible Preferred Stocks - 1.5% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Household Durables - 0.1% | |||
Blu Homes, Inc. Series A, 5.00% (a)(e) | 7,091,632 | 12,907 | |
Media - 0.0% | |||
Mode Media Corp. Series M-1, 8.00% (a)(e) | 165,366 | 0 | |
TOTAL CONSUMER DISCRETIONARY | 12,907 | ||
CONSUMER STAPLES - 0.1% | |||
Food & Staples Retailing - 0.1% | |||
Blue Apron, Inc. Series D (a)(e) | 1,110,537 | 18,179 | |
FINANCIALS - 0.1% | |||
Consumer Finance - 0.1% | |||
Oportun Finance Corp. Series H (a)(e) | 10,791,166 | 34,640 | |
HEALTH CARE - 0.2% | |||
Biotechnology - 0.1% | |||
23andMe, Inc. Series E (a)(e) | 166,247 | 1,500 | |
Intarcia Therapeutics, Inc. Series CC (a)(e) | 516,522 | 30,991 | |
32,491 | |||
Health Care Providers & Services - 0.0% | |||
Mulberry Health, Inc. Series A8 (e) | 1,159,721 | 7,565 | |
Life Sciences Tools & Services - 0.1% | |||
Living Proof, Inc. 8.00% (a)(e) | 10,369,703 | 22,295 | |
TOTAL HEALTH CARE | 62,351 | ||
INDUSTRIALS - 0.1% | |||
Aerospace & Defense - 0.1% | |||
Space Exploration Technologies Corp. Series G (a)(e) | 145,254 | 14,005 | |
INFORMATION TECHNOLOGY - 0.9% | |||
Internet Software & Services - 0.8% | |||
Dropbox, Inc.: | |||
Series A (a)(e) | 299,518 | 3,711 | |
Series C (a)(e) | 161,770 | 2,004 | |
Pinterest, Inc.: | |||
Series E, 8.00% (a)(e) | 13,203,155 | 111,039 | |
Series F, 8.00% (a)(e) | 8,808,645 | 74,081 | |
Series G, 8.00% (a)(e) | 1,676,465 | 14,099 | |
204,934 | |||
Software - 0.1% | |||
Cloudera, Inc. Series F (a)(e) | 312,284 | 9,899 | |
Snapchat, Inc. Series F (a)(e) | 271,142 | 8,329 | |
18,228 | |||
TOTAL INFORMATION TECHNOLOGY | 223,162 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 365,244 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
FINANCIALS - 0.0% | |||
Banks - 0.0% | |||
Itau Unibanco Holding SA sponsored ADR | 150,100 | 1,642 | |
HEALTH CARE - 0.0% | |||
Health Care Equipment & Supplies - 0.0% | |||
Sartorius AG (non-vtg.) | 39,000 | 3,245 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 4,887 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $231,496) | 370,131 | ||
Principal Amount (000s) | Value (000s) | ||
Corporate Bonds - 0.0% | |||
Convertible Bonds - 0.0% | |||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Trion World Network, Inc. 15% 10/10/19 pay-in-kind (e) | 247 | 143 | |
Nonconvertible Bonds - 0.0% | |||
ENERGY - 0.0% | |||
Energy Equipment & Services - 0.0% | |||
Pacific Drilling SA 5.375% 6/1/20 (c) | 39,145 | 10,814 | |
TOTAL CORPORATE BONDS | |||
(Cost $23,770) | 10,957 | ||
Bank Loan Obligations - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Multiline Retail - 0.0% | |||
JC Penney Corp., Inc. Tranche B, term loan 5.25% 6/23/23 (f) | |||
(Cost $3,416) | 3,433 | 3,444 | |
Shares | Value (000s) | ||
Money Market Funds - 2.1% | |||
Fidelity Cash Central Fund, 0.43% (g) | 400,064,474 | 400,184 | |
Fidelity Securities Lending Cash Central Fund 0.46% (g)(h) | 139,205,642 | 139,233 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $539,309) | 539,417 | ||
TOTAL INVESTMENT PORTFOLIO - 100.5% | |||
(Cost $17,935,468) | 25,608,405 | ||
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (133,179) | ||
NET ASSETS - 100% | $25,475,226 |
Values shown as $0 may reflect amounts less than $500.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $27,692,000 or 0.1% of net assets.
(d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $442,388,000 or 1.7% of net assets.
(f) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(h) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
23andMe, Inc. Series E | 6/18/15 | $1,800 |
ASAC II LP | 10/10/13 | $725 |
Blu Homes, Inc. Series A, 5.00% | 6/10/13 - 12/30/14 | $32,763 |
Blue Apron, Inc. Series D | 5/18/15 | $14,800 |
Cloudera, Inc. Series F | 2/5/14 | $4,547 |
Dropbox, Inc. | 5/2/12 | $11,672 |
Dropbox, Inc. Series A | 5/29/12 | $2,710 |
Dropbox, Inc. Series C | 1/30/14 | $3,090 |
Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $7,040 |
Living Proof, Inc. 8.00% | 2/13/13 | $18,400 |
Mode Media Corp. Series M-1, 8.00% | 3/19/08 | $3,508 |
Mulberry Health, Inc. Series A8 | 1/20/16 | $7,834 |
Oportun Finance Corp. Series H | 2/6/15 | $30,726 |
Pinterest, Inc. Series E, 8.00% | 10/23/13 | $38,370 |
Pinterest, Inc. Series F, 8.00% | 5/15/14 | $29,923 |
Pinterest, Inc. Series G, 8.00% | 2/27/15 | $12,035 |
Snapchat, Inc. Series F | 2/12/16 | $8,329 |
Space Exploration Technologies Corp. Class A | 10/16/15 - 4/8/16 | $11,307 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $11,251 |
SurveyMonkey | 12/15/14 | $34,050 |
Trion World Network, Inc. | 8/22/08 - 3/20/13 | $3,834 |
Trion World Network, Inc. warrants 8/10/17 | 8/10/10 | $0 |
Trion World Network, Inc. warrants 10/3/18 | 10/10/13 | $0 |
Trion World Network, Inc. 15% 10/10/19 pay-in-kind | 10/10/13 - 4/19/16 | $247 |
Weinstein Co. Holdings LLC Class A-1 unit | 10/19/05 | $2,299 |
WME Entertainment Parent, LLC Class A unit | 8/16/16 | $25,816 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $1,594 |
Fidelity Securities Lending Cash Central Fund | 6,357 |
Total | $7,951 |
Investment Valuation
The following is a summary of the inputs used, as of September 30, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $3,964,602 | $3,888,199 | $63,122 | $13,281 |
Consumer Staples | 1,410,682 | 1,336,582 | 55,921 | 18,179 |
Energy | 2,063,182 | 2,063,182 | -- | -- |
Financials | 2,768,629 | 2,581,750 | 126,423 | 60,456 |
Health Care | 3,106,076 | 3,041,650 | 1,635 | 62,791 |
Industrials | 1,836,859 | 1,701,892 | 109,278 | 25,689 |
Information Technology | 8,319,626 | 7,935,012 | 122,072 | 262,542 |
Materials | 978,582 | 904,790 | 73,792 | -- |
Real Estate | 219,278 | 219,278 | -- | -- |
Telecommunication Services | 46,809 | 46,809 | -- | -- |
Utilities | 340,262 | 340,262 | -- | -- |
Corporate Bonds | 10,957 | -- | 10,814 | 143 |
Bank Loan Obligations | 3,444 | -- | 3,444 | -- |
Money Market Funds | 539,417 | 539,417 | -- | -- |
Total Investments in Securities: | $25,608,405 | $24,598,823 | $566,501 | $443,081 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
(Amounts in thousands) | |
Investments in Securities: | |
Equities - Information Technology | |
Beginning Balance | $518,084 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | (151,517) |
Cost of Purchases | 12,164 |
Proceeds of Sales | (116,189) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $262,542 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2016 | $(147,744) |
Other Investments in Securities | |
Beginning Balance | $176,193 |
Net Realized Gain (Loss) on Investment Securities | 7,224 |
Net Unrealized Gain (Loss) on Investment Securities | (10,010) |
Cost of Purchases | 44,539 |
Proceeds of Sales | (37,407) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $180,539 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2016 | $(3,304) |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at 09/30/16 (000s) | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input(a) |
Corporate Bonds | $143 | Recovery value | Recovery value | 58.0% | Increase |
Equities | $442,938 | Discounted cash flow | Growth rate | 3.0% | Increase |
Discount rate | 8.0% | Decrease | |||
Discount for lack of marketability | 20.0% | Decrease | |||
Expected distribution | Recovery rate | 0.0% | Increase | ||
Market approach | Transaction price | $2.05 - $60.00 / $33.12 | Increase | ||
Discount rate | 13.0% - 50.0% / 26.5% | Decrease | |||
Tender price | $96.42 | Increase | |||
Liquidity preference | $2.94 - $6.75 / $4.35 | Increase | |||
Market comparable | Enterprise value/Sales multiple (EV/S) | 0.6 - 7.4 / 4.3 | Increase | ||
Enterprise value/EBITDA multiple (EV/EBITDA) | 9.4 - 16.8 / 16.3 | Increase | |||
Discount rate | 3.0% - 50.0% / 17.8% | Decrease | |||
Price/Earnings multiple (P/E) | 5.0 - 10.7 / 9.2 | Increase | |||
Discount for lack of marketability | 15.0% - 30.0% / 16.0% | Decrease | |||
Premium rate | 30.0% - 130.0% / 65.3% | Increase | |||
Enterprise value/Gross profit multiple (EV/GP) | 5.4 | Increase | |||
Recovery value | Recovery value | 0.0% - 0.2% / 0.2% | Increase |
(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Other Information
Income Tax Information
At September 30, 2016, the cost of investment securities for income tax purposes was $17,958,061,000. Net unrealized appreciation aggregated $7,650,344,000 of which $8,262,706,000 related to appreciated investment securities and $612,362,000 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Holdings Report
for
Fidelity Advisor® Series Opportunistic Insights Fund
September 30, 2016
Investments September 30, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.4% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 23.3% | |||
Automobiles - 1.4% | |||
BYD Co. Ltd. (H Shares) | 14,000 | $93,126 | |
Fuji Heavy Industries Ltd. | 4,400 | 165,086 | |
General Motors Co. | 63,400 | 2,014,218 | |
Tesla Motors, Inc. (a) | 48,069 | 9,807,518 | |
12,079,948 | |||
Distributors - 0.0% | |||
LKQ Corp. (a) | 4,900 | 173,754 | |
Diversified Consumer Services - 0.1% | |||
Bright Horizons Family Solutions, Inc. (a) | 9,100 | 608,699 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 2,000 | 92,720 | |
Weight Watchers International, Inc. (a) | 47,200 | 487,104 | |
1,188,523 | |||
Hotels, Restaurants & Leisure - 2.8% | |||
ARAMARK Holdings Corp. | 30,600 | 1,163,718 | |
Chipotle Mexican Grill, Inc. (a) | 5,729 | 2,426,232 | |
Chuy's Holdings, Inc. (a) | 15,300 | 427,482 | |
Compass Group PLC | 13,600 | 263,386 | |
Domino's Pizza, Inc. | 5,900 | 895,915 | |
Marriott International, Inc. Class A | 33,300 | 2,242,089 | |
Popeyes Louisiana Kitchen, Inc. (a) | 7,700 | 409,178 | |
Sodexo SA | 1,600 | 190,520 | |
Starbucks Corp. | 283,720 | 15,360,601 | |
Texas Roadhouse, Inc. Class A | 3,600 | 140,508 | |
Vail Resorts, Inc. | 2,900 | 454,952 | |
23,974,581 | |||
Household Durables - 0.2% | |||
D.R. Horton, Inc. | 6,500 | 196,300 | |
Mohawk Industries, Inc. (a) | 8,800 | 1,762,992 | |
1,959,292 | |||
Internet & Direct Marketing Retail - 12.0% | |||
Amazon.com, Inc. (a) | 84,093 | 70,411,910 | |
ASOS PLC (a) | 1,400 | 87,990 | |
Netflix, Inc. (a) | 185,927 | 18,323,106 | |
Priceline Group, Inc. (a) | 9,000 | 13,243,410 | |
Takeaway.com Holding BV (b) | 7,100 | 195,367 | |
TripAdvisor, Inc. (a) | 35,834 | 2,263,992 | |
104,525,775 | |||
Leisure Products - 0.1% | |||
Hasbro, Inc. | 2,600 | 206,258 | |
Mattel, Inc. | 13,800 | 417,864 | |
624,122 | |||
Media - 1.6% | |||
Charter Communications, Inc. Class A (a) | 13,685 | 3,694,539 | |
DISH Network Corp. Class A (a) | 3,200 | 175,296 | |
Interpublic Group of Companies, Inc. | 30,600 | 683,910 | |
Liberty Broadband Corp.: | |||
Class A (a) | 11,325 | 794,562 | |
Class C (a) | 19,951 | 1,426,097 | |
Liberty Global PLC: | |||
Class A (a) | 39,148 | 1,338,079 | |
LiLAC Class A (a) | 9,511 | 262,405 | |
LiLAC Class C (a) | 3,202 | 89,816 | |
Liberty Media Corp.: | |||
Liberty Media Class C (a) | 21,051 | 592,375 | |
Liberty SiriusXM Class A (a) | 2,400 | 81,552 | |
Liberty SiriusXM Class C (a) | 84,204 | 2,813,256 | |
Megacable Holdings S.A.B. de CV unit | 3,600 | 13,799 | |
Naspers Ltd. Class N | 3,400 | 588,448 | |
Omnicom Group, Inc. | 5,000 | 425,000 | |
Sirius XM Holdings, Inc. (a)(c) | 146,300 | 610,071 | |
The Walt Disney Co. | 8,300 | 770,738 | |
14,359,943 | |||
Multiline Retail - 0.6% | |||
Dollar Tree, Inc. (a) | 19,500 | 1,539,135 | |
Dollarama, Inc. | 1,700 | 132,727 | |
Next PLC | 13,400 | 829,515 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 90,900 | 2,382,489 | |
4,883,866 | |||
Specialty Retail - 2.9% | |||
AutoNation, Inc. (a) | 2,500 | 121,775 | |
AutoZone, Inc. (a) | 3,500 | 2,689,190 | |
