NPORT-EX 2 QTLY_294_20240229.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity Advisor® Small Cap Fund
February 29, 2024
ASCF-NPRT1-0424
1.797929.120
Common Stocks - 97.1%
 
 
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 2.5%
 
 
 
Entertainment - 0.1%
 
 
 
Vivid Seats, Inc. Class A (a)
 
467,980
2,817
Interactive Media & Services - 1.4%
 
 
 
Cars.com, Inc. (a)
 
963,600
17,672
Ziff Davis, Inc. (a)
 
153,400
10,548
 
 
 
28,220
Media - 0.7%
 
 
 
TechTarget, Inc. (a)
 
409,271
12,978
Wireless Telecommunication Services - 0.3%
 
 
 
Gogo, Inc. (a)
 
720,900
5,883
TOTAL COMMUNICATION SERVICES
 
 
49,898
CONSUMER DISCRETIONARY - 11.0%
 
 
 
Automobile Components - 2.7%
 
 
 
Adient PLC (a)
 
493,200
16,739
Patrick Industries, Inc.
 
303,964
36,457
 
 
 
53,196
Diversified Consumer Services - 0.1%
 
 
 
Laureate Education, Inc. Class A
 
115,477
1,549
Hotels, Restaurants & Leisure - 0.7%
 
 
 
Brinker International, Inc. (a)
 
299,200
13,865
Household Durables - 2.3%
 
 
 
SharkNinja Hong Kong Co. Ltd. (b)
 
272,866
14,735
Skyline Champion Corp. (a)
 
262,986
22,036
Tempur Sealy International, Inc. (b)
 
184,600
10,055
 
 
 
46,826
Leisure Products - 0.7%
 
 
 
BRP, Inc.
 
201,100
13,274
Specialty Retail - 3.4%
 
 
 
Academy Sports & Outdoors, Inc.
 
148,905
11,126
Murphy U.S.A., Inc.
 
75,900
31,651
Valvoline, Inc. (a)(b)
 
605,100
25,801
 
 
 
68,578
Textiles, Apparel & Luxury Goods - 1.1%
 
 
 
Crocs, Inc. (a)(b)
 
174,121
21,286
TOTAL CONSUMER DISCRETIONARY
 
 
218,574
CONSUMER STAPLES - 3.7%
 
 
 
Beverages - 0.1%
 
 
 
The Vita Coco Co., Inc. (a)
 
65,096
1,699
Consumer Staples Distribution & Retail - 2.9%
 
 
 
BJ's Wholesale Club Holdings, Inc. (a)
 
253,130
18,489
Performance Food Group Co. (a)
 
243,300
18,678
Sprouts Farmers Market LLC (a)
 
321,600
20,081
 
 
 
57,248
Food Products - 0.7%
 
 
 
Nomad Foods Ltd.
 
750,200
13,826
TOTAL CONSUMER STAPLES
 
 
72,773
ENERGY - 5.3%
 
 
 
Energy Equipment & Services - 3.9%
 
 
 
Cactus, Inc.
 
490,000
22,491
Championx Corp.
 
650,600
20,208
Liberty Oilfield Services, Inc. Class A (b)
 
1,118,500
23,914
TechnipFMC PLC
 
494,100
10,717
 
 
 
77,330
Oil, Gas & Consumable Fuels - 1.4%
 
 
 
Antero Resources Corp. (a)
 
728,400
18,720
Hess Midstream LP (b)
 
262,548
8,950
 
 
 
27,670
TOTAL ENERGY
 
 
105,000
FINANCIALS - 13.8%
 
 
 
Banks - 5.0%
 
 
 
ConnectOne Bancorp, Inc.
 
958,855
18,976
First Interstate Bancsystem, Inc.
 
628,400
16,539
Independent Bank Group, Inc.
 
453,000
19,810
Metropolitan Bank Holding Corp. (a)
 
266,382
10,445
Pinnacle Financial Partners, Inc.
 
265,400
21,954
Trico Bancshares
 
343,200
11,466
 
 
 
99,190
Capital Markets - 3.7%
 
 
 
Houlihan Lokey (b)
 
159,700
20,547
Lazard, Inc. Class A
 
374,200
14,422
Morningstar, Inc.
 
33,709
10,065
Patria Investments Ltd.
 
792,660
11,811
TMX Group Ltd.
 
653,800
17,150
 
 
 
73,995
Consumer Finance - 0.5%
 
 
 
PROG Holdings, Inc.
 
327,214
10,101
Financial Services - 1.3%
 
 
 
Essent Group Ltd.
 
473,523
25,367
Insurance - 3.3%
 
 
 
Old Republic International Corp.
 
