NPORT-EX 2 QTLY_340_20240131.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Small Cap Stock Fund
January 31, 2024
SLC-NPRT3-0324
1.813072.119
Common Stocks - 99.9%
 
 
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 1.5%
 
 
 
Diversified Telecommunication Services - 0.0%
 
 
 
GCI Liberty, Inc. Class A (Escrow) (a)
 
112,550
0
Media - 1.5%
 
 
 
TechTarget, Inc. (b)
 
212,833
7,273
Thryv Holdings, Inc. (b)
 
495,441
10,127
 
 
 
17,400
TOTAL COMMUNICATION SERVICES
 
 
17,400
CONSUMER DISCRETIONARY - 15.0%
 
 
 
Automobile Components - 0.5%
 
 
 
Patrick Industries, Inc.
 
57,926
5,815
Diversified Consumer Services - 4.2%
 
 
 
Grand Canyon Education, Inc. (b)
 
261,213
34,109
Laureate Education, Inc. Class A
 
1,065,700
13,449
 
 
 
47,558
Household Durables - 3.8%
 
 
 
Cavco Industries, Inc. (b)
 
20,849
6,920
Helen of Troy Ltd. (b)
 
67,737
7,756
LGI Homes, Inc. (b)
 
207,844
24,528
SharkNinja Hong Kong Co. Ltd.
 
96,400
4,504
 
 
 
43,708
Leisure Products - 2.7%
 
 
 
Brunswick Corp.
 
167,300
13,498
Clarus Corp. (c)
 
478,100
2,830
Games Workshop Group PLC
 
25,900
3,251
YETI Holdings, Inc. (b)(c)
 
255,479
11,233
 
 
 
30,812
Specialty Retail - 3.6%
 
 
 
America's Car Mart, Inc. (b)
 
83,808
5,103
American Eagle Outfitters, Inc.
 
229,600
4,551
Murphy U.S.A., Inc.
 
88,420
31,170
 
 
 
40,824
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
Wolverine World Wide, Inc.
 
280,592
2,346
TOTAL CONSUMER DISCRETIONARY
 
 
171,063
CONSUMER STAPLES - 7.0%
 
 
 
Beverages - 2.2%
 
 
 
Boston Beer Co., Inc. Class A (b)
 
39,474
13,787
Coca-Cola Bottling Co. Consolidated
 
13,301
11,457
 
 
 
25,244
Consumer Staples Distribution & Retail - 2.9%
 
 
 
Performance Food Group Co. (b)
 
452,483
32,886
Food Products - 1.9%
 
 
 
Lassonde Industries, Inc. Class A (sub. vtg.)
 
52,984
5,655
Nomad Foods Ltd.
 
927,722
16,690
 
 
 
22,345
TOTAL CONSUMER STAPLES
 
 
80,475
ENERGY - 5.8%
 
 
 
Energy Equipment & Services - 2.3%
 
 
 
Cactus, Inc.
 
300,500
12,753
TechnipFMC PLC
 
692,200
13,387
 
 
 
26,140
Oil, Gas & Consumable Fuels - 3.5%
 
 
 
Antero Resources Corp. (b)
 
773,318
17,276
Northern Oil & Gas, Inc.
 
265,112
8,881
Sitio Royalties Corp.
 
666,491
14,216
 
 
 
40,373
TOTAL ENERGY
 
 
66,513
FINANCIALS - 17.9%
 
 
 
Banks - 6.1%
 
 
 
Cadence Bank
 
311,613
8,295
ConnectOne Bancorp, Inc.
 
497,898
11,372
Glacier Bancorp, Inc.
 
191,200
7,392
Independent Bank Group, Inc.
 
327,391
15,829
Metropolitan Bank Holding Corp. (b)
 
272,911
13,233
Synovus Financial Corp.
 
353,200
13,302
 
 
 
69,423
Capital Markets - 1.3%
 
 
 
P10, Inc.
 
767,500
7,061
StoneX Group, Inc. (b)
 
110,397
7,259
 
 
 
14,320
Consumer Finance - 4.2%
 
 
 
Encore Capital Group, Inc. (b)(c)
 
355,943
17,826
FirstCash Holdings, Inc.
 
214,400
24,607
NerdWallet, Inc. (b)
 
402,000
6,155
 
 
 
48,588
Financial Services - 0.5%
 
 
 
Walker & Dunlop, Inc.
 
58,739
5,674
Insurance - 5.8%
 
 
 
BRP Group, Inc. (b)
 
585,200
13,132
First American Financial Corp.
 
310,864
18,761
Primerica, Inc.
 