Home Depot, Inc. | 48,200 | 6,202,376 | |
Inditex SA | 2,323 | 86,115 | |
Nitori Holdings Co. Ltd. | 2,600 | 311,669 | |
O'Reilly Automotive, Inc. (a) | 21,134 | 5,919,845 | |
Ross Stores, Inc. | 10,300 | 662,290 | |
The Children's Place Retail Stores, Inc. | 3,717 | 296,877 | |
TJX Companies, Inc. | 108,714 | 8,129,633 | |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 3,500 | 832,930 | |
25,252,700 | |||
Textiles, Apparel & Luxury Goods - 1.6% | |||
adidas AG | 9,600 | 1,669,675 | |
Coach, Inc. | 49,100 | 1,795,096 | |
NIKE, Inc. Class B | 145,590 | 7,665,314 | |
Pandora A/S | 600 | 72,512 | |
Under Armour, Inc.: | |||
Class A (sub. vtg.) (a)(c) | 29,186 | 1,128,914 | |
Class C (non-vtg.) | 48,483 | 1,641,634 | |
13,973,145 | |||
TOTAL CONSUMER DISCRETIONARY | 202,995,649 | ||
CONSUMER STAPLES - 5.5% | |||
Beverages - 0.9% | |||
Boston Beer Co., Inc. Class A (a) | 9,431 | 1,464,257 | |
Coca-Cola Bottling Co. Consolidated | 10,200 | 1,511,232 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 10,000 | 1,664,900 | |
Kweichow Moutai Co. Ltd. | 2,700 | 120,748 | |
Molson Coors Brewing Co. Class B | 4,400 | 483,120 | |
Monster Beverage Corp. (a) | 3,600 | 528,516 | |
PepsiCo, Inc. | 12,100 | 1,316,117 | |
The Coca-Cola Co. | 16,200 | 685,584 | |
7,774,474 | |||
Food & Staples Retailing - 0.6% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 10,100 | 489,468 | |
Costco Wholesale Corp. | 23,558 | 3,592,831 | |
Sysco Corp. | 24,700 | 1,210,547 | |
5,292,846 | |||
Food Products - 0.8% | |||
Associated British Foods PLC | 43,865 | 1,478,246 | |
Mondelez International, Inc. | 67,335 | 2,956,007 | |
The Kraft Heinz Co. | 21,500 | 1,924,465 | |
TreeHouse Foods, Inc. (a) | 10,200 | 889,338 | |
7,248,056 | |||
Household Products - 1.7% | |||
Colgate-Palmolive Co. | 188,457 | 13,972,202 | |
Spectrum Brands Holdings, Inc. | 4,100 | 564,529 | |
14,536,731 | |||
Personal Products - 1.5% | |||
Estee Lauder Companies, Inc. Class A | 146,744 | 12,995,649 | |
Hypermarcas SA | 10,100 | 86,554 | |
L'Oreal SA | 1,322 | 249,640 | |
13,331,843 | |||
TOTAL CONSUMER STAPLES | 48,183,950 | ||
ENERGY - 2.7% | |||
Energy Equipment & Services - 0.3% | |||
Schlumberger Ltd. | 35,750 | 2,811,380 | |
Oil, Gas & Consumable Fuels - 2.4% | |||
Anadarko Petroleum Corp. | 16,700 | 1,058,112 | |
Apache Corp. | 4,400 | 281,028 | |
Birchcliff Energy Ltd. (a) | 146,800 | 1,027,192 | |
Canadian Natural Resources Ltd. | 59,600 | 1,905,274 | |
Cimarex Energy Co. | 700 | 94,059 | |
Concho Resources, Inc. (a) | 6,800 | 933,980 | |
Continental Resources, Inc. (a) | 30,600 | 1,589,976 | |
Diamondback Energy, Inc. (a) | 19,600 | 1,892,184 | |
EOG Resources, Inc. | 88,415 | 8,550,615 | |
Par Pacific Holdings, Inc. (a) | 329 | 4,303 | |
PDC Energy, Inc. (a) | 6,100 | 409,066 | |
Peyto Exploration & Development Corp. (c) | 3,000 | 84,195 | |
Pioneer Natural Resources Co. | 11,600 | 2,153,540 | |
PrairieSky Royalty Ltd. | 10,780 | 219,799 | |
TAG Oil Ltd. (a) | 158,192 | 109,726 | |
Tesoro Corp. | 2,900 | 230,724 | |
20,543,773 | |||
TOTAL ENERGY | 23,355,153 | ||
FINANCIALS - 7.1% | |||
Banks - 2.2% | |||
Banco Santander Chile sponsored ADR | 24,100 | 498,629 | |
Bank of America Corp. | 11,000 | 172,150 | |
Citigroup, Inc. | 181,173 | 8,556,801 | |
Grupo Financiero Galicia SA sponsored ADR | 400 | 12,444 | |
HDFC Bank Ltd. sponsored ADR | 56,287 | 4,046,472 | |
JPMorgan Chase & Co. | 2,600 | 173,134 | |
Metro Bank PLC | 800 | 28,629 | |
PT Bank Central Asia Tbk | 75,600 | 91,186 | |
Wells Fargo & Co. | 122,804 | 5,437,761 | |
19,017,206 | |||
Capital Markets - 1.1% | |||
BlackRock, Inc. Class A | 8,547 | 3,097,946 | |
IntercontinentalExchange, Inc. | 2,700 | 727,272 | |
MarketAxess Holdings, Inc. | 1,400 | 231,826 | |
MSCI, Inc. Class A | 13,525 | 1,135,289 | |
Oaktree Capital Group LLC Class A | 26,108 | 1,106,979 | |
S&P Global, Inc. | 24,453 | 3,094,772 | |
Silver Run Acquisition Corp. (a) | 11,500 | 181,125 | |
9,575,209 | |||
Diversified Financial Services - 2.8% | |||
Berkshire Hathaway, Inc. Class A (a) | 111 | 24,000,420 | |
Insurance - 1.0% | |||
Admiral Group PLC | 22,600 | 600,213 | |
AFLAC, Inc. | 1,200 | 86,244 | |
Chubb Ltd. | 36,065 | 4,531,567 | |
Direct Line Insurance Group PLC | 116,100 | 548,962 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 1,600 | 937,499 | |
Marsh & McLennan Companies, Inc. | 29,708 | 1,997,863 | |
The Travelers Companies, Inc. | 4,900 | 561,295 | |
9,263,643 | |||
TOTAL FINANCIALS | 61,856,478 | ||
HEALTH CARE - 10.5% | |||
Biotechnology - 2.1% | |||
Acceleron Pharma, Inc. (a) | 8,700 | 314,853 | |
Advaxis, Inc. (a) | 34,821 | 372,236 | |
Agios Pharmaceuticals, Inc. (a) | 10,500 | 554,610 | |
Amgen, Inc. | 12,500 | 2,085,125 | |
Celgene Corp. (a) | 5,600 | 585,368 | |
Enanta Pharmaceuticals, Inc. (a) | 10,374 | 276,052 | |
Five Prime Therapeutics, Inc. (a) | 2,100 | 110,229 | |
Genmab A/S (a) | 5,000 | 852,457 | |
Gilead Sciences, Inc. | 71,740 | 5,676,069 | |
Intrexon Corp. (a)(c) | 24,300 | 680,886 | |
Macrogenics, Inc. (a) | 17,900 | 535,389 | |
NantKwest, Inc. (a)(c) | 18,600 | 144,708 | |
Neurocrine Biosciences, Inc. (a) | 25,574 | 1,295,067 | |
Opko Health, Inc. (a)(c) | 42,000 | 444,780 | |
OvaScience, Inc. (a)(c) | 149,980 | 1,073,857 | |
Regeneron Pharmaceuticals, Inc. (a) | 7,900 | 3,175,958 | |
TESARO, Inc. (a) | 3,900 | 390,936 | |
uniQure B.V. (a) | 7,700 | 58,905 | |
18,627,485 | |||
Health Care Equipment & Supplies - 3.8% | |||
Baxter International, Inc. | 7,400 | 352,240 | |
Becton, Dickinson & Co. | 12,774 | 2,295,871 | |
Boston Scientific Corp. (a) | 276,400 | 6,578,320 | |
C.R. Bard, Inc. | 5,700 | 1,278,396 | |
Danaher Corp. | 53,120 | 4,164,077 | |
Dentsply Sirona, Inc. | 12,151 | 722,134 | |
DexCom, Inc. (a) | 29,872 | 2,618,580 | |
Edwards Lifesciences Corp. (a) | 39,488 | 4,760,673 | |
Intuitive Surgical, Inc. (a) | 4,100 | 2,971,803 | |
Medtronic PLC | 49,566 | 4,282,502 | |
Nevro Corp. (a) | 10,000 | 1,043,900 | |
Penumbra, Inc. (a) | 4,200 | 319,158 | |
ResMed, Inc. | 2,100 | 136,059 | |
Stryker Corp. | 8,000 | 931,280 | |
Zimmer Biomet Holdings, Inc. | 3,400 | 442,068 | |
32,897,061 | |||
Health Care Providers & Services - 2.3% | |||
Aetna, Inc. | 8,014 | 925,216 | |
Henry Schein, Inc. (a) | 57,093 | 9,305,017 | |
Surgical Care Affiliates, Inc. (a) | 900 | 43,884 | |
UnitedHealth Group, Inc. | 67,334 | 9,426,760 | |
19,700,877 | |||
Health Care Technology - 0.0% | |||
Cerner Corp. (a) | 1,300 | 80,275 | |
Medidata Solutions, Inc. (a) | 3,400 | 189,584 | |
NantHealth, Inc. | 800 | 10,520 | |
280,379 | |||
Life Sciences Tools & Services - 1.3% | |||
Agilent Technologies, Inc. | 5,500 | 258,995 | |
Eurofins Scientific SA | 1,200 | 545,072 | |
Mettler-Toledo International, Inc. (a) | 9,455 | 3,969,493 | |
PRA Health Sciences, Inc. (a) | 1,600 | 90,416 | |
Thermo Fisher Scientific, Inc. | 23,181 | 3,687,170 | |
Waters Corp. (a) | 20,113 | 3,187,709 | |
11,738,855 | |||
Pharmaceuticals - 1.0% | |||
Aralez Pharmaceuticals, Inc. (a) | 33,173 | 160,889 | |
AstraZeneca PLC sponsored ADR | 7,600 | 249,736 | |
Bristol-Myers Squibb Co. | 112,968 | 6,091,235 | |
Dermira, Inc. (a) | 4,300 | 145,426 | |
H Lundbeck A/S (a) | 2,300 | 75,338 | |
Jiangsu Hengrui Medicine Co. Ltd. | 13,560 | 89,615 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 36,000 | 1,656,360 | |
8,468,599 | |||
TOTAL HEALTH CARE | 91,713,256 | ||
INDUSTRIALS - 5.4% | |||
Aerospace & Defense - 0.7% | |||
General Dynamics Corp. | 7,800 | 1,210,248 | |
Northrop Grumman Corp. | 9,300 | 1,989,735 | |
Raytheon Co. | 8,000 | 1,089,040 | |
Rolls-Royce Group PLC | 8,500 | 79,302 | |
Saab AB (B Shares) | 2,600 | 92,558 | |
Space Exploration Technologies Corp. Class A (a)(d) | 1,487 | 143,377 | |
TransDigm Group, Inc. (a) | 5,000 | 1,445,600 | |
6,049,860 | |||
Air Freight & Logistics - 0.2% | |||
C.H. Robinson Worldwide, Inc. | 7,000 | 493,220 | |
FedEx Corp. | 10,200 | 1,781,736 | |
2,274,956 | |||
Airlines - 0.7% | |||
Ryanair Holdings PLC sponsored ADR | 36,479 | 2,737,019 | |
Southwest Airlines Co. | 92,300 | 3,589,547 | |
6,326,566 | |||
Building Products - 0.7% | |||
A.O. Smith Corp. | 4,100 | 405,039 | |
ASSA ABLOY AB (B Shares) | 27,400 | 556,700 | |
Fortune Brands Home & Security, Inc. | 29,217 | 1,697,508 | |
Masco Corp. | 87,263 | 2,993,994 | |
Toto Ltd. | 17,300 | 654,063 | |
6,307,304 | |||
Commercial Services & Supplies - 0.1% | |||
Cintas Corp. | 4,800 | 540,480 | |
Copart, Inc. (a) | 1,433 | 76,751 | |
617,231 | |||
Electrical Equipment - 0.6% | |||
Acuity Brands, Inc. | 12,600 | 3,333,960 | |
Fortive Corp. | 34,860 | 1,774,374 | |
Vestas Wind Systems A/S | 4,700 | 386,827 | |
5,495,161 | |||
Industrial Conglomerates - 0.8% | |||
3M Co. | 31,723 | 5,590,544 | |
General Electric Co. | 29,834 | 883,683 | |
Honeywell International, Inc. | 2,900 | 338,111 | |
6,812,338 | |||
Machinery - 0.5% | |||
Fanuc Corp. | 300 | 50,675 | |
Illinois Tool Works, Inc. | 22,893 | 2,743,497 | |
Ingersoll-Rand PLC | 3,900 | 264,966 | |
PACCAR, Inc. | 13,400 | 787,652 | |
Rational AG | 600 | 300,608 | |
Xylem, Inc. | 8,000 | 419,600 | |
4,566,998 | |||
Professional Services - 0.8% | |||
Equifax, Inc. | 38,222 | 5,143,917 | |
IHS Markit Ltd. (a) | 11,508 | 432,125 | |
RELX PLC | 5,100 | 96,710 | |
TransUnion Holding Co., Inc. (a) | 27,900 | 962,550 | |
Verisk Analytics, Inc. (a) | 100 | 8,128 | |
6,643,430 | |||
Road & Rail - 0.1% | |||
Canadian Pacific Railway Ltd. | 4,000 | 610,359 | |
Trading Companies & Distributors - 0.2% | |||
HD Supply Holdings, Inc. (a) | 52,300 | 1,672,554 | |
TOTAL INDUSTRIALS | 47,376,757 | ||
INFORMATION TECHNOLOGY - 37.0% | |||
Communications Equipment - 0.2% | |||
Arista Networks, Inc. (a)(c) | 8,900 | 757,212 | |
Cisco Systems, Inc. | 16,700 | 529,724 | |
Palo Alto Networks, Inc. (a) | 500 | 79,665 | |
1,366,601 | |||
Electronic Equipment & Components - 1.5% | |||
Amphenol Corp. Class A | 160,814 | 10,440,045 | |
CDW Corp. | 24,841 | 1,135,979 | |
Fitbit, Inc. (a)(c) | 3,100 | 46,004 | |
Flextronics International Ltd. (a) | 6,500 | 88,530 | |
IPG Photonics Corp. (a) | 10,000 | 823,500 | |
Keyence Corp. | 300 | 219,807 | |
12,753,865 | |||
Internet Software & Services - 16.2% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 9,400 | 994,426 | |
Alphabet, Inc.: | |||
Class A | 39,539 | 31,791,728 | |
Class C (a) | 34,000 | 26,427,860 | |
Apptio, Inc. | 1,300 | 28,210 | |
Cornerstone OnDemand, Inc. (a) | 4,300 | 197,585 | |
CoStar Group, Inc. (a) | 400 | 86,612 | |
eBay, Inc. (a) | 34,100 | 1,121,890 | |
Facebook, Inc. Class A (a) | 568,906 | 72,973,573 | |
LogMeIn, Inc. (a) | 7,813 | 706,217 | |
MercadoLibre, Inc. | 1,900 | 351,443 | |
NetEase, Inc. sponsored ADR | 1,000 | 240,780 | |
Nutanix, Inc.: | |||
Class A (a) | 3,800 | 140,600 | |
Class B | 24,249 | 807,492 | |
Rightmove PLC | 8,439 | 461,811 | |
Shopify, Inc. Class A (a) | 3,100 | 133,052 | |
SurveyMonkey (a)(d) | 62,998 | 661,479 | |
Tencent Holdings Ltd. | 81,300 | 2,260,306 | |
The Trade Desk, Inc. | 3,300 | 96,393 | |
Twilio, Inc.: | |||
Class A | 6,300 | 405,468 | |
Class B | 22,702 | 1,388,046 | |
WebMD Health Corp. (a) | 1,919 | 95,374 | |
141,370,345 | |||
IT Services - 4.5% | |||
Accenture PLC Class A | 20,156 | 2,462,459 | |
ASAC II LP (a)(d) | 224,957 | 37,793 | |
Computer Sciences Corp. | 5,300 | 276,713 | |
Fiserv, Inc. (a) | 12,200 | 1,213,534 | |
FleetCor Technologies, Inc. (a) | 1,500 | 260,595 | |
Gartner, Inc. Class A (a) | 100 | 8,845 | |
Global Payments, Inc. | 23,500 | 1,803,860 | |
MasterCard, Inc. Class A | 98,190 | 9,992,796 | |
PayPal Holdings, Inc. (a) | 171,862 | 7,041,186 | |
Visa, Inc. Class A | 199,140 | 16,468,878 | |
39,566,659 | |||
Semiconductors & Semiconductor Equipment - 3.0% | |||
Acacia Communications, Inc. | 2,000 | 206,560 | |