517,400
14,984
Primerica, Inc.
 
123,300
30,241
Selective Insurance Group, Inc.
 
187,500
19,590
Stewart Information Services Corp.
 
12,200
768
 
 
 
65,583
TOTAL FINANCIALS
 
 
274,236
HEALTH CARE - 14.1%
 
 
 
Biotechnology - 4.9%
 
 
 
Allogene Therapeutics, Inc. (a)
 
580,000
2,848
Arcellx, Inc. (a)
 
76,800
5,055
Astria Therapeutics, Inc. (a)
 
226,800
3,225
Blueprint Medicines Corp. (a)
 
61,800
5,780
Celldex Therapeutics, Inc. (a)
 
94,300
4,532
Cogent Biosciences, Inc. (a)(b)
 
323,000
2,261
Cogent Biosciences, Inc. (c)
 
129,072
904
Crinetics Pharmaceuticals, Inc. (a)
 
121,500
4,974
Cytokinetics, Inc. (a)
 
169,800
12,266
Keros Therapeutics, Inc. (a)
 
112,700
7,607
Legend Biotech Corp. ADR (a)
 
77,800
5,069
Scholar Rock Holding Corp. (a)
 
189,400
2,936
Tyra Biosciences, Inc. (a)
 
171,700
3,432
Vaxcyte, Inc. (a)
 
152,800
11,280
Viking Therapeutics, Inc. (a)
 
164,700
12,690
Viridian Therapeutics, Inc. (a)
 
159,200
2,979
Xenon Pharmaceuticals, Inc. (a)
 
152,500
7,198
Zentalis Pharmaceuticals, Inc. (a)
 
145,446
2,169
 
 
 
97,205
Health Care Equipment & Supplies - 3.8%
 
 
 
Envista Holdings Corp. (a)
 
375,200
7,748
Haemonetics Corp. (a)
 
146,000
10,655
Masimo Corp. (a)
 
41,000
5,270
Merit Medical Systems, Inc. (a)
 
177,200
13,503
Neogen Corp. (a)
 
620,000
10,658
Pulmonx Corp. (a)
 
653,500
6,025
RxSight, Inc. (a)
 
145,500
7,940
TransMedics Group, Inc. (a)(b)
 
164,000
13,382
 
 
 
75,181
Health Care Providers & Services - 4.7%
 
 
 
Acadia Healthcare Co., Inc. (a)
 
329,600
27,505
Chemed Corp.
 
39,000
24,419
Option Care Health, Inc. (a)
 
318,537
10,279
The Ensign Group, Inc. (b)
 
241,500
30,168
 
 
 
92,371
Life Sciences Tools & Services - 0.2%
 
 
 
BioLife Solutions, Inc. (a)
 
240,100
4,058
Pharmaceuticals - 0.5%
 
 
 
Edgewise Therapeutics, Inc. (a)
 
189,700
3,098
Intra-Cellular Therapies, Inc. (a)
 
95,100
6,611
 
 
 
9,709
TOTAL HEALTH CARE
 
 
278,524
INDUSTRIALS - 20.3%
 
 
 
Building Products - 2.0%
 
 
 
CSW Industrials, Inc. (b)
 
66,534
15,329
Simpson Manufacturing Co. Ltd.
 
118,900
24,812
 
 
 
40,141
Construction & Engineering - 3.2%
 
 
 
EMCOR Group, Inc.
 
97,500
30,568
Granite Construction, Inc.
 
224,600
11,574
Sterling Construction Co., Inc. (a)
 
194,100
20,699
 
 
 
62,841
Electrical Equipment - 2.8%
 
 
 
Array Technologies, Inc. (a)
 
735,032
10,026
Atkore, Inc. (b)
 
97,800
16,567
Nextracker, Inc. Class A
 
321,900
18,104
Thermon Group Holdings, Inc. (a)
 
387,200
10,567
 
 
 
55,264
Ground Transportation - 1.0%
 
 
 
TFI International, Inc.
 
139,600
20,636
Machinery - 1.9%
 
 
 
ITT, Inc.
 
103,200
13,018
Terex Corp.
 
420,700
24,127
 
 
 
37,145
Professional Services - 4.4%
 
 
 
ASGN, Inc. (a)
 
218,300
21,682
Concentrix Corp.
 
128,641
9,320
ExlService Holdings, Inc. (a)
 
682,900
21,252
KBR, Inc.
 
406,500
24,402
NV5 Global, Inc. (a)
 
108,080
10,993
 
 
 
87,649
Trading Companies & Distributors - 5.0%
 
 
 
Applied Industrial Technologies, Inc.
 
