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Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_340_20230731.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Small Cap Stock Fund
July 31, 2023
SLC-NPRT1-0923
1.804879.119
Common Stocks - 98.4%
 
 
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 1.4%
 
 
 
Media - 1.4%
 
 
 
TechTarget, Inc. (a)
 
175,733
5,708
Thryv Holdings, Inc. (a)
 
498,641
11,818
 
 
 
17,526
CONSUMER DISCRETIONARY - 13.6%
 
 
 
Automobile Components - 0.7%
 
 
 
Fox Factory Holding Corp. (a)
 
52,818
5,910
Patrick Industries, Inc.
 
33,762
2,922
 
 
 
8,832
Diversified Consumer Services - 2.0%
 
 
 
Grand Canyon Education, Inc. (a)
 
232,913
25,283
Hotels, Restaurants & Leisure - 0.8%
 
 
 
Planet Fitness, Inc. (a)
 
148,061
10,000
Household Durables - 5.1%
 
 
 
Cavco Industries, Inc. (a)
 
24,349
7,199
Helen of Troy Ltd. (a)
 
133,137
18,812
LGI Homes, Inc. (a)
 
225,744
31,320
Traeger, Inc. (a)(b)
 
1,448,181
6,459
 
 
 
63,790
Leisure Products - 2.0%
 
 
 
Brunswick Corp.
 
76,700
6,620
Clarus Corp. (b)
 
472,000
4,201
YETI Holdings, Inc. (a)(b)
 
326,679
13,917
 
 
 
24,738
Specialty Retail - 2.6%
 
 
 
America's Car Mart, Inc. (a)
 
72,751
8,666
American Eagle Outfitters, Inc.
 
250,700
3,522
Murphy U.S.A., Inc.
 
64,620
19,840
 
 
 
32,028
Textiles, Apparel & Luxury Goods - 0.4%
 
 
 
Wolverine World Wide, Inc.
 
343,192
4,348
TOTAL CONSUMER DISCRETIONARY
 
 
169,019
CONSUMER STAPLES - 6.3%
 
 
 
Beverages - 2.3%
 
 
 
Boston Beer Co., Inc. Class A (a)
 
77,874
28,926
Consumer Staples Distribution & Retail - 2.3%
 
 
 
Performance Food Group Co. (a)
 
478,683
28,606
Food Products - 1.7%
 
 
 
Lassonde Industries, Inc. Class A (sub. vtg.)
 
42,100
3,950
Nomad Foods Ltd. (a)
 
945,422
16,810
 
 
 
20,760
TOTAL CONSUMER STAPLES
 
 
78,292
ENERGY - 5.8%
 
 
 
Energy Equipment & Services - 1.0%
 
 
 
TechnipFMC PLC
 
711,400
13,047
Oil, Gas & Consumable Fuels - 4.8%
 
 
 
Antero Resources Corp. (a)
 
773,318
20,686
Denbury, Inc. (a)
 
43,900
3,859
Northern Oil & Gas, Inc. (b)
 
396,812
15,622
Sitio Royalties Corp.
 
701,591
19,181
 
 
 
59,348
TOTAL ENERGY
 
 
72,395
FINANCIALS - 16.7%
 
 
 
Banks - 5.8%
 
 
 
Cadence Bank
 
682,613
17,099
ConnectOne Bancorp, Inc.
 
544,898
11,154
Glacier Bancorp, Inc.
 
229,000
7,488
Independent Bank Group, Inc.
 
327,391
14,690
Metropolitan Bank Holding Corp. (a)
 
276,611
12,528
Synovus Financial Corp.
 
271,200
9,194
 
 
 
72,153
Capital Markets - 2.9%
 
 
 
Bridge Investment Group Holdings, Inc. (b)
 
612,339
7,660
P10, Inc.
 
780,155
9,245
StoneX Group, Inc. (a)
 
215,865
19,862
 
 
 
36,767
Consumer Finance - 2.0%
 
 
 
Encore Capital Group, Inc. (a)(b)
 
396,043
21,188
PROG Holdings, Inc. (a)
 
84,000
3,409
 
 
 
24,597
Financial Services - 2.5%
 
 
 
Enact Holdings, Inc.
 
456,032
12,404
Walker & Dunlop, Inc.
 
201,839
18,363
 
 
 
30,767
Insurance - 3.5%
 
 
 
First American Financial Corp.
 
310,864
19,703
Selective Insurance Group, Inc.
 