Applied Materials, Inc. | 69,200 | 2,086,380 | |
Broadcom Ltd. | 51,200 | 8,833,024 | |
Inphi Corp. (a) | 1,900 | 82,669 | |
KLA-Tencor Corp. | 1,100 | 76,681 | |
Lam Research Corp. | 36,900 | 3,494,799 | |
Maxim Integrated Products, Inc. | 2,100 | 83,853 | |
NVIDIA Corp. | 21,512 | 1,474,002 | |
Qualcomm, Inc. | 72,800 | 4,986,800 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 108,500 | 3,319,015 | |
Texas Instruments, Inc. | 16,300 | 1,143,934 | |
Xilinx, Inc. | 500 | 27,170 | |
25,814,887 | |||
Software - 9.8% | |||
Activision Blizzard, Inc. | 207,151 | 9,176,789 | |
Adobe Systems, Inc. (a) | 102,480 | 11,123,179 | |
Atlassian Corp. PLC | 7,000 | 209,790 | |
Autodesk, Inc. (a) | 6,200 | 448,446 | |
CDK Global, Inc. | 6,600 | 378,576 | |
Citrix Systems, Inc. (a) | 17,200 | 1,465,784 | |
Electronic Arts, Inc. (a) | 127,509 | 10,889,269 | |
Fair Isaac Corp. | 700 | 87,213 | |
Gigamon, Inc. (a) | 2,000 | 109,600 | |
Intuit, Inc. | 9,600 | 1,056,096 | |
LINE Corp. ADR | 1,759 | 85,136 | |
Microsoft Corp. | 142,400 | 8,202,240 | |
Paycom Software, Inc. (a) | 3,500 | 175,455 | |
Pegasystems, Inc. | 4,000 | 117,960 | |
RealPage, Inc. (a) | 22,600 | 580,820 | |
Red Hat, Inc. (a) | 1,100 | 88,913 | |
Salesforce.com, Inc. (a) | 379,726 | 27,085,856 | |
Symantec Corp. | 36,400 | 913,640 | |
Tyler Technologies, Inc. (a) | 1,000 | 171,230 | |
Ultimate Software Group, Inc. (a) | 43,751 | 8,942,267 | |
Workday, Inc. Class A (a) | 47,700 | 4,373,613 | |
85,681,872 | |||
Technology Hardware, Storage & Peripherals - 1.8% | |||
Apple, Inc. | 127,341 | 14,395,900 | |
Hewlett Packard Enterprise Co. | 18,900 | 429,975 | |
Samsung Electronics Co. Ltd. | 615 | 896,332 | |
Xaar PLC | 24,188 | 156,756 | |
15,878,963 | |||
TOTAL INFORMATION TECHNOLOGY | 322,433,192 | ||
MATERIALS - 3.4% | |||
Chemicals - 1.8% | |||
Air Products & Chemicals, Inc. | 19,437 | 2,922,159 | |
E.I. du Pont de Nemours & Co. | 19,200 | 1,285,824 | |
Ecolab, Inc. | 700 | 85,204 | |
Frutarom Industries Ltd. | 1,600 | 84,262 | |
Ingevity Corp. (a) | 12,500 | 576,250 | |
PPG Industries, Inc. | 39,310 | 4,063,082 | |
Sherwin-Williams Co. | 21,131 | 5,846,102 | |
The Dow Chemical Co. | 15,400 | 798,182 | |
Westlake Chemical Corp. | 1,900 | 101,650 | |
15,762,715 | |||
Construction Materials - 0.2% | |||
Martin Marietta Materials, Inc. | 7,600 | 1,361,236 | |
Vulcan Materials Co. | 5,421 | 616,530 | |
1,977,766 | |||
Containers & Packaging - 0.2% | |||
Ball Corp. | 17,900 | 1,466,905 | |
Metals & Mining - 1.2% | |||
B2Gold Corp. (a) | 160,600 | 421,101 | |
Barrick Gold Corp. | 6,900 | 122,175 | |
Detour Gold Corp. (a) | 20,400 | 443,779 | |
Fortescue Metals Group Ltd. | 46,765 | 178,997 | |
Franco-Nevada Corp. | 47,400 | 3,311,623 | |
Ivanhoe Mines Ltd. (a) | 233,109 | 405,113 | |
Kirkland Lake Gold, Inc. (a) | 155,100 | 1,176,299 | |
Newcrest Mining Ltd. (a) | 115,948 | 1,957,219 | |
Novagold Resources, Inc. (a) | 71,138 | 397,455 | |
Premier Gold Mines Ltd. (a) | 141,600 | 436,041 | |
Primero Mining Corp. (a) | 60,700 | 101,325 | |
Randgold Resources Ltd. sponsored ADR | 10,241 | 1,024,817 | |
TMAC Resources, Inc. (a) | 6,300 | 89,125 | |
Torex Gold Resources, Inc. (a) | 6,500 | 140,607 | |
10,205,676 | |||
TOTAL MATERIALS | 29,413,062 | ||
REAL ESTATE - 0.2% | |||
Equity Real Estate Investment Trusts (REITs) - 0.2% | |||
American Tower Corp. | 10,300 | 1,167,299 | |
Real Estate Management & Development - 0.0% | |||
WeWork Companies, Inc. Class A (a)(d) | 4,986 | 250,259 | |
TOTAL REAL ESTATE | 1,417,558 | ||
TELECOMMUNICATION SERVICES - 0.3% | |||
Wireless Telecommunication Services - 0.3% | |||
T-Mobile U.S., Inc. (a) | 46,300 | 2,163,136 | |
UTILITIES - 0.0% | |||
Electric Utilities - 0.0% | |||
DONG Energy A/S | 7,900 | 327,781 | |
TOTAL COMMON STOCKS | |||
(Cost $566,284,024) | 831,235,972 | ||
Preferred Stocks - 2.5% | |||
Convertible Preferred Stocks - 2.5% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Diversified Consumer Services - 0.1% | |||
Airbnb, Inc.: | |||
Series D (a)(d) | 4,308 | 452,340 | |
Series E (a)(d) | 2,148 | 225,540 | |
677,880 | |||
Household Durables - 0.0% | |||
Blu Homes, Inc. Series A, 5.00% (a)(d) | 174,063 | 316,795 | |
TOTAL CONSUMER DISCRETIONARY | 994,675 | ||
CONSUMER STAPLES - 0.1% | |||
Food & Staples Retailing - 0.1% | |||
Blue Apron, Inc. Series D (a)(d) | 30,015 | 491,346 | |
FINANCIALS - 0.1% | |||
Consumer Finance - 0.1% | |||
Oportun Finance Corp. Series H (a)(d) | 331,477 | 1,064,041 | |
HEALTH CARE - 0.1% | |||
Biotechnology - 0.0% | |||
23andMe, Inc. Series E (a)(d) | 5,172 | 46,651 | |
Health Care Providers & Services - 0.1% | |||
Mulberry Health, Inc. Series A8 (d) | 62,105 | 405,098 | |
TOTAL HEALTH CARE | 451,749 | ||
INDUSTRIALS - 0.0% | |||
Aerospace & Defense - 0.0% | |||
Space Exploration Technologies Corp. Series G (a)(d) | 4,394 | 423,669 | |
INFORMATION TECHNOLOGY - 1.8% | |||
Internet Software & Services - 1.0% | |||
Dropbox, Inc. Series C (a)(d) | 53,923 | 668,106 | |
Pinterest, Inc.: | |||
Series E, 8.00% (a)(d) | 318,795 | 2,681,066 | |
Series F, 8.00% (a)(d) | 331,500 | 2,787,915 | |
Series G, 8.00% (a)(d) | 51,970 | 437,068 | |
Uber Technologies, Inc. Series D, 8.00% (a)(d) | 36,744 | 1,792,087 | |
8,366,242 | |||
Software - 0.8% | |||
Cloudera, Inc. Series F (a)(d) | 9,618 | 304,885 | |
Cloudflare, Inc. Series D 8.00% (a)(d) | 34,105 | 224,411 | |
Delphix Corp. Series D (a)(d) | 27,980 | 153,890 | |
Magic Leap, Inc.: | |||
Series B, 8.00% (a)(d) | 231,802 | 5,995,930 | |
Series C (d) | 2,268 | 58,665 | |
Snapchat, Inc. Series F (a)(d) | 14,843 | 455,977 | |
7,193,758 | |||
TOTAL INFORMATION TECHNOLOGY | 15,560,000 | ||
REAL ESTATE - 0.3% | |||
Real Estate Management & Development - 0.3% | |||
WeWork Companies, Inc. Series E (a)(d) | 44,875 | 2,252,377 | |
TELECOMMUNICATION SERVICES - 0.0% | |||
Wireless Telecommunication Services - 0.0% | |||
Altiostar Networks, Inc. Series D (a)(d) | 20,342 | 93,980 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 21,331,837 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
FINANCIALS - 0.0% | |||
Banks - 0.0% | |||
Itau Unibanco Holding SA sponsored ADR | 8,600 | 94,084 | |
HEALTH CARE - 0.0% | |||
Health Care Equipment & Supplies - 0.0% | |||
Sartorius AG (non-vtg.) | 1,900 | 158,114 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 252,198 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $13,108,295) | 21,584,035 | ||
Principal Amount | Value | ||
Bank Loan Obligations - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Multiline Retail - 0.0% | |||
JC Penney Corp., Inc. Tranche B, term loan 5.25% 6/23/23 (e) | 193,781 | 194,403 | |
INDUSTRIALS - 0.0% | |||
Building Products - 0.0% | |||
Jeld-Wen, Inc. Tranche B, term loan 4.75% 7/1/22 (e) | 193,050 | 194,096 | |
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $384,897) | 388,499 | ||
Shares | Value | ||
Money Market Funds - 2.8% | |||
Fidelity Cash Central Fund, 0.43% (f) | 21,709,072 | 21,715,585 | |
Fidelity Securities Lending Cash Central Fund 0.46% (f)(g) | 3,153,638 | 3,154,269 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $24,862,710) | 24,869,854 | ||
TOTAL INVESTMENT PORTFOLIO - 100.7% | |||
(Cost $604,639,926) | 878,078,360 | ||
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (6,424,759) | ||
NET ASSETS - 100% | $871,653,601 |
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $195,367 or 0.0% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $22,424,744 or 2.6% of net assets.
(e) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
23andMe, Inc. Series E | 6/18/15 | $55,999 |
Airbnb, Inc. Series D | 4/16/14 | $175,392 |
Airbnb, Inc. Series E | 6/29/15 | $199,967 |
Altiostar Networks, Inc. Series D | 1/7/15 | $250,003 |
ASAC II LP | 10/10/13 | $17,324 |
Blu Homes, Inc. Series A, 5.00% | 6/10/13 - 12/30/14 | $804,171 |
Blue Apron, Inc. Series D | 5/18/15 | $400,007 |
Cloudera, Inc. Series F | 2/5/14 | $140,038 |
Cloudflare, Inc. Series D 8.00% | 11/5/14 - 6/24/15 | $212,499 |
Delphix Corp. Series D | 7/10/15 | $251,820 |
Dropbox, Inc. Series C | 1/30/14 | $1,029,994 |
Magic Leap, Inc. Series B, 8.00% | 10/17/14 | $2,679,631 |
Magic Leap, Inc. Series C | 12/23/15 | $52,239 |
Mulberry Health, Inc. Series A8 | 1/20/16 | $419,504 |
Oportun Finance Corp. Series H | 2/6/15 | $943,814 |
Pinterest, Inc. Series E, 8.00% | 10/23/13 | $926,463 |
Pinterest, Inc. Series F, 8.00% | 5/15/14 | $1,126,117 |
Pinterest, Inc. Series G, 8.00% | 2/27/15 | $373,097 |
Snapchat, Inc. Series F | 2/12/16 | $455,977 |
Space Exploration Technologies Corp. Class A | 10/16/15 | $132,343 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $340,359 |
SurveyMonkey | 12/15/14 | $1,036,317 |
Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $570,012 |
WeWork Companies, Inc. Class A | 6/23/15 | $163,987 |
WeWork Companies, Inc. Series E | 6/23/15 | $1,475,919 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $39,743 |
Fidelity Securities Lending Cash Central Fund | 206,672 |
Total | $246,415 |
Investment Valuation
The following is a summary of the inputs used, as of September 30, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $203,990,324 | $199,904,259 | $3,091,390 | $994,675 |
Consumer Staples | 48,675,296 | 48,063,202 | 120,748 | 491,346 |
Energy | 23,355,153 | 23,355,153 | -- | -- |
Financials | 63,014,603 | 61,859,376 | 91,186 | 1,064,041 |
Health Care | 92,323,119 | 91,781,755 | 89,615 | 451,749 |
Industrials | 47,800,426 | 46,449,340 | 784,040 | 567,046 |
Information Technology | 337,993,192 | 316,161,937 | 5,571,983 | 16,259,272 |
Materials | 29,413,062 | 27,276,846 | 2,136,216 | -- |
Real Estate | 3,669,935 | 1,167,299 | -- | 2,502,636 |
Telecommunication Services | 2,257,116 | 2,163,136 | -- | 93,980 |
Utilities | 327,781 | 327,781 | -- | -- |
Bank Loan Obligations | 388,499 | -- | 388,499 | -- |
Money Market Funds | 24,869,854 | 24,869,854 | -- | -- |
Total Investments in Securities: | $878,078,360 | $843,379,938 | $12,273,677 | $22,424,745 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Equities - Information Technology | |
Beginning Balance | $21,577,282 |
Net Realized Gain (Loss) on Investment Securities | |
Net Unrealized Gain (Loss) on Investment Securities | (2,960,130) |
Cost of Purchases | 455,977 |
Proceeds of Sales | (2,813,857) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $16,259,272 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2016 | $(2,845,304) |
Other Investments in Securities | |
Beginning Balance | $7,326,393 |
Net Realized Gain (Loss) on Investment Securities | (209,929) |
Net Unrealized Gain (Loss) on Investment Securities | 21,515 |
Cost of Purchases | 419,504 |
Proceeds of Sales | (1,392,010) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $6,165,473 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2016 | $(197,338) |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at 09/30/16 | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $22,424,745 | Discounted cash flow | Growth rate | 2.5% - 3.0% / 2.8% | Increase |
Discount rate | 8.0% | Decrease | |||
Weighted average cost of capital (WACC) | 10.7% | Decrease | |||
Discount for lack of marketability | 20.0% | Decrease | |||
Market approach | Transaction price | $4.62 - $105.00 / $54.08 | Increase | ||
Tender price | $96.42 | Increase | |||
Liquidity preference | $2.94 - $6.75 / $5.08 | Increase | |||
Market comparable | Enterprise value/Sales multiple (EV/S) | 0.6 - 8.4 / 2.9 | Increase | ||
Enterprise value/EBITDA multiple (EV/EBITDA) | 16.8 | Increase | |||
Discount rate | 3.0% - 50.0% / 20.6% | Decrease | |||
Price/Earnings multiple (P/E) | 5.0 - 10.7 / 9.4 | Increase | |||
Discount for lack of marketability | 15.0% - 25.0% / 19.0% | Decrease | |||