100,900
19,160
Beacon Roofing Supply, Inc. (a)
 
194,600
16,714
FTAI Aviation Ltd.
 
392,500
22,094
GMS, Inc. (a)
 
192,618
17,203
Rush Enterprises, Inc. Class A
 
495,391
24,126
 
 
 
99,297
TOTAL INDUSTRIALS
 
 
402,973
INFORMATION TECHNOLOGY - 14.1%
 
 
 
Communications Equipment - 0.4%
 
 
 
Extreme Networks, Inc. (a)
 
664,400
8,398
Electronic Equipment, Instruments & Components - 6.1%
 
 
 
Advanced Energy Industries, Inc. (b)
 
202,600
20,503
Fabrinet (a)
 
151,800
32,724
Insight Enterprises, Inc. (a)
 
173,872
32,688
Napco Security Technologies, Inc. (b)
 
279,702
12,595
TD SYNNEX Corp.
 
215,341
22,374
 
 
 
120,884
IT Services - 1.1%
 
 
 
Endava PLC ADR (a)
 
146,108
5,431
Wix.com Ltd. (a)
 
111,700
15,658
 
 
 
21,089
Semiconductors & Semiconductor Equipment - 3.5%
 
 
 
AEHR Test Systems (a)(b)
 
200,400
3,261
Allegro MicroSystems LLC (a)
 
432,100
13,607
Diodes, Inc. (a)
 
214,500
14,582
MACOM Technology Solutions Holdings, Inc. (a)
 
252,100
22,268
Nova Ltd. (a)
 
85,889
14,897
 
 
 
68,615
Software - 3.0%
 
 
 
Five9, Inc. (a)
 
139,400
8,503
Intapp, Inc. (a)
 
261,939
10,276
PROS Holdings, Inc. (a)
 
282,000
10,082
Rapid7, Inc. (a)
 
158,900
9,308
Tenable Holdings, Inc. (a)
 
446,900
21,523
 
 
 
59,692
TOTAL INFORMATION TECHNOLOGY
 
 
278,678
MATERIALS - 7.2%
 
 
 
Chemicals - 2.1%
 
 
 
Element Solutions, Inc.
 
1,141,200
26,818
The Chemours Co. LLC
 
277,100
5,451
Tronox Holdings PLC
 
657,000
9,658
 
 
 
41,927
Construction Materials - 2.0%
 
 
 
Eagle Materials, Inc.
 
157,200
39,850
Metals & Mining - 3.1%
 
 
 
Commercial Metals Co.
 
548,700
29,630
Constellium NV (a)
 
1,637,500
31,751
 
 
 
61,381
TOTAL MATERIALS
 
 
143,158
REAL ESTATE - 4.0%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 3.3%
 
 
 
Essential Properties Realty Trust, Inc.
 
896,301
21,413
Lamar Advertising Co. Class A
 
260,200
28,765
Urban Edge Properties
 
861,000
14,646
 
 
 
64,824
Real Estate Management & Development - 0.7%
 
 
 
Colliers International Group, Inc.
 
122,100
14,209
TOTAL REAL ESTATE
 
 
79,033
UTILITIES - 1.1%
 
 
 
Gas Utilities - 1.1%
 
 
 
Brookfield Infrastructure Corp. A Shares
 
627,967
20,830
 
TOTAL COMMON STOCKS
 (Cost $1,397,030)
 
 
 
1,923,677
 
 
 
 
Money Market Funds - 5.4%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 5.39% (d)
 
34,959,798
34,967
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
 
71,296,530
71,304
 
TOTAL MONEY MARKET FUNDS
 (Cost $106,271)
 
 
106,271
 
 
 
 
Equity Funds - 1.0%
 
 
Shares
Value ($)
(000s)
 
Small Blend Funds - 1.0%
 
 
 
iShares Russell 2000 Index ETF (b)
  (Cost $18,438)
 
94,300
19,212
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.5%
 (Cost $1,521,739)
 
 
 
2,049,160
NET OTHER ASSETS (LIABILITIES) - (3.5)%  
(69,028)
NET ASSETS - 100.0%
1,980,132
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Any values shown as $0 in the Schedule of Investments 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)
Restricted securities (including private placements) - 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 $904,000 or 0.0% of net assets.
 
(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.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
(000s)
Cogent Biosciences, Inc.
2/14/24
968
 
 
 
 
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 5.39%
1,022
120,776
86,831
133
-
-
34,967
0.1%
Fidelity Securities Lending Cash Central Fund 5.39%
45,249
208,016
181,961
15
-
-
71,304
0.2%
Total
46,271
328,792
268,792
148
-
-
106,271
 
 
 
 
 
 
 
 
 
 
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.
 
Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last 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 but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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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