236,788
24,434
 
 
 
44,137
TOTAL FINANCIALS
 
 
208,421
HEALTH CARE - 12.9%
 
 
 
Biotechnology - 3.9%
 
 
 
Allogene Therapeutics, Inc. (a)
 
355,900
1,765
ALX Oncology Holdings, Inc. (a)
 
340,925
2,083
Arcellx, Inc. (a)
 
72,700
2,490
Arcutis Biotherapeutics, Inc. (a)
 
188,500
2,057
Biohaven Ltd.
 
109,900
2,185
Blueprint Medicines Corp. (a)
 
71,508
4,720
Celldex Therapeutics, Inc. (a)
 
23,244
822
Cytokinetics, Inc. (a)
 
88,825
2,962
Day One Biopharmaceuticals, Inc. (a)
 
154,913
2,051
Karuna Therapeutics, Inc. (a)
 
13,205
2,638
Keros Therapeutics, Inc. (a)
 
75,242
3,151
Prelude Therapeutics, Inc. (a)
 
280,100
1,095
Prothena Corp. PLC (a)
 
21,182
1,459
PTC Therapeutics, Inc. (a)
 
72,000
2,904
Tango Therapeutics, Inc. (a)
 
344,100
1,163
Tyra Biosciences, Inc. (a)
 
71,100
1,054
Vaxcyte, Inc. (a)
 
83,535
4,015
Viking Therapeutics, Inc. (a)
 
131,900
1,913
Xenon Pharmaceuticals, Inc. (a)
 
86,105
3,179
Zentalis Pharmaceuticals, Inc. (a)
 
166,042
4,435
 
 
 
48,141
Health Care Equipment & Supplies - 2.4%
 
 
 
Envista Holdings Corp. (a)
 
229,696
7,904
Neogen Corp. (a)
 
534,585
12,397
TransMedics Group, Inc. (a)
 
103,271
9,623
 
 
 
29,924
Health Care Providers & Services - 3.9%
 
 
 
Acadia Healthcare Co., Inc. (a)
 
87,300
6,899
AdaptHealth Corp. (a)
 
641,104
8,809
agilon health, Inc. (a)
 
286,193
5,481
Chemed Corp.
 
24,763
12,904
Owens & Minor, Inc. (a)
 
464,673
8,940
Privia Health Group, Inc. (a)
 
210,000
5,863
 
 
 
48,896
Health Care Technology - 1.2%
 
 
 
Evolent Health, Inc. (a)
 
329,021
9,999
Phreesia, Inc. (a)
 
164,996
5,234
 
 
 
15,233
Pharmaceuticals - 1.5%
 
 
 
Axsome Therapeutics, Inc. (a)(b)
 
47,600
3,735
Edgewise Therapeutics, Inc. (a)
 
264,712
1,930
Enliven Therapeutics, Inc. (a)
 
89,600
1,697
Ikena Oncology, Inc. (a)
 
382,492
1,970
Intra-Cellular Therapies, Inc. (a)
 
46,644
2,884
Ventyx Biosciences, Inc. (a)
 
94,430
3,499
Verona Pharma PLC ADR (a)
 
141,900
3,135
 
 
 
18,850
TOTAL HEALTH CARE
 
 
161,044
INDUSTRIALS - 20.6%
 
 
 
Aerospace & Defense - 1.8%
 
 
 
Cadre Holdings, Inc.
 
269,258
6,266
Leonardo DRS, Inc. (a)(b)
 
770,046
12,852
Spirit AeroSystems Holdings, Inc. Class A
 
106,400
3,386
 
 
 
22,504
Air Freight & Logistics - 1.3%
 
 
 
Forward Air Corp.
 
132,921
15,796
Building Products - 2.4%
 
 
 
CSW Industrials, Inc.
 
51,999
9,388
Hayward Holdings, Inc. (a)(b)
 
1,490,967
19,919
 
 
 
29,307
Commercial Services & Supplies - 0.6%
 
 
 
The GEO Group, Inc. (a)
 
1,005,600
7,512
Construction & Engineering - 3.6%
 
 
 
Bowman Consulting Group Ltd. (a)
 
106,201
3,680
EMCOR Group, Inc.
 
52,955
11,387
Granite Construction, Inc. (b)
 
282,365
11,557
Willscot Mobile Mini Holdings (a)
 
389,359
18,670
 
 
 
45,294
Electrical Equipment - 2.6%
 
 
 
Atkore, Inc. (a)
 
70,383
11,168
Vertiv Holdings Co.
 
822,736
21,399
 
 
 
32,567
Ground Transportation - 0.9%
 
 
 
XPO, Inc. (a)
 
166,400
11,522
Machinery - 0.3%
 
 
 
Beijer Alma AB (B Shares)
 
192,297
3,518
Professional Services - 5.7%
 
 
 
CACI International, Inc. Class A (a)
 
47,565
16,669
Concentrix Corp.
 