Premium rate | 8.0% - 130.0% / 49.1% | Increase | |||
Enterprise value/Gross profit multiple (EV/GP) | 5.4 | Increase | |||
Recovery value | Recovery value | 0.2% | Increase |
(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Other Information
Income Tax Information
At September 30, 2016, the cost of investment securities for income tax purposes was $605,685,312. Net unrealized appreciation aggregated $272,393,048, of which $283,328,738 related to appreciated investment securities and $10,935,690 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Holdings Report
for
Fidelity® Contrafund®
September 30, 2016
Investments September 30, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.1% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 19.0% | |||
Automobiles - 1.5% | |||
BYD Co. Ltd. (H Shares) | 1,792,500 | $11,923 | |
Fuji Heavy Industries Ltd. | 550,100 | 20,639 | |
General Motors Co. | 6,722,733 | 213,581 | |
Mahindra & Mahindra Ltd. (a) | 4,327,351 | 91,555 | |
Maruti Suzuki India Ltd. | 1,533,074 | 126,406 | |
Tesla Motors, Inc. (a) | 5,649,882 | 1,152,745 | |
1,616,849 | |||
Distributors - 0.0% | |||
LKQ Corp. (a) | 621,800 | 22,049 | |
Diversified Consumer Services - 0.1% | |||
Bright Horizons Family Solutions, Inc. (a) | 1,127,803 | 75,439 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 249,900 | 11,585 | |
Weight Watchers International, Inc. (a) | 2,398,500 | 24,753 | |
111,777 | |||
Hotels, Restaurants & Leisure - 2.6% | |||
ARAMARK Holdings Corp. | 3,877,633 | 147,466 | |
Chipotle Mexican Grill, Inc. (a)(b) | 711,577 | 301,353 | |
Compass Group PLC | 1,750,400 | 33,899 | |
Domino's Pizza, Inc. | 784,886 | 119,185 | |
Marriott International, Inc. Class A | 3,910,904 | 263,321 | |
Sodexo SA | 208,900 | 24,875 | |
Starbucks Corp. | 33,231,498 | 1,799,153 | |
Texas Roadhouse, Inc. Class A | 481,200 | 18,781 | |
Vail Resorts, Inc. | 275,593 | 43,235 | |
Whitbread PLC | 1,260,747 | 63,992 | |
2,815,260 | |||
Household Durables - 0.2% | |||
D.R. Horton, Inc. | 922,600 | 27,863 | |
Mohawk Industries, Inc. (a) | 1,161,668 | 232,729 | |
260,592 | |||
Internet & Direct Marketing Retail - 6.2% | |||
Amazon.com, Inc. (a) | 5,551,015 | 4,647,920 | |
ASOS PLC (a) | 179,773 | 11,299 | |
Netflix, Inc. (a) | 8,685,096 | 855,916 | |
Priceline Group, Inc. (a) | 747,696 | 1,100,227 | |
Takeaway.com Holding BV (c) | 879,700 | 24,206 | |
TripAdvisor, Inc. (a) | 1,881,378 | 118,865 | |
6,758,433 | |||
Leisure Products - 0.1% | |||
Hasbro, Inc. | 295,150 | 23,414 | |
Mattel, Inc. | 2,129,800 | 64,490 | |
87,904 | |||
Media - 2.2% | |||
Charter Communications, Inc. Class A (a) | 1,644,102 | 443,858 | |
DISH Network Corp. Class A (a) | 467,500 | 25,610 | |
Interpublic Group of Companies, Inc. | 4,323,684 | 96,634 | |
Liberty Broadband Corp.: | |||
Class A (a) | 549,231 | 38,534 | |
Class C (a) | 1,068,849 | 76,401 | |
Liberty Global PLC: | |||
Class A (a) | 829,685 | 28,359 | |
LiLAC Class A (a) | 548,378 | 15,130 | |
LiLAC Class C (a) | 216,563 | 6,075 | |
Liberty Media Corp.: | |||
Liberty Media Class C (a) | 1,205,683 | 33,928 | |
Liberty SiriusXM Class A (a) | 340,500 | 11,570 | |
Liberty SiriusXM Class C (a) | 5,135,235 | 171,568 | |
Manchester United PLC | 925 | 16 | |
Megacable Holdings S.A.B. de CV unit | 179,174 | 687 | |
Naspers Ltd. Class N | 446,600 | 77,294 | |
Omnicom Group, Inc. | 650,500 | 55,293 | |
Sirius XM Holdings, Inc. (a)(b) | 17,284,650 | 72,077 | |
The Walt Disney Co. | 12,931,277 | 1,200,798 | |
Weinstein Co. Holdings LLC Class A-1 unit (a)(d)(e) | 41,234 | 2,199 | |
2,356,031 | |||
Multiline Retail - 0.3% | |||
Dollar Tree, Inc. (a) | 2,590,600 | 204,476 | |
Dollarama, Inc. | 294,944 | 23,028 | |
Ollie's Bargain Outlet Holdings, Inc. (a)(f) | 3,124,042 | 81,881 | |
309,385 | |||
Specialty Retail - 3.7% | |||
AutoZone, Inc. (a) | 429,893 | 330,304 | |
Home Depot, Inc. | 6,347,933 | 816,852 | |
Inditex SA | 289,283 | 10,724 | |
Nitori Holdings Co. Ltd. | 351,400 | 42,123 | |
O'Reilly Automotive, Inc. (a) | 2,810,598 | 787,277 | |
Ross Stores, Inc. | 1,350,353 | 86,828 | |
The Children's Place Retail Stores, Inc. | 631,500 | 50,438 | |
TJX Companies, Inc. | 23,468,912 | 1,755,005 | |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 413,612 | 98,431 | |
3,977,982 | |||
Textiles, Apparel & Luxury Goods - 2.1% | |||
adidas AG | 1,237,500 | 215,232 | |
Coach, Inc. | 6,484,500 | 237,073 | |
NIKE, Inc. Class B | 28,217,318 | 1,485,642 | |
Pandora A/S | 76,300 | 9,221 | |
Under Armour, Inc.: | |||
Class A (sub. vtg.) (a)(b) | 3,411,272 | 131,948 | |
Class C (non-vtg.) | 5,671,735 | 192,045 | |
2,271,161 | |||
TOTAL CONSUMER DISCRETIONARY | 20,587,423 | ||
CONSUMER STAPLES - 5.5% | |||
Beverages - 0.8% | |||
Boston Beer Co., Inc. Class A (a) | 180,658 | 28,049 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 1,164,849 | 193,936 | |
Kweichow Moutai Co. Ltd. | 337,800 | 15,107 | |
Molson Coors Brewing Co. Class B | 462,300 | 50,761 | |
Monster Beverage Corp. (a) | 524,161 | 76,952 | |
PepsiCo, Inc. | 1,572,100 | 170,997 | |
The Coca-Cola Co. | 6,462,200 | 273,480 | |
809,282 | |||
Food & Staples Retailing - 0.8% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 1,197,254 | 58,022 | |
Costco Wholesale Corp. | 3,169,770 | 483,422 | |
CVS Health Corp. | 1,670,023 | 148,615 | |
Sysco Corp. | 3,212,200 | 157,430 | |
847,489 | |||
Food Products - 0.7% | |||
Associated British Foods PLC | 5,703,388 | 192,204 | |
Mondelez International, Inc. | 4,924,541 | 216,187 | |
The Kraft Heinz Co. | 2,790,237 | 249,754 | |
TreeHouse Foods, Inc. (a) | 1,345,151 | 117,284 | |
775,429 | |||
Household Products - 1.9% | |||
Colgate-Palmolive Co. | 27,365,163 | 2,028,853 | |
Spectrum Brands Holdings, Inc. | 502,871 | 69,240 | |
2,098,093 | |||
Personal Products - 1.3% | |||
Estee Lauder Companies, Inc. Class A | 14,795,382 | 1,310,279 | |
Hypermarcas SA | 1,364,900 | 11,697 | |
L'Oreal SA | 248,958 | 47,012 | |
1,368,988 | |||
TOTAL CONSUMER STAPLES | 5,899,281 | ||
ENERGY - 2.5% | |||
Energy Equipment & Services - 0.3% | |||
Schlumberger Ltd. | 3,460,984 | 272,172 | |
Oil, Gas & Consumable Fuels - 2.2% | |||
Anadarko Petroleum Corp. | 2,067,300 | 130,984 | |
Apache Corp. | 550,800 | 35,180 | |
Birchcliff Energy Ltd. (a)(f) | 21,328,784 | 149,242 | |
Birchcliff Energy Ltd. (a)(c)(f) | 686,127 | 4,801 | |
Canadian Natural Resources Ltd. | 7,104,000 | 227,098 | |
Cimarex Energy Co. | 83,800 | 11,260 | |
Concho Resources, Inc. (a) | 875,500 | 120,250 | |
Continental Resources, Inc. (a) | 4,482,220 | 232,896 | |
Diamondback Energy, Inc. (a) | 3,066,995 | 296,088 | |
EOG Resources, Inc. | 8,412,695 | 813,592 | |
Growmax Resources Corp. (a)(c) | 3,560,563 | 448 | |
PDC Energy, Inc. (a) | 756,400 | 50,724 | |
Peyto Exploration & Development Corp. (b) | 408,500 | 11,465 | |
Pioneer Natural Resources Co. | 1,459,336 | 270,926 | |
PrairieSky Royalty Ltd. (b) | 1,413,206 | 28,815 | |
2,383,769 | |||
TOTAL ENERGY | 2,655,941 | ||
FINANCIALS - 12.4% | |||
Banks - 5.1% | |||
Bank of America Corp. | 2,497,779 | 39,090 | |
Bank of Ireland (a) | 1,152,055,441 | 239,420 | |
Citigroup, Inc. | 24,782,746 | 1,170,489 | |
Grupo Financiero Galicia SA sponsored ADR | 33,100 | 1,030 | |
HDFC Bank Ltd. sponsored ADR | 7,542,103 | 542,202 | |
JPMorgan Chase & Co. | 9,295,965 | 619,018 | |
Kotak Mahindra Bank Ltd. | 6,242,451 | 73,019 | |
Metro Bank PLC (b)(f) | 6,294,271 | 225,251 | |
PT Bank Central Asia Tbk | 19,985,900 | 24,106 | |
U.S. Bancorp | 9,184,543 | 393,925 | |
Wells Fargo & Co. | 50,016,238 | 2,214,719 | |
5,542,269 | |||
Capital Markets - 1.0% | |||
BlackRock, Inc. Class A | 837,029 | 303,390 | |
IntercontinentalExchange, Inc. | 288,342 | 77,668 | |
MarketAxess Holdings, Inc. | 178,600 | 29,574 | |
MSCI, Inc. Class A | 1,578,494 | 132,499 | |
Oaktree Capital Group LLC Class A | 2,399,772 | 101,750 | |
S&P Global, Inc. | 2,921,494 | 369,744 | |
Silver Run Acquisition Corp. (a) | 1,397,455 | 22,010 | |
1,036,635 | |||
Diversified Financial Services - 4.6% | |||
Berkshire Hathaway, Inc. Class A (a) | 23,091 | 4,992,736 | |
Insurance - 1.7% | |||
Admiral Group PLC | 2,875,388 | 76,365 | |
AFLAC, Inc. | 181,900 | 13,073 | |
AIA Group Ltd. | 38,415,800 | 258,336 | |
Chubb Ltd. | 7,822,090 | 982,846 | |
Direct Line Insurance Group PLC | 14,150,473 | 66,908 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 192,932 | 113,046 | |
Marsh & McLennan Companies, Inc. | 2,822,963 | 189,844 | |
The Travelers Companies, Inc. | 774,363 | 88,703 | |
1,789,121 | |||
TOTAL FINANCIALS | 13,360,761 | ||
HEALTH CARE - 12.4% | |||
Biotechnology - 2.4% | |||
Agios Pharmaceuticals, Inc. (a) | 1,500,487 | 79,256 | |
Amgen, Inc. | 1,563,700 | 260,841 | |
Biogen, Inc. (a) | 1,590,633 | 497,916 | |
Celgene Corp. (a) | 910,365 | 95,160 | |
Five Prime Therapeutics, Inc. (a) | 176,640 | 9,272 | |
Genmab A/S (a) | 707,388 | 120,604 | |
Gilead Sciences, Inc. | 9,191,135 | 727,203 | |
Intrexon Corp. (a)(b) | 3,079,114 | 86,277 | |
NantKwest, Inc. (a)(b) | 1,087,349 | 8,460 | |
Neurocrine Biosciences, Inc. (a) | 2,898,833 | 146,797 | |
Opko Health, Inc. (a)(b) | 4,796,115 | 50,791 | |
OvaScience, Inc. (a) | 1,247,424 | 8,932 | |
Regeneron Pharmaceuticals, Inc. (a) | 977,063 | 392,799 | |
TESARO, Inc. (a) | 767,800 | 76,964 | |
2,561,272 | |||
Health Care Equipment & Supplies - 4.1% | |||
Baxter International, Inc. | 953,100 | 45,368 | |
Becton, Dickinson & Co. | 1,516,446 | 272,551 | |
Boston Scientific Corp. (a) | 39,141,058 | 931,557 | |
C.R. Bard, Inc. | 564,657 | 126,641 | |
Danaher Corp. | 6,687,251 | 524,214 | |
Dentsply Sirona, Inc. | 1,524,831 | 90,621 | |
DexCom, Inc. (a) | 3,031,258 | 265,720 | |
Edwards Lifesciences Corp. (a) | 5,096,594 | 614,445 | |
Intuitive Surgical, Inc. (a) | 628,983 | 455,906 | |
Medtronic PLC | 6,840,547 | 591,023 | |
Nevro Corp. (a) | 1,298,298 | 135,529 | |
Penumbra, Inc. (a) | 424,589 | 32,265 | |
ResMed, Inc. | 234,600 | 15,200 | |
Stryker Corp. | 2,350,188 | 273,585 | |
Zimmer Biomet Holdings, Inc. | 419,800 | 54,582 | |
4,429,207 | |||
Health Care Providers & Services - 2.8% | |||
Aetna, Inc. | 1,198,856 | 138,408 | |
Henry Schein, Inc. (a) | 3,674,230 | 598,826 | |
UnitedHealth Group, Inc. | 16,722,424 | 2,341,139 | |
3,078,373 | |||
Health Care Technology - 0.0% | |||
Cerner Corp. (a) | 163,900 | 10,121 | |
Medidata Solutions, Inc. (a) | 315,657 | 17,601 | |
NantHealth, Inc. | 9,365 | 123 | |
27,845 | |||
Life Sciences Tools & Services - 1.5% | |||
Eurofins Scientific SA | 49,681 | 22,566 | |
Mettler-Toledo International, Inc. (a)(f) | 1,793,866 | 753,119 | |
PRA Health Sciences, Inc. (a) | 195,800 | 11,065 | |
Thermo Fisher Scientific, Inc. | 2,826,913 | 449,649 | |
Waters Corp. (a) | 2,250,940 | 356,751 | |
1,593,150 | |||
Pharmaceuticals - 1.6% | |||
AstraZeneca PLC sponsored ADR | 960,400 | 31,559 | |
Bristol-Myers Squibb Co. | 14,256,231 | 768,696 | |
Dermira, Inc. (a) | 541,400 | 18,310 | |
H Lundbeck A/S (a) | 317,400 | 10,397 | |
Jiangsu Hengrui Medicine Co. Ltd. | 1,656,600 | 10,948 | |
Johnson & Johnson | 4,837,644 | 571,471 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 7,118,181 | 327,508 | |
1,738,889 | |||
TOTAL HEALTH CARE | 13,428,736 | ||
INDUSTRIALS - 6.0% | |||
Aerospace & Defense - 0.8% | |||
General Dynamics Corp. | 1,083,149 | 168,061 | |
Northrop Grumman Corp. | 1,178,244 | 252,085 | |
Raytheon Co. | 1,194,200 | 162,566 | |
Rolls-Royce Group PLC | 1,095,700 | 10,223 | |
Saab AB (B Shares) | 369,200 | 13,143 | |
Space Exploration Technologies Corp. Class A (a)(e) | 200,313 | 19,314 | |
TransDigm Group, Inc. (a) | 645,122 | 186,518 | |
811,910 | |||
Air Freight & Logistics - 0.3% | |||
C.H. Robinson Worldwide, Inc. | 1,019,936 | 71,865 | |
