NPORT-EX 2 QTLY_14_20230831.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity Advisor® Value Strategies Fund
August 31, 2023
SO-NPRT3-1023
1.805748.119
Common Stocks - 99.2%
 
  
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 1.3%
 
  
  
Diversified Telecommunication Services - 0.9%
  
  
  
Cellnex Telecom SA (a)
  
402,800
15,418
Media - 0.4%
  
  
  
Nexstar Broadcasting Group, Inc. Class A
 
43,000
7,000
TOTAL COMMUNICATION SERVICES
  
  
22,418
CONSUMER DISCRETIONARY - 11.7%
 
  
  
Automobile Components - 1.1%
  
  
  
Adient PLC (b)
  
203,000
7,952
Autoliv, Inc.
 
111,400
10,873
 
  
  
18,825
Automobiles - 0.9%
  
  
  
Harley-Davidson, Inc.
 
468,600
15,815
Diversified Consumer Services - 0.5%
  
  
  
Adtalem Global Education, Inc. (b)
  
213,914
9,380
Hotels, Restaurants & Leisure - 1.1%
  
  
  
Hilton Grand Vacations, Inc. (b)
  
241,400
10,554
Red Rock Resorts, Inc.
 
176,900
7,771
 
  
  
18,325
Household Durables - 1.1%
  
  
  
Tempur Sealy International, Inc.
 
422,700
19,749
Leisure Products - 1.7%
  
  
  
Brunswick Corp.
 
141,800
11,219
Mattel, Inc. (b)
  
791,700
17,544
 
  
  
28,763
Specialty Retail - 4.1%
  
  
  
American Eagle Outfitters, Inc.
 
1,047,822
17,771
Bath & Body Works, Inc.
 
202,900
7,481
Lithia Motors, Inc. Class A (sub. vtg.)
 
41,400
12,752
Signet Jewelers Ltd. (c)
  
162,600
12,195
Upbound Group, Inc.
 
315,800
9,670
Victoria's Secret & Co. (b)
  
586,100
11,241
 
  
  
71,110
Textiles, Apparel & Luxury Goods - 1.2%
  
  
  
Gildan Activewear, Inc.
 
694,000
20,699
TOTAL CONSUMER DISCRETIONARY
  
  
202,666
CONSUMER STAPLES - 4.0%
 
  
  
Consumer Staples Distribution & Retail - 1.3%
  
  
  
U.S. Foods Holding Corp. (b)
  
552,000
22,317
Food Products - 2.2%
  
  
  
Bunge Ltd.
 
175,800
20,097
Darling Ingredients, Inc. (b)
  
307,022
18,962
 
  
  
39,059
Household Products - 0.5%
  
  
  
Energizer Holdings, Inc.
 
251,100
8,625
TOTAL CONSUMER STAPLES
  
  
70,001
ENERGY - 9.0%
 
  
  
Energy Equipment & Services - 1.9%
  
  
  
Expro Group Holdings NV (b)
  
796,700
18,730
Valaris Ltd. (b)
  
187,100
14,092
 
  
  
32,822
Oil, Gas & Consumable Fuels - 7.1%
  
  
  
Antero Resources Corp. (b)
  
707,400
19,574
Canadian Natural Resources Ltd.
 
570,500
36,906
Hess Corp.
 
209,400
32,352
Targa Resources Corp.
 
201,300
17,362
Tourmaline Oil Corp. (c)
  
326,700
16,753
 
  
  
122,947
TOTAL ENERGY
  
  
155,769
FINANCIALS - 18.4%
 
  
  
Banks - 4.1%
  
  
  
East West Bancorp, Inc.
 
383,100
21,201
First Citizens Bancshares, Inc.
 
19,400
26,392
Popular, Inc.
 
161,200
11,007
U.S. Bancorp
 
360,600
13,173
 
  
  
71,773
Capital Markets - 3.0%
  
  
  
Ameriprise Financial, Inc.
 
