Fidelity Investments, an investment management company, recently released its first-quarter 2026 investor letter for “Fidelity Growth Strategies Fund”.
A copy of the letter is available to download here
The Fidelity Growth Strategy is a diversified equity strategy aimed at domestic midcap growth stocks. The approach focuses on identifying quality companies that deliver steady above-average growth and can outperform over time. The Fund (Retail Class shares) returned -3.21% in the quarter, outperforming the benchmark Russell Midcap® Growth Index’s -6.35% return.
The outperformance was primarily due to industry and stock selection, particularly in the industrials sector. The US stock market started 2026 positively, but declined in late February amid concerns over the viability of artificial intelligence investments and Middle Eastern conflicts. Investors shifted to defensive strategies, favoring stable, large-cap firms, leading to value equities outperforming growth.