FedEx Corp. | 1,551,286 | 270,979 | |
342,844 | |||
Airlines - 0.8% | |||
Ryanair Holdings PLC sponsored ADR | 5,675,533 | 425,835 | |
Southwest Airlines Co. | 12,408,705 | 482,575 | |
908,410 | |||
Building Products - 0.7% | |||
A.O. Smith Corp. | 528,485 | 52,209 | |
ASSA ABLOY AB (B Shares) | 3,529,937 | 71,720 | |
Fortune Brands Home & Security, Inc. | 3,489,229 | 202,724 | |
Masco Corp. | 11,301,956 | 387,770 | |
Toto Ltd. | 2,269,300 | 85,796 | |
800,219 | |||
Commercial Services & Supplies - 0.1% | |||
Cintas Corp. | 625,200 | 70,398 | |
Copart, Inc. (a) | 180,536 | 9,670 | |
80,068 | |||
Electrical Equipment - 0.6% | |||
Acuity Brands, Inc. | 1,372,007 | 363,033 | |
Fortive Corp. | 4,424,625 | 225,213 | |
Vestas Wind Systems A/S | 760,300 | 62,575 | |
650,821 | |||
Industrial Conglomerates - 1.1% | |||
3M Co. | 5,234,587 | 922,491 | |
General Electric Co. | 7,070,842 | 209,438 | |
Honeywell International, Inc. | 339,189 | 39,546 | |
1,171,475 | |||
Machinery - 0.4% | |||
Illinois Tool Works, Inc. | 2,032,300 | 243,551 | |
Ingersoll-Rand PLC | 536,100 | 36,423 | |
PACCAR, Inc. | 1,671,715 | 98,263 | |
Rational AG | 42,325 | 21,205 | |
Xylem, Inc. | 891,318 | 46,750 | |
446,192 | |||
Professional Services - 0.8% | |||
Equifax, Inc. | 4,601,207 | 619,230 | |
IHS Markit Ltd. (a) | 1,578,490 | 59,272 | |
RELX PLC | 597,300 | 11,326 | |
TransUnion Holding Co., Inc. (a) | 3,267,647 | 112,734 | |
Verisk Analytics, Inc. (a) | 81,142 | 6,595 | |
809,157 | |||
Road & Rail - 0.2% | |||
Canadian Pacific Railway Ltd. (b) | 1,113,540 | 169,915 | |
Trading Companies & Distributors - 0.2% | |||
Air Lease Corp.: | |||
Class A (c) | 1,516,664 | 43,346 | |
Class A | 239,530 | 6,846 | |
HD Supply Holdings, Inc. (a) | 6,186,533 | 197,845 | |
248,037 | |||
TOTAL INDUSTRIALS | 6,439,048 | ||
INFORMATION TECHNOLOGY - 36.5% | |||
Communications Equipment - 0.2% | |||
Arista Networks, Inc. (a)(b) | 1,011,910 | 86,093 | |
Cisco Systems, Inc. | 2,249,500 | 71,354 | |
157,447 | |||
Electronic Equipment & Components - 1.7% | |||
Amphenol Corp. Class A (f) | 24,589,118 | 1,596,326 | |
CDW Corp. | 3,003,511 | 137,351 | |
Flextronics International Ltd. (a) | 816,100 | 11,115 | |
IPG Photonics Corp. (a) | 1,387,702 | 114,277 | |
Keyence Corp. | 36,400 | 26,670 | |
1,885,739 | |||
Internet Software & Services - 14.1% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 1,159,937 | 122,710 | |
Alphabet, Inc.: | |||
Class A | 4,785,117 | 3,847,521 | |
Class C (a) | 4,358,525 | 3,387,838 | |
Apptio, Inc. | 163,800 | 3,554 | |
Cornerstone OnDemand, Inc. (a) | 529,229 | 24,318 | |
CoStar Group, Inc. (a) | 38,109 | 8,252 | |
Dropbox, Inc. (a)(e) | 5,464,028 | 67,699 | |
eBay, Inc. (a) | 4,272,960 | 140,580 | |
Facebook, Inc. Class A (a) | 52,621,784 | 6,749,791 | |
LogMeIn, Inc. (a)(b) | 953,502 | 86,187 | |
MercadoLibre, Inc. | 226,800 | 41,951 | |
NetEase, Inc. sponsored ADR | 131,300 | 31,614 | |
Nutanix, Inc.: | |||
Class A (a) | 471,100 | 17,431 | |
Class B | 3,060,752 | 101,923 | |
Rightmove PLC | 968,953 | 53,024 | |
Shopify, Inc. Class A (a) | 346,500 | 14,872 | |
Tencent Holdings Ltd. | 9,893,800 | 275,068 | |
The Trade Desk, Inc. | 376,400 | 10,995 | |
Twilio, Inc.: | |||
Class A (f) | 653,211 | 42,041 | |
Class B (f) | 2,935,814 | 179,502 | |
WebMD Health Corp. (a)(b) | 219,790 | 10,924 | |
15,217,795 | |||
IT Services - 5.7% | |||
Accenture PLC Class A | 3,139,769 | 383,586 | |
ASAC II LP (a)(e) | 39,494,500 | 6,635 | |
Computer Sciences Corp. | 914,704 | 47,757 | |
Fiserv, Inc. (a) | 4,224,165 | 420,178 | |
FleetCor Technologies, Inc. (a) | 192,700 | 33,478 | |
Gartner, Inc. Class A (a) | 3,496 | 309 | |
Global Payments, Inc. | 1,907,519 | 146,421 | |
MasterCard, Inc. Class A | 14,298,759 | 1,455,185 | |
PayPal Holdings, Inc. (a) | 22,393,687 | 917,469 | |
Vantiv, Inc. (a) | 1,077,491 | 60,630 | |
Visa, Inc. Class A | 32,462,897 | 2,684,682 | |
6,156,330 | |||
Semiconductors & Semiconductor Equipment - 2.9% | |||
Acacia Communications, Inc. | 222,100 | 22,938 | |
Applied Materials, Inc. | 9,029,600 | 272,242 | |
Broadcom Ltd. | 5,703,088 | 983,897 | |
Inphi Corp. (a) | 216,400 | 9,416 | |
KLA-Tencor Corp. | 159,433 | 11,114 | |
Lam Research Corp. | 4,882,575 | 462,429 | |
NVIDIA Corp. | 2,671,137 | 183,026 | |
Qualcomm, Inc. | 10,853,787 | 743,484 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 10,591,005 | 323,979 | |
Texas Instruments, Inc. | 2,119,900 | 148,775 | |
Xilinx, Inc. | 68,400 | 3,717 | |
3,165,017 | |||
Software - 9.0% | |||
Activision Blizzard, Inc. (f) | 40,064,202 | 1,774,844 | |
Adobe Systems, Inc. (a) | 12,569,404 | 1,364,283 | |
Atlassian Corp. PLC | 740,426 | 22,191 | |
Autodesk, Inc. (a) | 790,200 | 57,155 | |
CDK Global, Inc. | 845,760 | 48,513 | |
Citrix Systems, Inc. (a) | 2,223,200 | 189,461 | |
Electronic Arts, Inc. (a) | 8,566,551 | 731,583 | |
Fair Isaac Corp. | 86,300 | 10,752 | |
Gigamon, Inc. (a) | 163,230 | 8,945 | |
Intuit, Inc. | 875,571 | 96,322 | |
LINE Corp. ADR (f) | 219,069 | 10,603 | |
Microsoft Corp. | 38,875,423 | 2,239,224 | |
Paycom Software, Inc. (a) | 373,434 | 18,720 | |
Pegasystems, Inc. | 144,545 | 4,263 | |
RealPage, Inc. (a) | 2,645,635 | 67,993 | |
Red Hat, Inc. (a) | 136,700 | 11,049 | |
Salesforce.com, Inc. (a) | 28,356,136 | 2,022,643 | |
Symantec Corp. | 4,422,650 | 111,009 | |
Trion World Network, Inc. (a)(e) | 4,607,810 | 553 | |
Trion World Network, Inc.: | |||
warrants 8/10/17 (a)(e) | 124,589 | 0 | |
warrants 10/3/18 (a)(e) | 183,516 | 0 | |
Tyler Technologies, Inc. (a) | 75,400 | 12,911 | |
Ultimate Software Group, Inc. (a)(f) | 1,743,025 | 356,257 | |
Workday, Inc. Class A (a)(f) | 6,542,520 | 599,884 | |
9,759,158 | |||
Technology Hardware, Storage & Peripherals - 2.9% | |||
Apple, Inc. | 25,857,834 | 2,923,228 | |
Hewlett Packard Enterprise Co. | 2,354,200 | 53,558 | |
Samsung Electronics Co. Ltd. | 92,171 | 134,335 | |
3,111,121 | |||
TOTAL INFORMATION TECHNOLOGY | 39,452,607 | ||
MATERIALS - 3.4% | |||
Chemicals - 1.8% | |||
Air Products & Chemicals, Inc. | 2,416,899 | 363,357 | |
E.I. du Pont de Nemours & Co. | 2,268,300 | 151,908 | |
Ecolab, Inc. | 90,700 | 11,040 | |
Frutarom Industries Ltd. | 194,900 | 10,264 | |
PPG Industries, Inc. | 6,679,733 | 690,417 | |
Sherwin-Williams Co. | 2,364,364 | 654,125 | |
The Dow Chemical Co. | 2,185,062 | 113,252 | |
Westlake Chemical Corp. | 179,749 | 9,617 | |
2,003,980 | |||
Construction Materials - 0.2% | |||
Martin Marietta Materials, Inc. | 1,021,458 | 182,953 | |
Vulcan Materials Co. | 715,600 | 81,385 | |
264,338 | |||
Containers & Packaging - 0.2% | |||
Ball Corp. | 2,327,050 | 190,702 | |
Metals & Mining - 1.2% | |||
B2Gold Corp. (a)(f) | 57,398,926 | 150,503 | |
Detour Gold Corp. (a) | 2,601,200 | 56,586 | |
Fortescue Metals Group Ltd. | 5,808,784 | 22,234 | |
Franco-Nevada Corp. | 6,405,413 | 447,517 | |
Ivanhoe Mines Ltd. (a) | 31,911,808 | 55,459 | |
Ivanhoe Mines Ltd. (a)(c)(f) | 15,807,609 | 27,472 | |
Kirkland Lake Gold, Inc. (a) | 2,402,600 | 18,222 | |
Newcrest Mining Ltd. (a) | 18,061,880 | 304,887 | |
Novagold Resources, Inc. (a) | 7,368,826 | 41,170 | |
Premier Gold Mines Ltd. (a) | 1,302,100 | 4,010 | |
Randgold Resources Ltd. sponsored ADR | 1,284,522 | 128,542 | |
Torex Gold Resources, Inc. (a) | 661,760 | 14,315 | |
1,270,917 | |||
TOTAL MATERIALS | 3,729,937 | ||
REAL ESTATE - 0.2% | |||
Equity Real Estate Investment Trusts (REITs) - 0.2% | |||
American Tower Corp. | 1,650,973 | 187,105 | |
Equity Residential (SBI) | 7,920 | 509 | |
187,614 | |||
Real Estate Management & Development - 0.0% | |||
WeWork Companies, Inc. Class A (a)(e) | 644,857 | 32,367 | |
TOTAL REAL ESTATE | 219,981 | ||
TELECOMMUNICATION SERVICES - 0.2% | |||
Wireless Telecommunication Services - 0.2% | |||
T-Mobile U.S., Inc. (a) | 5,676,857 | 265,223 | |
UTILITIES - 0.0% | |||
Electric Utilities - 0.0% | |||
DONG Energy A/S | 998,128 | 41,414 | |
TOTAL COMMON STOCKS | |||
(Cost $60,644,070) | 106,080,352 | ||
Preferred Stocks - 1.6% | |||
Convertible Preferred Stocks - 1.6% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Diversified Consumer Services - 0.1% | |||
Airbnb, Inc.: | |||
Series D (a)(e) | 578,817 | 60,776 | |
Series E (a)(e) | 388,853 | 40,830 | |
Handy Technologies, Inc. Series C (e) | 3,537,042 | 16,421 | |
118,027 | |||
Media - 0.0% | |||
Mode Media Corp. Series M-1, 8.00% (a)(e) | 1,228,555 | 0 | |
TOTAL CONSUMER DISCRETIONARY | 118,027 | ||
CONSUMER STAPLES - 0.1% | |||
Food & Staples Retailing - 0.1% | |||
Blue Apron, Inc. Series D (a)(e) | 4,329,591 | 70,875 | |
HEALTH CARE - 0.2% | |||
Biotechnology - 0.1% | |||
23andMe, Inc. Series E (a)(e) | 664,987 | 5,998 | |
Intarcia Therapeutics, Inc. Series CC (a)(e) | 2,100,446 | 126,027 | |
132,025 | |||
Health Care Providers & Services - 0.1% | |||
Mulberry Health, Inc. Series A8 (e) | 7,960,894 | 51,927 | |
TOTAL HEALTH CARE | 183,952 | ||
INDUSTRIALS - 0.0% | |||
Aerospace & Defense - 0.0% | |||
Space Exploration Technologies Corp. Series G (a)(e) | 558,215 | 53,823 | |
INFORMATION TECHNOLOGY - 0.9% | |||
Internet Software & Services - 0.7% | |||
Dropbox, Inc.: | |||
Series A (a)(e) | 1,260,898 | 15,623 | |
Series C (a)(e) | 698,385 | 8,653 | |
Pinterest, Inc.: | |||
Series E, 8.00% (a)(e) | 54,841,080 | 461,213 | |
Series F, 8.00% (a)(e) | 3,455,720 | 29,063 | |
Series G, 8.00% (a)(e) | 4,301,275 | 36,174 | |
Uber Technologies, Inc. Series D, 8.00% (a)(e) | 4,868,916 | 237,468 | |
788,194 | |||
Software - 0.2% | |||
Cloudera, Inc. Series F (a)(e) | 1,316,883 | 41,744 | |
Cloudflare, Inc. Series D 8.00% (a)(e) | 4,303,714 | 28,318 | |
Delphix Corp. Series D (a)(e) | 3,712,687 | 20,420 | |
Snapchat, Inc. Series F (a)(e) | 1,875,642 | 57,620 | |
148,102 | |||
TOTAL INFORMATION TECHNOLOGY | 936,296 | ||
REAL ESTATE - 0.3% | |||
Real Estate Management & Development - 0.3% | |||
WeWork Companies, Inc. Series E (a)(e) | 5,803,713 | 291,301 | |
TELECOMMUNICATION SERVICES - 0.0% | |||
Wireless Telecommunication Services - 0.0% | |||
Altiostar Networks, Inc. Series D (a)(e) | 2,538,649 | 11,729 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 1,666,003 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
FINANCIALS - 0.0% | |||
Banks - 0.0% | |||
Itau Unibanco Holding SA sponsored ADR | 1,120,800 | 12,262 | |
HEALTH CARE - 0.0% | |||
Health Care Equipment & Supplies - 0.0% | |||
Sartorius AG (non-vtg.) | 241,734 | 20,117 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 32,379 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $987,439) | 1,698,382 | ||
Principal Amount (000s) | Value (000s) | ||
Convertible Bonds - 0.0% | |||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Trion World Network, Inc. 15% 10/10/19 pay-in-kind (Cost $1,617)(e) | 1,619 | 939 | |
Bank Loan Obligations - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Multiline Retail - 0.0% | |||
JC Penney Corp., Inc. Tranche B, term loan 5.25% 6/23/23 (g) | 24,481 | 24,560 | |
INDUSTRIALS - 0.0% | |||
Building Products - 0.0% | |||
Jeld-Wen, Inc. Tranche B, term loan 4.75% 7/1/22 (g) | 24,631 | 24,765 | |
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $48,867) | 49,325 | ||
Shares | Value (000s) | ||
Money Market Funds - 1.0% | |||
Fidelity Cash Central Fund, 0.43% (h) | 738,494,152 | 738,716 | |
Fidelity Securities Lending Cash Central Fund 0.46% (h)(i) | 376,110,656 | 376,186 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $1,114,607) | 1,114,902 | ||
TOTAL INVESTMENT PORTFOLIO - 100.7% | |||
(Cost $62,796,600) | 108,943,900 | ||
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (773,071) | ||
NET ASSETS - 100% | $108,170,829 |
Values shown as $0 may reflect amounts less than $500.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $100,273,000 or 0.1% of net assets.