58,700
19,816
LPL Financial
 
84,200
19,416
Raymond James Financial, Inc.
 
126,100
13,189
 
  
  
52,421
Consumer Finance - 2.3%
  
  
  
OneMain Holdings, Inc.
 
347,973
14,444
PROG Holdings, Inc. (b)
  
293,852
10,079
SLM Corp.
 
1,069,284
15,227
 
  
  
39,750
Financial Services - 4.3%
  
  
  
Apollo Global Management, Inc.
 
318,400
27,809
Global Payments, Inc.
 
216,400
27,416
Walker & Dunlop, Inc.
 
231,600
19,765
 
  
  
74,990
Insurance - 4.7%
  
  
  
American Financial Group, Inc.
 
179,000
20,750
Assurant, Inc.
 
134,900
18,796
First American Financial Corp.
 
197,500
12,182
Reinsurance Group of America, Inc.
 
92,533
12,827
The Travelers Companies, Inc.
 
99,300
16,010
 
  
  
80,565
TOTAL FINANCIALS
  
  
319,499
HEALTH CARE - 5.8%
 
  
  
Health Care Providers & Services - 4.9%
  
  
  
AdaptHealth Corp. (b)
  
792,000
9,449
Centene Corp. (b)
  
450,700
27,786
Cigna Group
 
105,900
29,256
CVS Health Corp.
 
278,500
18,150
 
  
  
84,641
Pharmaceuticals - 0.9%
  
  
  
Jazz Pharmaceuticals PLC (b)
  
106,900
15,325
TOTAL HEALTH CARE
  
  
99,966
INDUSTRIALS - 17.4%
 
  
  
Air Freight & Logistics - 1.2%
  
  
  
FedEx Corp.
 
77,200
20,151
Building Products - 1.1%
  
  
  
Builders FirstSource, Inc. (b)
  
138,300
20,059
Commercial Services & Supplies - 1.1%
  
  
  
The Brink's Co.
 
242,800
18,407
Construction & Engineering - 3.6%
  
  
  
Fluor Corp. (b)
  
501,700
17,554
Granite Construction, Inc.
 
249,400
10,298
MDU Resources Group, Inc.
 
702,600
14,305
Willscot Mobile Mini Holdings (b)
  
494,200
20,272
 
  
  
62,429
Electrical Equipment - 1.5%
  
  
  
Regal Rexnord Corp.
 
162,000
26,275
Ground Transportation - 4.5%
  
  
  
Knight-Swift Transportation Holdings, Inc. Class A
 
298,900
16,386
TFI International, Inc. (Canada)
 
154,000
20,985
U-Haul Holding Co. (non-vtg.)
 
342,100
18,213
XPO, Inc. (b)
  
304,700
22,740
 
  
  
78,324
Machinery - 3.2%
  
  
  
Allison Transmission Holdings, Inc.
 
344,100
20,801
Chart Industries, Inc. (b)(c)
  
81,600
14,735
Kennametal, Inc.
 
278,600
7,375
Timken Co.
 
176,600
13,496
 
  
  
56,407
Professional Services - 0.7%
  
  
  
Manpower, Inc.
 
149,000
11,752
Trading Companies & Distributors - 0.5%
  
  
  
Beacon Roofing Supply, Inc. (b)
  
100,800
8,049
TOTAL INDUSTRIALS
  
  
301,853
INFORMATION TECHNOLOGY - 6.6%
 
  
  
Communications Equipment - 1.4%
  
  
  
Lumentum Holdings, Inc. (b)
  
431,600
23,363
Electronic Equipment, Instruments & Components - 2.6%
  
  
  
Coherent Corp. (b)
  
205,700
7,740
Flex Ltd. (b)
  
901,100
24,861
Vontier Corp.
 
423,400
13,299
 
  
  
45,900
Semiconductors & Semiconductor Equipment - 0.6%
  
  
  
Skyworks Solutions, Inc.
 