70,501
16,509
Selective Insurance Group, Inc.
 
172,588
18,098
 
 
 
66,500
TOTAL FINANCIALS
 
 
204,505
HEALTH CARE - 12.5%
 
 
 
Biotechnology - 4.4%
 
 
 
Allogene Therapeutics, Inc. (b)
 
355,900
1,253
ALX Oncology Holdings, Inc. (b)
 
197,725
2,849
Annexon, Inc. (b)
 
243,403
1,011
Arcellx, Inc. (b)
 
39,200
2,424
Celldex Therapeutics, Inc. (b)
 
72,344
2,548
Cogent Biosciences, Inc. (b)
 
42,600
189
Crinetics Pharmaceuticals, Inc. (b)
 
81,400
2,969
Cytokinetics, Inc. (b)
 
89,125
6,963
Keros Therapeutics, Inc. (b)
 
69,742
3,861
Madrigal Pharmaceuticals, Inc. (b)(c)
 
14,000
3,034
ORIC Pharmaceuticals, Inc. (b)
 
141,300
1,553
Revolution Medicines, Inc. (b)
 
70,200
1,948
Scholar Rock Holding Corp. (b)
 
101,300
1,413
Spyre Therapeutics, Inc. (b)
 
60,300
1,562
Tyra Biosciences, Inc. (b)
 
62,100
832
Vaxcyte, Inc. (b)
 
76,935
5,495
Viking Therapeutics, Inc. (b)
 
131,900
3,184
Viridian Therapeutics, Inc. (b)
 
117,200
2,256
Xenon Pharmaceuticals, Inc. (b)
 
60,205
2,722
Zentalis Pharmaceuticals, Inc. (b)
 
155,242
1,840
 
 
 
49,906
Health Care Equipment & Supplies - 2.1%
 
 
 
Dentsply Sirona, Inc.
 
188,300
6,543
Neogen Corp. (b)
 
484,085
7,503
TransMedics Group, Inc. (b)
 
116,971
10,033
 
 
 
24,079
Health Care Providers & Services - 3.8%
 
 
 
Acadia Healthcare Co., Inc. (b)
 
77,000
6,325
AdaptHealth Corp. (b)
 
818,704
5,911
AMN Healthcare Services, Inc. (b)
 
78,800
5,832
Chemed Corp.
 
22,163
13,138
Owens & Minor, Inc. (b)
 
504,773
9,949
Privia Health Group, Inc. (b)
 
105,900
2,135
 
 
 
43,290
Health Care Technology - 0.6%
 
 
 
Evolent Health, Inc. Class A (b)
 
112,421
3,306
Phreesia, Inc. (b)
 
143,996
3,669
 
 
 
6,975
Life Sciences Tools & Services - 0.5%
 
 
 
Bio-Rad Laboratories, Inc. Class A (b)
 
9,500
3,048
Maravai LifeSciences Holdings, Inc. (b)
 
508,800
2,951
 
 
 
5,999
Pharmaceuticals - 1.1%
 
 
 
CymaBay Therapeutics, Inc. (b)
 
82,100
1,930
Edgewise Therapeutics, Inc. (b)
 
235,812
4,205
Enliven Therapeutics, Inc. (b)
 
98,200
1,542
Ikena Oncology, Inc. (b)
 
293,792
394
Intra-Cellular Therapies, Inc. (b)
 
46,244
3,114
Structure Therapeutics, Inc. ADR
 
37,000
1,614
 
 
 
12,799
TOTAL HEALTH CARE
 
 
143,048
INDUSTRIALS - 18.4%
 
 
 
Aerospace & Defense - 2.0%
 
 
 
Cadre Holdings, Inc.
 
116,558
3,962
Leonardo DRS, Inc. (b)
 
696,746
13,524
Spirit AeroSystems Holdings, Inc. Class A (b)
 
179,800
4,937
 
 
 
22,423
Building Products - 1.8%
 
 
 
CSW Industrials, Inc.
 
18,099
3,829
Hayward Holdings, Inc. (b)
 
1,354,867
16,963
 
 
 
20,792
Construction & Engineering - 3.1%
 
 
 
Bowman Consulting Group Ltd. (b)(c)
 
106,201
3,336
Granite Construction, Inc.
 
139,165
6,278
Sterling Construction Co., Inc. (b)
 
83,300
6,256
Willscot Mobile Mini Holdings (b)
 
412,459
19,509
 
 
 
35,379
Electrical Equipment - 2.5%
 
 
 
Atkore, Inc.
 