(d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,795,710,000 or 1.7% of net assets.
(f) Affiliated company
(g) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(i) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
23andMe, Inc. Series E | 6/18/15 | $7,200 |
Airbnb, Inc. Series D | 4/16/14 | $23,565 |
Airbnb, Inc. Series E | 6/29/15 | $36,200 |
Altiostar Networks, Inc. Series D | 1/7/15 | $31,200 |
ASAC II LP | 10/10/13 | $3,041 |
Blue Apron, Inc. Series D | 5/18/15 | $57,700 |
Cloudera, Inc. Series F | 2/5/14 | $19,174 |
Cloudflare, Inc. Series D 8.00% | 11/5/14 - 6/24/15 | $26,827 |
Delphix Corp. Series D | 7/10/15 | $33,414 |
Dropbox, Inc. | 5/2/12 | $49,445 |
Dropbox, Inc. Series A | 5/29/12 | $11,410 |
Dropbox, Inc. Series C | 1/30/14 | $13,340 |
Handy Technologies, Inc. Series C | 10/14/15 | $20,727 |
Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $28,629 |
Mode Media Corp. Series M-1, 8.00% | 3/19/08 | $26,058 |
Mulberry Health, Inc. Series A8 | 1/20/16 | $53,774 |
Pinterest, Inc. Series E, 8.00% | 10/23/13 | $159,376 |
Pinterest, Inc. Series F, 8.00% | 5/15/14 | $11,739 |
Pinterest, Inc. Series G, 8.00% | 2/27/15 | $30,879 |
Snapchat, Inc. Series F | 2/12/16 | $57,620 |
Space Exploration Technologies Corp. Class A | 10/16/15 | $17,828 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $43,239 |
Trion World Network, Inc. | 8/22/08 - 3/20/13 | $25,151 |
Trion World Network, Inc. warrants 8/10/17 | 8/10/10 | $0 |
Trion World Network, Inc. warrants 10/3/18 | 10/10/13 | $0 |
Trion World Network, Inc. 15% 10/10/19 pay-in-kind | 10/10/13 - 8/26/16 | $1,617 |
Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $75,532 |
Weinstein Co. Holdings LLC Class A-1 unit | 10/19/05 | $41,234 |
WeWork Companies, Inc. Class A | 6/23/15 | $21,209 |
WeWork Companies, Inc. Series E | 6/23/15 | $190,882 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $10,477 |
Fidelity Securities Lending Cash Central Fund | 16,406 |
Total | $26,883 |
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds* | Dividend Income | Value, end of period |
Activision Blizzard, Inc. | $215,163 | $13,026 | $5,432 | $1,439 | $1,774,844 |
Air Lease Corp. Class A | 51,263 | -- | 431 | 228 | -- |
Air Lease Corp. Class A | 187,246 | -- | 149,920 | 528 | -- |
Amphenol Corp. Class A | 1,394,816 | 46,775 | 140,030 | 10,148 | 1,596,326 |
B2Gold Corp. | 57,677 | 2,023 | 1,028 | -- | 150,503 |
Birchcliff Energy Ltd. | 16,025 | 76,834 | 519 | -- | 149,242 |
Birchcliff Energy Ltd. | 2,003 | -- | -- | -- | 4,801 |
Boston Beer Co., Inc. Class A | 109,655 | -- | 55,903 | -- | -- |
Chipotle Mexican Grill, Inc. | 934,389 | 21,179 | 559,113 | -- | -- |
Ivanhoe Mines Ltd. | 4,308 | 30,270 | 27,206 | -- | -- |
Ivanhoe Mines Ltd. | 7,027 | -- | 96 | -- | 27,472 |
LINE Corp. ADR | -- | 19,802 | 11,261 | -- | 10,603 |
Metro Bank PLC | -- | 46,551 | 767 | -- | 225,251 |
Metro Bank PLC Class A | 81,353 | -- | -- | -- | -- |
Mettler-Toledo International, Inc. | 555,432 | 63,861 | 5,785 | -- | 753,119 |
Ollie's Bargain Outlet Holdings, Inc. | 41 | 69,293 | 436 | -- | 81,881 |
Twilio, Inc. | -- | 40,363 | 10,304 | -- | 42,041 |
Twilio, Inc. | -- | -- | -- | -- | 179,502 |
Ultimate Software Group, Inc. | 291,863 | 52,685 | 2,965 | -- | 356,257 |
Workday, Inc. Class A | 383,191 | 164,102 | 25,420 | -- | 599,884 |
Total | $4,291,452 | $646,764 | $996,616 | $12,343 | $5,951,726 |
* Includes the value of securities delivered through in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of September 30, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $20,705,450 | $19,966,153 | $619,071 | $120,226 |
Consumer Staples | 5,970,156 | 5,884,174 | 15,107 | 70,875 |
Energy | 2,655,941 | 2,655,941 | -- | -- |
Financials | 13,373,023 | 13,017,562 | 355,461 | -- |
Health Care | 13,632,805 | 13,437,905 | 10,948 | 183,952 |
Industrials | 6,492,871 | 6,323,715 | 96,019 | 73,137 |
Information Technology | 40,388,903 | 38,660,222 | 717,498 | 1,011,183 |
Materials | 3,729,937 | 3,402,816 | 327,121 | -- |
Real Estate | 511,282 | 187,614 | -- | 323,668 |
Telecommunication Services | 276,952 | 265,223 | -- | 11,729 |
Utilities | 41,414 | 41,414 | -- | -- |
Corporate Bonds | 939 | -- | -- | 939 |
Bank Loan Obligations | 49,325 | -- | 49,325 | -- |
Money Market Funds | 1,114,902 | 1,114,902 | -- | -- |
Total Investments in Securities: | $108,943,900 | $104,957,641 | $2,190,550 | $1,795,709 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
(Amounts in thousands) | |
Investments in Securities: | |
Equities - Information Technology | |
Beginning Balance | $2,047,464 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | (627,789) |
Cost of Purchases | 82,770 |
Proceeds of Sales | (491,262) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $1,011,183 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2016 | $(613,056) |
Other Investments in Securities | |
Beginning Balance | $928,809 |
Net Realized Gain (Loss) on Investment Securities | 25,631 |
Net Unrealized Gain (Loss) on Investment Securities | 38,896 |
Cost of Purchases | 99,592 |
Proceeds of Sales | (308,402) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $784,526 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2016 | $64,482 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
The following provides information on Level 3 securities held by the fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at 09/30/16 | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input(a) |
Corporate Bonds | $939 | Recovery value | Recovery value | 58.0% | Increase |
Equities | $1,794,770 | Discounted cash flow | Growth rate | 2.5% - 3.0% / 3.0% | Increase |
Discount rate | 8.0% | Decrease | |||
Weighted average cost of capital (WACC) | 30.0% | Decrease | |||
Discount for lack of marketability | 20.0% | Decrease | |||
Expected distribution | Recovery rate | 0.0% | Increase | ||
Market approach | Transaction price | $4.62 - $105.00 / $55.80 | Increase | ||
Tender price | $96.42 | Increase | |||
Liquidity preference | $5.86 - $6.75 / $6.54 | Increase | |||
Market comparable | Enterprise value/Sales multiple (EV/S) | 0.6 - 8.4 / 4.7 | Increase | ||
Enterprise value/EBITDA multiple (EV/EBITDA) | 9.4 | Increase | |||
Discount rate | 3.0% - 50.0% / 9.5% | Decrease | |||
Discount for lack of marketability | 15.0% - 30.0% / 17.7% | Decrease | |||
Premium rate | 8.0% - 130.0% / 49.5% | Increase | |||
Enterprise value/Gross profit multiple (EV/GP) | 5.4 | Increase | |||
Recovery value | Recovery value | 0.2% | Increase |
(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At September 30, 2016, the cost of investment securities for income tax purposes was $62,917,354,000. Net unrealized appreciation aggregated $46,026,546,000 of which $46,936,143,000 related to appreciated investment securities and $909,597,000 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Holdings Report
for
Fidelity® Series Opportunistic Insights Fund
September 30, 2016
Investments September 30, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.9% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 19.5% | |||
Automobiles - 1.5% | |||
BYD Co. Ltd. (H Shares) | 96,500 | $641,903 | |
Fuji Heavy Industries Ltd. | 29,600 | 1,110,577 | |
General Motors Co. | 289,400 | 9,194,238 | |
Mahindra & Mahindra Ltd. (a) | 258,425 | 5,467,587 | |
Maruti Suzuki India Ltd. | 90,105 | 7,429,395 | |
Tesla Motors, Inc. (a) | 330,416 | 67,414,776 | |
91,258,476 | |||
Distributors - 0.0% | |||
LKQ Corp. (a) | 33,800 | 1,198,548 | |
Diversified Consumer Services - 0.1% | |||
Bright Horizons Family Solutions, Inc. (a) | 66,107 | 4,421,897 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 13,500 | 625,860 | |
Weight Watchers International, Inc. (a) | 317,000 | 3,271,440 | |
8,319,197 | |||
Hotels, Restaurants & Leisure - 3.0% | |||
ARAMARK Holdings Corp. | 222,100 | 8,446,463 | |
Chipotle Mexican Grill, Inc. (a) | 45,614 | 19,317,529 | |
Chuy's Holdings, Inc. (a) | 104,800 | 2,928,112 | |
Compass Group PLC | 92,500 | 1,791,415 | |
Domino's Pizza, Inc. | 40,178 | 6,101,029 | |
Marriott International, Inc. Class A | 223,700 | 15,061,721 | |
Popeyes Louisiana Kitchen, Inc. (a) | 52,300 | 2,779,222 | |
Sodexo SA | 10,600 | 1,262,196 | |
Starbucks Corp. | 2,196,900 | 118,940,166 | |
Texas Roadhouse, Inc. Class A | 25,000 | 975,750 | |
Vail Resorts, Inc. | 15,540 | 2,437,915 | |
180,041,518 | |||
Household Durables - 0.2% | |||
D.R. Horton, Inc. | 46,200 | 1,395,240 | |
Mohawk Industries, Inc. (a) | 62,694 | 12,560,116 | |
13,955,356 | |||
Internet & Direct Marketing Retail - 6.9% | |||
Amazon.com, Inc. (a) | 333,717 | 279,424,581 | |
ASOS PLC (a) | 9,600 | 603,363 | |
Netflix, Inc. (a) | 529,973 | 52,228,839 | |
Priceline Group, Inc. (a) | 40,650 | 59,816,069 | |
Takeaway.com Holding BV (b) | 48,500 | 1,334,548 | |
TripAdvisor, Inc. (a) | 250,505 | 15,826,906 | |
409,234,306 | |||
Leisure Products - 0.1% | |||
Hasbro, Inc. | 17,203 | 1,364,714 | |
Mattel, Inc. | 92,100 | 2,788,788 | |
4,153,502 | |||
Media - 2.1% | |||
Charter Communications, Inc. Class A (a) | 93,305 | 25,189,551 | |
DISH Network Corp. Class A (a) | 22,200 | 1,216,116 | |
Interpublic Group of Companies, Inc. | 229,613 | 5,131,851 | |
Liberty Broadband Corp.: | |||
Class A (a) | 86,399 | 6,061,754 | |
Class C (a) | 164,374 | 11,749,454 | |
Liberty Global PLC: | |||
Class A (a) | 377,652 | 12,908,145 | |
LiLAC Class A (a) | 83,417 | 2,301,475 | |
LiLAC Class C (a) | 25,362 | 711,404 | |
Liberty Media Corp.: | |||
Liberty Media Class C (a) | 172,549 | 4,855,529 | |
Liberty SiriusXM Class A (a) | 16,500 | 560,670 | |
Liberty SiriusXM Class C (a) | 690,196 | 23,059,448 | |
Megacable Holdings S.A.B. de CV unit | 9,579 | 36,716 | |
Naspers Ltd. Class N | 25,400 | 4,396,052 | |
Omnicom Group, Inc. | 35,200 | 2,992,000 | |
Sirius XM Holdings, Inc. (a)(c) | 954,212 | 3,979,064 | |
The Walt Disney Co. | 212,500 | 19,732,750 | |
124,881,979 | |||
Multiline Retail - 0.6% | |||
Dollar Tree, Inc. (a) | 139,700 | 11,026,521 | |
Dollarama, Inc. | 16,100 | 1,257,001 | |
Next PLC | 97,341 | 6,025,809 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 601,919 | 15,776,297 | |
34,085,628 | |||
Specialty Retail - 3.2% | |||
AutoNation, Inc. (a) | 19,300 | 940,103 | |
AutoZone, Inc. (a) | 25,202 | 19,363,705 | |
Home Depot, Inc. | 339,300 | 43,661,124 | |
Inditex SA | 15,949 | 591,238 | |
Nitori Holdings Co. Ltd. | 18,600 | 2,229,633 | |
O'Reilly Automotive, Inc. (a) | 133,181 | 37,305,330 | |
Ross Stores, Inc. | 69,300 | 4,455,990 | |
The Children's Place Retail Stores, Inc. | 24,400 | 1,948,828 | |
TJX Companies, Inc. | 957,027 | 71,566,479 | |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 24,900 | 5,925,702 | |
187,988,132 | |||
Textiles, Apparel & Luxury Goods - 1.8% | |||
adidas AG | 66,000 | 11,479,017 | |
Coach, Inc. | 332,800 | 12,167,168 | |
NIKE, Inc. Class B | 1,091,850 | 57,485,903 | |
Pandora A/S | 3,800 | 459,240 | |
Under Armour, Inc.: | |||
Class A (sub. vtg.) (a)(c) | 254,000 | 9,824,720 | |
Class C (non-vtg.) | 391,358 | 13,251,382 | |
104,667,430 | |||
TOTAL CONSUMER DISCRETIONARY | 1,159,784,072 | ||
CONSUMER STAPLES - 6.0% | |||
Beverages - 0.9% | |||
Boston Beer Co., Inc. Class A (a) | 80,932 | 12,565,502 | |
Coca-Cola Bottling Co. Consolidated | 69,800 | 10,341,568 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 64,910 | 10,806,866 | |
Kweichow Moutai Co. Ltd. | 18,100 | 809,461 | |
Molson Coors Brewing Co. Class B | 29,800 | 3,272,040 | |
Monster Beverage Corp. (a) | 26,900 | 3,949,189 | |
PepsiCo, Inc. | 82,900 | 9,017,033 | |
The Coca-Cola Co. | 101,500 | 4,295,480 | |
55,057,139 | |||
Food & Staples Retailing - 0.7% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 74,400 | 3,605,589 | |
Costco Wholesale Corp. | 214,500 | 32,713,395 | |
Sysco Corp. | 169,100 | 8,287,591 | |
44,606,575 | |||
Food Products - 1.0% | |||
Associated British Foods PLC | 442,501 | 14,912,240 | |
Mondelez International, Inc. | 526,865 | 23,129,374 | |
The Kraft Heinz Co. | 147,200 | 13,175,872 | |
TreeHouse Foods, Inc. (a) | 68,516 | 5,973,910 | |
57,191,396 | |||