219,525
18,273
ExlService Holdings, Inc. (a)
 
87,731
12,366
Kforce, Inc.
 
242,373
15,376
Maximus, Inc.
 
104,897
8,786
 
 
 
71,470
Trading Companies & Distributors - 1.4%
 
 
 
Alligo AB (B Shares)
 
360,603
3,898
Beacon Roofing Supply, Inc. (a)
 
51,084
4,376
Custom Truck One Source, Inc. Class A (a)
 
1,323,944
9,162
 
 
 
17,436
TOTAL INDUSTRIALS
 
 
256,926
INFORMATION TECHNOLOGY - 12.2%
 
 
 
Communications Equipment - 1.4%
 
 
 
Lumentum Holdings, Inc. (a)
 
323,400
16,933
Electronic Equipment, Instruments & Components - 3.1%
 
 
 
Coherent Corp. (a)
 
202,400
9,586
Insight Enterprises, Inc. (a)
 
127,706
18,733
Mirion Technologies, Inc. Class A (a)(b)
 
1,316,896
9,943
 
 
 
38,262
IT Services - 0.7%
 
 
 
Endava PLC ADR (a)
 
177,200
9,296
Semiconductors & Semiconductor Equipment - 2.1%
 
 
 
MaxLinear, Inc. Class A (a)
 
131,289
3,239
Onto Innovation, Inc. (a)
 
110,866
13,783
Silicon Motion Tech Corp. sponsored ADR
 
143,354
9,089
 
 
 
26,111
Software - 4.0%
 
 
 
BlackLine, Inc. (a)
 
254,000
14,752
Elastic NV (a)
 
76,354
5,074
Five9, Inc. (a)
 
103,361
9,070
Intapp, Inc. (a)
 
130,508
5,359
JFrog Ltd. (a)
 
155,100
4,772
Sprout Social, Inc. (a)
 
192,700
11,011
 
 
 
50,038
Technology Hardware, Storage & Peripherals - 0.9%
 
 
 
Avid Technology, Inc. (a)
 
465,088
11,088
TOTAL INFORMATION TECHNOLOGY
 
 
151,728
MATERIALS - 3.6%
 
 
 
Chemicals - 2.2%
 
 
 
Cabot Corp.
 
143,883
10,216
Olin Corp.
 
153,100
8,831
Tronox Holdings PLC
 
619,286
8,230
 
 
 
27,277
Metals & Mining - 1.4%
 
 
 
Commercial Metals Co.
 
195,133
11,166
Gatos Silver, Inc. (a)
 
1,298,849
6,741
 
 
 
17,907
TOTAL MATERIALS
 
 
45,184
REAL ESTATE - 3.8%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 1.6%
 
 
 
Ryman Hospitality Properties, Inc.
 
70,900
6,756
Terreno Realty Corp.
 
228,764
13,575
 
 
 
20,331
Real Estate Management & Development - 2.2%
 
 
 
Cushman & Wakefield PLC (a)
 
2,002,341
19,683
Jones Lang LaSalle, Inc. (a)
 
42,342
7,052
 
 
 
26,735
TOTAL REAL ESTATE
 
 
47,066
UTILITIES - 1.5%
 
 
 
Gas Utilities - 1.3%
 
 
 
Brookfield Infrastructure Corp. A Shares
 
348,926
16,302
Independent Power and Renewable Electricity Producers - 0.2%
 
 
 
NextEra Energy Partners LP
 
58,038
3,160
TOTAL UTILITIES
 
 
19,462
 
TOTAL COMMON STOCKS
 (Cost $1,097,126)
 
 
 
1,227,063
 
 
 
 
Money Market Funds - 4.6%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 5.32% (c)
 
20,780,557
20,785
Fidelity Securities Lending Cash Central Fund 5.32% (c)(d)
 
36,142,318
36,146
 
TOTAL MONEY MARKET FUNDS
 (Cost $56,931)
 
 
56,931
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.0%
 (Cost $1,154,057)
 
 
 
1,283,994
NET OTHER ASSETS (LIABILITIES) - (3.0)%  
(37,792)
NET ASSETS - 100.0%
1,246,202
 
 
 
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)
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.
 
(d)
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 5.32%
20,249
85,072
84,536
222
-
-
20,785
0.1%
Fidelity Securities Lending Cash Central Fund 5.32%
54,265
127,277
145,396
12
-
-
36,146
0.1%
Total
74,514
212,349
229,932
234
-
-
56,931
 
 
 
 
 
 
 
 
 
 
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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