64,783
9,881
Generac Holdings, Inc. (b)
 
126,300
14,357
Nextracker, Inc. Class A
 
93,500
4,233
 
 
 
28,471
Ground Transportation - 0.9%
 
 
 
XPO, Inc. (b)
 
127,000
10,851
Machinery - 0.4%
 
 
 
Beijer Alma AB (B Shares)
 
238,597
4,205
Professional Services - 6.4%
 
 
 
Concentrix Corp.
 
224,225
19,927
ExlService Holdings, Inc. (b)
 
341,987
10,697
ICF International, Inc.
 
91,700
12,750
Kforce, Inc.
 
170,573
11,659
Maximus, Inc.
 
221,497
17,968
 
 
 
73,001
Trading Companies & Distributors - 1.3%
 
 
 
Alligo AB (B Shares)
 
360,603
4,588
Applied Industrial Technologies, Inc.
 
59,200
10,446
 
 
 
15,034
TOTAL INDUSTRIALS
 
 
210,156
INFORMATION TECHNOLOGY - 12.4%
 
 
 
Communications Equipment - 1.9%
 
 
 
Lumentum Holdings, Inc. (b)
 
396,600
21,789
Electronic Equipment, Instruments & Components - 1.9%
 
 
 
Insight Enterprises, Inc. (b)
 
116,206
21,468
IT Services - 0.9%
 
 
 
Endava PLC ADR (b)(c)
 
142,600
10,092
Semiconductors & Semiconductor Equipment - 3.5%
 
 
 
Allegro MicroSystems LLC (b)
 
199,800
5,183
Diodes, Inc. (b)
 
35,200
2,370
MKS Instruments, Inc.
 
99,200
10,560
Nova Ltd. (b)
 
26,000
3,765
Onto Innovation, Inc. (b)
 
27,420
4,428
Silicon Motion Tech Corp. sponsored ADR
 
166,054
10,458
SMART Global Holdings, Inc. (b)
 
199,500
3,920
 
 
 
40,684
Software - 4.2%
 
 
 
BlackLine, Inc. (b)
 
141,600
8,309
Five9, Inc. (b)
 
60,561
4,594
Intapp, Inc. (b)
 
168,008
7,238
JFrog Ltd. (b)
 
109,500
3,562
Rapid7, Inc. (b)
 
202,400
11,138
Tenable Holdings, Inc. (b)
 
156,600
7,376
Varonis Systems, Inc. (b)
 
124,900
5,606
 
 
 
47,823
TOTAL INFORMATION TECHNOLOGY
 
 
141,856
MATERIALS - 4.6%
 
 
 
Chemicals - 2.8%
 
 
 
Cabot Corp.
 
143,883
10,374
Olin Corp.
 
252,200
13,132
Tronox Holdings PLC
 
656,243
9,050
 
 
 
32,556
Construction Materials - 0.9%
 
 
 
Eagle Materials, Inc.
 
44,300
10,024
Containers & Packaging - 0.9%
 
 
 
Graphic Packaging Holding Co.
 
384,700
9,814
TOTAL MATERIALS
 
 
52,394
REAL ESTATE - 2.4%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 1.1%
 
 
 
Ryman Hospitality Properties, Inc.
 
52,200
5,737
Terreno Realty Corp.
 
112,664
6,729
 
 
 
12,466
Real Estate Management & Development - 1.3%
 
 
 
Cushman & Wakefield PLC (b)
 
657,941
6,922
Jones Lang LaSalle, Inc. (b)
 
42,342
7,497
 
 
 
14,419
TOTAL REAL ESTATE
 
 
26,885
UTILITIES - 2.4%
 
 
 
Gas Utilities - 2.4%
 
 
 
Brookfield Infrastructure Corp. A Shares
 
549,026
19,221
Southwest Gas Holdings, Inc.
 
140,100
8,221
 
 
 
27,442
 
TOTAL COMMON STOCKS
 (Cost $1,016,144)
 
 
 
1,141,737
 
 
 
 
Money Market Funds - 2.4%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 5.39% (d)
 
2,451,738
2,452
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
 
25,184,589
25,187
 
TOTAL MONEY MARKET FUNDS
 (Cost $27,639)
 
 
27,639
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.3%
 (Cost $1,043,783)
 
 
 
1,169,376
NET OTHER ASSETS (LIABILITIES) - (2.3)%  
(26,200)
NET ASSETS - 100.0%
1,143,176
 
 
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
Level 3 security
 
(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 5.39%
20,249
208,407
226,204
390
-
-
2,452
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
54,265
296,785
325,863
36
-
-
25,187
0.1%
Total
74,514
505,192
552,067
426
-
-
27,639
 
 
 
 
 
 
 
 
 
 
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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