Household Products - 1.8% | |||
Colgate-Palmolive Co. | 1,395,815 | 103,485,724 | |
Spectrum Brands Holdings, Inc. | 26,137 | 3,598,804 | |
107,084,528 | |||
Personal Products - 1.6% | |||
Estee Lauder Companies, Inc. Class A | 1,021,810 | 90,491,494 | |
Hypermarcas SA | 69,900 | 599,023 | |
L'Oreal SA | 11,478 | 2,167,450 | |
93,257,967 | |||
TOTAL CONSUMER STAPLES | 357,197,605 | ||
ENERGY - 2.7% | |||
Energy Equipment & Services - 0.3% | |||
Schlumberger Ltd. | 249,664 | 19,633,577 | |
Oil, Gas & Consumable Fuels - 2.4% | |||
Anadarko Petroleum Corp. | 113,400 | 7,185,024 | |
Apache Corp. | 29,600 | 1,890,552 | |
Birchcliff Energy Ltd. (a) | 950,600 | 6,651,555 | |
Canadian Natural Resources Ltd. | 404,800 | 12,940,518 | |
Cimarex Energy Co. | 4,600 | 618,102 | |
Concho Resources, Inc. (a) | 46,400 | 6,373,040 | |
Continental Resources, Inc. (a) | 211,100 | 10,968,756 | |
Diamondback Energy, Inc. (a) | 134,790 | 13,012,627 | |
EOG Resources, Inc. | 623,724 | 60,320,348 | |
Par Pacific Holdings, Inc. (a) | 2,417 | 31,614 | |
PDC Energy, Inc. (a) | 41,400 | 2,776,284 | |
Peyto Exploration & Development Corp. (c) | 20,500 | 575,334 | |
Pioneer Natural Resources Co. | 79,930 | 14,839,005 | |
PrairieSky Royalty Ltd. | 72,524 | 1,478,728 | |
TAG Oil Ltd. (a) | 1,137,300 | 788,859 | |
Tesoro Corp. | 20,700 | 1,646,892 | |
142,097,238 | |||
TOTAL ENERGY | 161,730,815 | ||
FINANCIALS - 7.9% | |||
Banks - 2.8% | |||
Banco Santander Chile sponsored ADR | 175,900 | 3,639,371 | |
Bank of America Corp. | 75,000 | 1,173,750 | |
Citigroup, Inc. | 1,290,527 | 60,951,590 | |
Grupo Financiero Galicia SA sponsored ADR | 1,800 | 55,998 | |
HDFC Bank Ltd. sponsored ADR | 398,347 | 28,637,166 | |
JPMorgan Chase & Co. | 17,700 | 1,178,643 | |
Kotak Mahindra Bank Ltd. | 355,255 | 4,155,457 | |
Metro Bank PLC | 1,800 | 64,416 | |
PT Bank Central Asia Tbk | 521,700 | 629,258 | |
Wells Fargo & Co. | 1,506,694 | 66,716,410 | |
167,202,059 | |||
Capital Markets - 1.0% | |||
BlackRock, Inc. Class A | 49,353 | 17,888,488 | |
IntercontinentalExchange, Inc. | 16,300 | 4,390,568 | |
MarketAxess Holdings, Inc. | 9,200 | 1,523,428 | |
MSCI, Inc. Class A | 83,231 | 6,986,410 | |
Oaktree Capital Group LLC Class A | 188,190 | 7,979,256 | |
S&P Global, Inc. | 131,916 | 16,695,289 | |
Silver Run Acquisition Corp. (a) | 71,246 | 1,122,125 | |
56,585,564 | |||
Diversified Financial Services - 3.1% | |||
Berkshire Hathaway, Inc. Class A (a) | 861 | 186,165,420 | |
Insurance - 1.0% | |||
Admiral Group PLC | 155,300 | 4,124,475 | |
AFLAC, Inc. | 9,200 | 661,204 | |
Chubb Ltd. | 252,705 | 31,752,383 | |
Direct Line Insurance Group PLC | 826,541 | 3,908,179 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 11,500 | 6,738,275 | |
Marsh & McLennan Companies, Inc. | 103,478 | 6,958,896 | |
The Travelers Companies, Inc. | 35,000 | 4,009,250 | |
58,152,662 | |||
TOTAL FINANCIALS | 468,105,705 | ||
HEALTH CARE - 11.9% | |||
Biotechnology - 2.9% | |||
Acceleron Pharma, Inc. (a) | 59,300 | 2,146,067 | |
Aduro Biotech, Inc. (a) | 14,752 | 183,367 | |
Advaxis, Inc. (a) | 215,588 | 2,304,636 | |
Agios Pharmaceuticals, Inc. (a) | 80,797 | 4,267,698 | |
Amgen, Inc. | 85,700 | 14,295,617 | |
Biogen, Inc. (a) | 24,902 | 7,795,073 | |
Celgene Corp. (a) | 38,800 | 4,055,764 | |
Enanta Pharmaceuticals, Inc. (a) | 74,626 | 1,985,798 | |
Five Prime Therapeutics, Inc. (a) | 10,259 | 538,495 | |
Genmab A/S (a) | 33,400 | 5,694,413 | |
Gilead Sciences, Inc. | 993,895 | 78,636,972 | |
Intrexon Corp. (a)(c) | 171,250 | 4,798,425 | |
Macrogenics, Inc. (a) | 123,100 | 3,681,921 | |
NantKwest, Inc. (a)(c) | 66,142 | 514,585 | |
Neurocrine Biosciences, Inc. (a) | 158,042 | 8,003,247 | |
Opko Health, Inc. (a)(c) | 262,277 | 2,777,513 | |
OvaScience, Inc. (a)(c) | 1,137,174 | 8,142,166 | |
Regeneron Pharmaceuticals, Inc. (a) | 52,400 | 21,065,848 | |
TESARO, Inc. (a) | 27,500 | 2,756,600 | |
uniQure B.V. (a) | 54,800 | 419,220 | |
174,063,425 | |||
Health Care Equipment & Supplies - 3.9% | |||
Baxter International, Inc. | 51,100 | 2,432,360 | |
Becton, Dickinson & Co. | 89,553 | 16,095,361 | |
Boston Scientific Corp. (a) | 1,952,400 | 46,467,120 | |
C.R. Bard, Inc. | 38,778 | 8,697,130 | |
Danaher Corp. | 427,320 | 33,497,615 | |
Dentsply Sirona, Inc. | 71,516 | 4,250,196 | |
DexCom, Inc. (a) | 180,163 | 15,793,089 | |
Edwards Lifesciences Corp. (a) | 269,802 | 32,527,329 | |
Intuitive Surgical, Inc. (a) | 32,200 | 23,339,526 | |
Medtronic PLC | 357,481 | 30,886,358 | |
Nevro Corp. (a) | 66,100 | 6,900,179 | |
Penumbra, Inc. (a) | 25,108 | 1,907,957 | |
ResMed, Inc. | 14,300 | 926,497 | |
Stryker Corp. | 52,310 | 6,089,407 | |
Zimmer Biomet Holdings, Inc. | 22,800 | 2,964,456 | |
232,774,580 | |||
Health Care Providers & Services - 2.7% | |||
Aetna, Inc. | 19,900 | 2,297,455 | |
Henry Schein, Inc. (a) | 406,897 | 66,316,073 | |
Surgical Care Affiliates, Inc. (a) | 4,053 | 197,624 | |
UnitedHealth Group, Inc. | 666,266 | 93,277,240 | |
162,088,392 | |||
Health Care Technology - 0.0% | |||
Cerner Corp. (a) | 8,900 | 549,575 | |
Medidata Solutions, Inc. (a) | 18,137 | 1,011,319 | |
NantHealth, Inc. | 800 | 10,520 | |
1,571,414 | |||
Life Sciences Tools & Services - 1.4% | |||
Agilent Technologies, Inc. | 37,800 | 1,780,002 | |
Eurofins Scientific SA | 3,700 | 1,680,638 | |
Mettler-Toledo International, Inc. (a) | 72,238 | 30,327,680 | |
PRA Health Sciences, Inc. (a) | 10,800 | 610,308 | |
Thermo Fisher Scientific, Inc. | 171,519 | 27,281,812 | |
Waters Corp. (a) | 125,165 | 19,837,401 | |
81,517,841 | |||
Pharmaceuticals - 1.0% | |||
Aralez Pharmaceuticals, Inc. (a)(c) | 240,097 | 1,164,470 | |
AstraZeneca PLC sponsored ADR | 52,200 | 1,715,292 | |
Bristol-Myers Squibb Co. | 762,632 | 41,121,117 | |
Dermira, Inc. (a) | 29,700 | 1,004,454 | |
H Lundbeck A/S (a) | 15,800 | 517,536 | |
Jiangsu Hengrui Medicine Co. Ltd. | 90,801 | 600,086 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 258,960 | 11,914,750 | |
58,037,705 | |||
TOTAL HEALTH CARE | 710,053,357 | ||
INDUSTRIALS - 5.1% | |||
Aerospace & Defense - 0.7% | |||
General Dynamics Corp. | 53,817 | 8,350,246 | |
Northrop Grumman Corp. | 62,520 | 13,376,154 | |
Raytheon Co. | 56,100 | 7,636,893 | |
Rolls-Royce Group PLC | 59,400 | 554,184 | |
Saab AB (B Shares) | 16,900 | 601,630 | |
Space Exploration Technologies Corp. Class A (a)(d) | 10,959 | 1,056,667 | |
TransDigm Group, Inc. (a) | 35,000 | 10,119,200 | |
41,694,974 | |||
Air Freight & Logistics - 0.3% | |||
C.H. Robinson Worldwide, Inc. | 50,545 | 3,561,401 | |
FedEx Corp. | 81,100 | 14,166,548 | |
17,727,949 | |||
Airlines - 0.7% | |||
Ryanair Holdings PLC sponsored ADR | 250,031 | 18,759,826 | |
Southwest Airlines Co. | 637,300 | 24,784,597 | |
43,544,423 | |||
Building Products - 0.7% | |||
A.O. Smith Corp. | 28,337 | 2,799,412 | |
ASSA ABLOY AB (B Shares) | 195,200 | 3,965,981 | |
Fortune Brands Home & Security, Inc. | 188,469 | 10,950,049 | |
Masco Corp. | 591,805 | 20,304,830 | |
Toto Ltd. | 124,700 | 4,714,544 | |
42,734,816 | |||
Commercial Services & Supplies - 0.1% | |||
Cintas Corp. | 33,500 | 3,772,100 | |
Copart, Inc. (a) | 9,800 | 524,888 | |
4,296,988 | |||
Electrical Equipment - 0.6% | |||
Acuity Brands, Inc. | 75,498 | 19,976,771 | |
Fortive Corp. | 271,160 | 13,802,044 | |
Vestas Wind Systems A/S | 31,500 | 2,592,563 | |
36,371,378 | |||
Industrial Conglomerates - 0.6% | |||
3M Co. | 146,177 | 25,760,773 | |
General Electric Co. | 275,284 | 8,153,912 | |
Honeywell International, Inc. | 17,757 | 2,070,289 | |
35,984,974 | |||
Machinery - 0.4% | |||
Fanuc Corp. | 1,400 | 236,482 | |
Illinois Tool Works, Inc. | 110,304 | 13,218,831 | |
Ingersoll-Rand PLC | 27,500 | 1,868,350 | |
PACCAR, Inc. | 86,459 | 5,082,060 | |
Rational AG | 2,700 | 1,352,738 | |
Xylem, Inc. | 49,100 | 2,575,295 | |
24,333,756 | |||
Professional Services - 0.7% | |||
Equifax, Inc. | 247,725 | 33,338,831 | |
IHS Markit Ltd. (a) | 78,074 | 2,931,679 | |
RELX PLC | 33,700 | 639,042 | |
TransUnion Holding Co., Inc. (a) | 173,376 | 5,981,472 | |
Verisk Analytics, Inc. (a) | 3,000 | 243,840 | |
43,134,864 | |||
Road & Rail - 0.1% | |||
Canadian Pacific Railway Ltd. | 20,400 | 3,112,829 | |
Trading Companies & Distributors - 0.2% | |||
Air Lease Corp. Class A | 6,776 | 193,658 | |
HD Supply Holdings, Inc. (a) | 342,142 | 10,941,701 | |
11,135,359 | |||
TOTAL INDUSTRIALS | 304,072,310 | ||
INFORMATION TECHNOLOGY - 37.5% | |||
Communications Equipment - 0.2% | |||
Arista Networks, Inc. (a)(c) | 59,373 | 5,051,455 | |
Cisco Systems, Inc. | 113,600 | 3,603,392 | |
Palo Alto Networks, Inc. (a) | 3,600 | 573,588 | |
9,228,435 | |||
Electronic Equipment & Components - 1.7% | |||
Amphenol Corp. Class A | 1,299,002 | 84,331,210 | |
CDW Corp. | 163,600 | 7,481,428 | |
Fitbit, Inc. (a)(c) | 19,243 | 285,566 | |
Flextronics International Ltd. (a) | 45,000 | 612,900 | |
IPG Photonics Corp. (a) | 79,107 | 6,514,461 | |
Keyence Corp. | 2,300 | 1,685,186 | |
100,910,751 | |||
Internet Software & Services - 16.6% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 63,432 | 6,710,471 | |
Alphabet, Inc.: | |||
Class A | 189,361 | 152,257,606 | |
Class C (a) | 177,543 | 138,002,398 | |
Apptio, Inc. | 9,000 | 195,300 | |
Cornerstone OnDemand, Inc. (a) | 28,200 | 1,295,790 | |
CoStar Group, Inc. (a) | 2,500 | 541,325 | |
eBay, Inc. (a) | 232,500 | 7,649,250 | |
Facebook, Inc. Class A (a) | 4,901,194 | 628,676,157 | |
LogMeIn, Inc. (a) | 50,807 | 4,592,445 | |
MercadoLibre, Inc. | 12,100 | 2,238,137 | |
NetEase, Inc. sponsored ADR | 6,900 | 1,661,382 | |
Nutanix, Inc.: | |||
Class A (a) | 26,000 | 962,000 | |
Class B | 171,960 | 5,726,268 | |
Rightmove PLC | 56,311 | 3,081,532 | |
Shopify, Inc. Class A (a) | 18,800 | 806,896 | |
SurveyMonkey (a)(d) | 458,038 | 4,809,399 | |
Tencent Holdings Ltd. | 575,700 | 16,005,632 | |
The Trade Desk, Inc. | 20,900 | 610,489 | |
Twilio, Inc.: | |||
Class A (c) | 36,700 | 2,362,012 | |
Class B | 162,109 | 9,911,668 | |
WebMD Health Corp. (a) | 9,000 | 447,300 | |
988,543,457 | |||
IT Services - 5.1% | |||
Accenture PLC Class A | 137,757 | 16,829,773 | |
ASAC II LP (a)(d) | 1,788,160 | 300,411 | |
Computer Sciences Corp. | 36,300 | 1,895,223 | |
Fiserv, Inc. (a) | 83,658 | 8,321,461 | |
FleetCor Technologies, Inc. (a) | 10,600 | 1,841,538 | |
Gartner, Inc. Class A (a) | 1,183 | 104,636 | |
Global Payments, Inc. | 157,200 | 12,066,672 | |
MasterCard, Inc. Class A | 935,510 | 95,206,853 | |
PayPal Holdings, Inc. (a) | 1,166,700 | 47,799,699 | |
Visa, Inc. Class A | 1,441,060 | 119,175,662 | |
303,541,928 | |||
Semiconductors & Semiconductor Equipment - 3.2% | |||
Acacia Communications, Inc. (c) | 12,200 | 1,260,016 | |
Applied Materials, Inc. | 478,600 | 14,429,790 | |
Broadcom Ltd. | 438,700 | 75,684,524 | |
Inphi Corp. (a) | 11,600 | 504,716 | |
KLA-Tencor Corp. | 7,800 | 543,738 | |
Lam Research Corp. | 256,100 | 24,255,231 | |
Maxim Integrated Products, Inc. | 14,500 | 578,985 | |
NVIDIA Corp. | 145,300 | 9,955,956 | |
Qualcomm, Inc. | 498,800 | 34,167,800 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 677,757 | 20,732,587 | |
Texas Instruments, Inc. | 112,900 | 7,923,322 | |
Xilinx, Inc. | 3,700 | 201,058 | |
190,237,723 | |||
Software - 8.7% | |||
Activision Blizzard, Inc. | 1,629,573 | 72,190,084 | |
Adobe Systems, Inc. (a) | 713,069 | 77,396,509 | |
Atlassian Corp. PLC | 40,800 | 1,222,776 | |
Autodesk, Inc. (a) | 42,700 | 3,088,491 | |
CDK Global, Inc. | 45,006 | 2,581,544 | |
Citrix Systems, Inc. (a) | 118,700 | 10,115,614 | |
Electronic Arts, Inc. (a) | 520,900 | 44,484,860 | |
Fair Isaac Corp. | 4,500 | 560,655 | |
Gigamon, Inc. (a) | 9,825 | 538,410 | |
Intuit, Inc. | 76,791 | 8,447,778 | |
LINE Corp. ADR | 12,078 | 584,575 | |
Microsoft Corp. | 983,600 | 56,655,360 | |
Paycom Software, Inc. (a) | 21,570 | 1,081,304 | |
Pegasystems, Inc. | 9,700 | 286,053 | |
RealPage, Inc. (a) | 143,700 | 3,693,090 | |
Red Hat, Inc. (a) | 7,500 | 606,225 | |
Salesforce.com, Inc. (a) | 1,912,986 | 136,453,291 | |
Symantec Corp. | 239,490 | 6,011,199 | |
Tyler Technologies, Inc. (a) | 4,305 | 737,145 | |
Ultimate Software Group, Inc. (a) | 300,147 | 61,347,045 | |