90,200
9,808
Software - 1.2%
  
  
  
NCR Corp. (b)
  
669,300
20,588
Technology Hardware, Storage & Peripherals - 0.8%
  
  
  
Seagate Technology Holdings PLC
 
202,200
14,314
TOTAL INFORMATION TECHNOLOGY
  
  
113,973
MATERIALS - 10.4%
 
  
  
Chemicals - 6.4%
  
  
  
Axalta Coating Systems Ltd. (b)
  
342,500
9,693
Celanese Corp. Class A
 
160,200
20,243
Methanex Corp.
 
335,400
14,271
Olin Corp.
 
359,083
20,834
The Chemours Co. LLC
 
517,800
17,616
Tronox Holdings PLC
 
544,400
7,426
Westlake Corp. (c)
  
162,200
21,245
 
  
  
111,328
Construction Materials - 0.5%
  
  
  
Knife River Holding Co.
 
175,350
9,024
Containers & Packaging - 1.1%
  
  
  
Crown Holdings, Inc.
 
87,154
8,076
O-I Glass, Inc. (b)
  
529,300
10,512
 
  
  
18,588
Metals & Mining - 1.5%
  
  
  
Constellium NV (b)
  
842,500
15,165
Freeport-McMoRan, Inc.
 
275,900
11,011
 
  
  
26,176
Paper & Forest Products - 0.9%
  
  
  
Louisiana-Pacific Corp.
 
254,500
15,901
TOTAL MATERIALS
  
  
181,017
REAL ESTATE - 6.9%
 
  
  
Equity Real Estate Investment Trusts (REITs) - 5.5%
  
  
  
CubeSmart
 
187,400
7,816
Equity Lifestyle Properties, Inc.
 
208,300
13,948
Essex Property Trust, Inc.
 
70,300
16,759
Prologis (REIT), Inc.
 
104,537
12,983
Ventas, Inc.
 
344,200
15,035
Welltower, Inc.
 
353,500
29,298
 
  
  
95,839
Real Estate Management & Development - 1.4%
  
  
  
Jones Lang LaSalle, Inc. (b)
  
139,100
24,036
TOTAL REAL ESTATE
  
  
119,875
UTILITIES - 7.7%
 
  
  
Electric Utilities - 5.7%
  
  
  
Constellation Energy Corp.
 
316,200
32,935
Edison International
 
191,800
13,205
FirstEnergy Corp.
 
305,700
11,027
PG&E Corp. (b)
  
1,653,300
26,949
PPL Corp.
 
603,900
15,049
 
  
  
99,165
Independent Power and Renewable Electricity Producers - 2.0%
  
  
  
The AES Corp.
 
754,100
13,521
Vistra Corp.
 
647,000
20,329
 
  
  
33,850
TOTAL UTILITIES
  
  
133,015
 
TOTAL COMMON STOCKS
 (Cost $1,388,716)
  
  
  
1,720,052
 
  
  
  
Money Market Funds - 2.5%
 
  
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 5.43% (d)
  
13,193,693
13,196
Fidelity Securities Lending Cash Central Fund 5.44% (d)(e)
  
30,746,425
30,750
 
TOTAL MONEY MARKET FUNDS
 (Cost $43,946)
  
  
43,946
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.7%
 (Cost $1,432,662)
 
  
 
1,763,998
NET OTHER ASSETS (LIABILITIES) - (1.7)%  
(29,926)
NET ASSETS - 100.0%
1,734,072
 
  
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
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 $15,418,000 or 0.9% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
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.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.43%
1,324
369,900
358,028
681
-
-
13,196
0.0%
Fidelity Securities Lending Cash Central Fund 5.44%
51,754
418,132
439,136
73
-
-
30,750
0.1%
Total
53,078
788,032
797,164
754
-
-
43,946
  
 
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted 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)
 
Valuation techniques used to value 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 service 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 any 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. 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.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
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.
 
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