Workday, Inc. Class A (a) | 325,035 | 29,802,459 | |
517,884,467 | |||
Technology Hardware, Storage & Peripherals - 2.0% | |||
Apple, Inc. | 938,021 | 106,043,274 | |
Hewlett Packard Enterprise Co. | 129,600 | 2,948,400 | |
Samsung Electronics Co. Ltd. | 4,253 | 6,198,537 | |
Xaar PLC | 175,812 | 1,139,394 | |
116,329,605 | |||
TOTAL INFORMATION TECHNOLOGY | 2,226,676,366 | ||
MATERIALS - 3.8% | |||
Chemicals - 2.2% | |||
Air Products & Chemicals, Inc. | 125,700 | 18,897,738 | |
E.I. du Pont de Nemours & Co. | 132,200 | 8,853,434 | |
Ecolab, Inc. | 4,900 | 596,428 | |
Frutarom Industries Ltd. | 10,300 | 542,438 | |
Ingevity Corp. (a) | 87,500 | 4,033,750 | |
PPG Industries, Inc. | 512,269 | 52,948,124 | |
Sherwin-Williams Co. | 139,614 | 38,625,609 | |
The Dow Chemical Co. | 118,800 | 6,157,404 | |
Westlake Chemical Corp. | 9,900 | 529,650 | |
131,184,575 | |||
Construction Materials - 0.2% | |||
Martin Marietta Materials, Inc. | 52,277 | 9,363,333 | |
Vulcan Materials Co. | 37,205 | 4,231,325 | |
13,594,658 | |||
Containers & Packaging - 0.2% | |||
Ball Corp. | 122,300 | 10,022,485 | |
Metals & Mining - 1.2% | |||
B2Gold Corp. (a) | 1,135,802 | 2,978,131 | |
Barrick Gold Corp. | 49,500 | 876,470 | |
Detour Gold Corp. (a) | 136,400 | 2,967,229 | |
Fortescue Metals Group Ltd. | 318,997 | 1,220,985 | |
Franco-Nevada Corp. | 324,000 | 22,636,411 | |
Ivanhoe Mines Ltd. (a) | 1,495,500 | 2,598,986 | |
Kirkland Lake Gold, Inc. (a) | 1,001,900 | 7,598,540 | |
Newcrest Mining Ltd. (a) | 787,993 | 13,301,437 | |
Novagold Resources, Inc. (a) | 500,355 | 2,795,535 | |
Premier Gold Mines Ltd. (a) | 929,500 | 2,862,289 | |
Primero Mining Corp. (a) | 439,300 | 733,311 | |
Randgold Resources Ltd. sponsored ADR | 67,706 | 6,775,339 | |
TMAC Resources, Inc. (a) | 44,800 | 633,780 | |
Torex Gold Resources, Inc. (a) | 36,580 | 791,296 | |
68,769,739 | |||
TOTAL MATERIALS | 223,571,457 | ||
REAL ESTATE - 0.2% | |||
Equity Real Estate Investment Trusts (REITs) - 0.2% | |||
American Tower Corp. | 70,800 | 8,023,764 | |
Real Estate Management & Development - 0.0% | |||
WeWork Companies, Inc. Class A (a)(d) | 36,005 | 1,807,172 | |
TOTAL REAL ESTATE | 9,830,936 | ||
TELECOMMUNICATION SERVICES - 0.3% | |||
Wireless Telecommunication Services - 0.3% | |||
T-Mobile U.S., Inc. (a) | 316,162 | 14,771,089 | |
UTILITIES - 0.0% | |||
Electric Utilities - 0.0% | |||
DONG Energy A/S | 55,419 | 2,299,405 | |
TOTAL COMMON STOCKS | |||
(Cost $3,679,177,843) | 5,638,093,117 | ||
Preferred Stocks - 2.6% | |||
Convertible Preferred Stocks - 2.6% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Diversified Consumer Services - 0.1% | |||
Airbnb, Inc.: | |||
Series D (a)(d) | 30,930 | 3,247,650 | |
Series E (a)(d) | 13,964 | 1,466,220 | |
4,713,870 | |||
Household Durables - 0.0% | |||
Blu Homes, Inc. Series A, 5.00% (a)(d) | 1,349,024 | 2,455,224 | |
TOTAL CONSUMER DISCRETIONARY | 7,169,094 | ||
CONSUMER STAPLES - 0.1% | |||
Food & Staples Retailing - 0.1% | |||
Blue Apron, Inc. Series D (a)(d) | 240,116 | 3,930,699 | |
FINANCIALS - 0.1% | |||
Consumer Finance - 0.1% | |||
Oportun Finance Corp. Series H (a)(d) | 2,372,991 | 7,617,301 | |
HEALTH CARE - 0.1% | |||
Biotechnology - 0.0% | |||
23andMe, Inc. Series E (a)(d) | 41,008 | 369,892 | |
Health Care Providers & Services - 0.1% | |||
Mulberry Health, Inc. Series A8 (d) | 418,866 | 2,732,179 | |
TOTAL HEALTH CARE | 3,102,071 | ||
INDUSTRIALS - 0.0% | |||
Aerospace & Defense - 0.0% | |||
Space Exploration Technologies Corp. Series G (a)(d) | 32,066 | 3,091,804 | |
INFORMATION TECHNOLOGY - 1.9% | |||
Internet Software & Services - 1.0% | |||
Dropbox, Inc. Series C (a)(d) | 394,740 | 4,890,829 | |
Pinterest, Inc.: | |||
Series E, 8.00% (a)(d) | 2,594,015 | 21,815,666 | |
Series F, 8.00% (a)(d) | 2,122,845 | 17,853,126 | |
Series G, 8.00% (a)(d) | 369,335 | 3,106,107 | |
Uber Technologies, Inc. Series D, 8.00% (a)(d) | 264,940 | 12,921,714 | |
60,587,442 | |||
Software - 0.9% | |||
Cloudera, Inc. Series F (a)(d) | 70,040 | 2,220,226 | |
Cloudflare, Inc. Series D 8.00% (a)(d) | 246,150 | 1,619,667 | |
Delphix Corp. Series D (a)(d) | 204,875 | 1,126,813 | |
Magic Leap, Inc.: | |||
Series B, 8.00% (a)(d) | 1,675,597 | 43,341,997 | |
Series C (d) | 15,286 | 395,397 | |
Snapchat, Inc. Series F (a)(d) | 100,900 | 3,099,648 | |
51,803,748 | |||
TOTAL INFORMATION TECHNOLOGY | 112,391,190 | ||
REAL ESTATE - 0.3% | |||
Real Estate Management & Development - 0.3% | |||
WeWork Companies, Inc. Series E (a)(d) | 324,048 | 16,264,698 | |
TELECOMMUNICATION SERVICES - 0.0% | |||
Wireless Telecommunication Services - 0.0% | |||
Altiostar Networks, Inc. Series D (a)(d) | 146,461 | 676,650 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 154,243,507 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
FINANCIALS - 0.0% | |||
Banks - 0.0% | |||
Itau Unibanco Holding SA sponsored ADR | 57,800 | 632,332 | |
HEALTH CARE - 0.0% | |||
Health Care Equipment & Supplies - 0.0% | |||
Sartorius AG (non-vtg.) | 13,200 | 1,098,475 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 1,730,807 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $94,782,386) | 155,974,314 | ||
Principal Amount | Value | ||
Bank Loan Obligations - 0.1% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Multiline Retail - 0.0% | |||
JC Penney Corp., Inc. Tranche B, term loan 5.25% 6/23/23 (e) | 1,341,563 | 1,345,869 | |
INDUSTRIALS - 0.1% | |||
Building Products - 0.1% | |||
Jeld-Wen, Inc. Tranche B, term loan 4.75% 7/1/22 (e) | 1,381,050 | 1,388,535 | |
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $2,709,000) | 2,734,404 | ||
Shares | Value | ||
Money Market Funds - 3.7% | |||
Fidelity Cash Central Fund, 0.43% (f) | 196,314,414 | 196,373,308 | |
Fidelity Securities Lending Cash Central Fund 0.46% (f)(g) | 25,048,592 | 25,053,602 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $221,364,553) | 221,426,910 | ||
TOTAL INVESTMENT PORTFOLIO - 101.3% | |||
(Cost $3,998,033,782) | 6,018,228,745 | ||
NET OTHER ASSETS (LIABILITIES) - (1.3)% | (75,597,586) | ||
NET ASSETS - 100% | $5,942,631,159 |
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,334,548 or 0.0% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $162,217,156 or 2.7% of net assets.
(e) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
23andMe, Inc. Series E | 6/18/15 | $444,005 |
Airbnb, Inc. Series D | 4/16/14 | $1,259,254 |
Airbnb, Inc. Series E | 6/29/15 | $1,299,970 |
Altiostar Networks, Inc. Series D | 1/7/15 | $1,800,006 |
ASAC II LP | 10/10/13 | $137,706 |
Blu Homes, Inc. Series A, 5.00% | 6/10/13 - 12/30/14 | $6,232,491 |
Blue Apron, Inc. Series D | 5/18/15 | $3,200,002 |
Cloudera, Inc. Series F | 2/5/14 | $1,019,782 |
Cloudflare, Inc. Series D 8.00% | 11/5/14 - 6/24/15 | $1,533,709 |
Delphix Corp. Series D | 7/10/15 | $1,843,875 |
Dropbox, Inc. Series C | 1/30/14 | $7,540,008 |
Magic Leap, Inc. Series B, 8.00% | 10/17/14 | $19,369,901 |
Magic Leap, Inc. Series C | 12/23/15 | $352,082 |
Mulberry Health, Inc. Series A8 | 1/20/16 | $2,829,335 |
Oportun Finance Corp. Series H | 2/6/15 | $6,756,617 |
Pinterest, Inc. Series E, 8.00% | 10/23/13 | $7,538,571 |
Pinterest, Inc. Series F, 8.00% | 5/15/14 | $7,211,381 |
Pinterest, Inc. Series G, 8.00% | 2/27/15 | $2,651,490 |
Snapchat, Inc. Series F | 2/12/16 | $3,099,648 |
Space Exploration Technologies Corp. Class A | 10/16/15 | $975,351 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $2,483,832 |
SurveyMonkey | 12/15/14 | $7,534,725 |
Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $4,110,027 |
WeWork Companies, Inc. Class A | 6/23/15 | $1,184,189 |
WeWork Companies, Inc. Series E | 6/23/15 | $10,657,799 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $356,174 |
Fidelity Securities Lending Cash Central Fund | 1,721,765 |
Total | $2,077,939 |
Investment Valuation
The following is a summary of the inputs used, as of September 30, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $1,166,953,166 | $1,125,238,493 | $34,545,579 | $7,169,094 |
Consumer Staples | 361,128,304 | 356,388,144 | 809,461 | 3,930,699 |
Energy | 161,730,815 | 161,730,815 | -- | -- |
Financials | 476,355,338 | 463,953,322 | 4,784,715 | 7,617,301 |
Health Care | 714,253,903 | 710,551,746 | 600,086 | 3,102,071 |
Industrials | 307,164,114 | 297,510,433 | 5,505,210 | 4,148,471 |
Information Technology | 2,339,067,556 | 2,182,039,265 | 39,527,291 | 117,501,000 |
Materials | 223,571,457 | 209,049,035 | 14,522,422 | -- |
Real Estate | 26,095,634 | 8,023,764 | -- | 18,071,870 |
Telecommunication Services | 15,447,739 | 14,771,089 | -- | 676,650 |
Utilities | 2,299,405 | 2,299,405 | -- | -- |
Bank Loan Obligations | 2,734,404 | -- | 2,734,404 | -- |
Money Market Funds | 221,426,910 | 221,426,910 | -- | -- |
Total Investments in Securities: | $6,018,228,745 | $5,752,982,421 | $103,029,168 | $162,217,156 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Information Technology | |
Beginning Balance | $ 160,356,921 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | (24,074,560) |
Cost of Purchases | 3,099,648 |
Proceeds of Sales | (21,881,009) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $ 117,501,000 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2016 | $(23,256,447) |
Other Investments in Securities | |
Beginning Balance | $ 53,499,864 |
Net Realized Gain (Loss) on Investment Securities | (1,498,010) |
Net Unrealized Gain (Loss) on Investment Securities | (30,238) |
Cost of Purchases | 2,829,335 |
Proceeds of Sales | (10,084,795) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $ 44,716,156 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2016 | $(1,601,709) |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at 09/30/16 | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $162,217,156 | Discounted cash flow | Growth rate | 2.5% - 3.0% / 2.8% | Increase |
Discount rate | 8.0% | Decrease | |||
Weighted average cost of capital (WACC) | 10.7% | Decrease | |||
Discount for lack of marketability | 20.0% | Decrease | |||
Market approach | Transaction price | $4.62 - $105.00 / $53.96 | Increase | ||
Tender price | $96.42 | Increase | |||
Liquidity preference | $2.94 - $6.75 / $4.95 | Increase | |||
Market comparable | Enterprise value/Sales multiple (EV/S) | 0.6 - 8.4 / 2.9 | Increase | ||
Enterprise value/EBITDA multiple (EV/EBITDA) | 16.8 | Increase | |||
Discount rate | 3.0% - 50.0% / 20.5% | Decrease | |||
Price/Earnings multiple (P/E) | 5.0 - 10.7 / 9.3 | Increase | |||
Discount for lack of marketability | 15.0% - 25.0% / 19.0% | Decrease | |||
Premium rate | 8.0% - 130.0% / 48.4% | Increase | |||
Enterprise value/Gross profit multiple (EV/GP) | 5.4 | Increase | |||
Recovery value | Recovery value | 0.2% | Increase |
(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Other Information
Income Tax Information
At September 30, 2016, the cost of investment securities for income tax purposes was $4,001,886,145. Net unrealized appreciation aggregated $2,016,342,600, of which $2,085,237,921 related to appreciated investment securities and $68,895,321 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Item 2.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Contrafund’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 3.
Exhibits
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Contrafund
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | November 28, 2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | November 28, 2016 |
By: | /s/Howard J. Galligan III |
Howard J. Galligan III | |
Chief Financial Officer | |
Date: | November 28, 2016 |
Exhibit EX-99.CERT
I, Stacie M. Smith, certify that:
1.
I have reviewed this report on Form N-Q of Fidelity Contrafund;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date:
November 28, 2016
/s/Stacie M. Smith |
Stacie M. Smith |
President and Treasurer |
I, Howard J. Galligan III, certify that:
1.
I have reviewed this report on Form N-Q of Fidelity Contrafund;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date:
November 28, 2016
/s/Howard J. Galligan III |
Howard J. Galligan III |
Chief Financial Officer |