Fidelity Growth Strategies Fund

Investor Summary

Shilpa Mehra is a Portfolio Manager and Research Analyst at Fidelity Management & Research Co. LLC, serving since 2009. Her responsibilities include analyzing and rating stocks, particularly in the financial sector focusing on payments and processors. Prior to Fidelity, Ms. Mehra worked in startups and venture capital, specializing in business development and strategy. She holds a Bachelor of Arts in Finance from New York University and an MBA in Finance and Accounting from Columbia University. At Fidelity, she has been the Primary Manager of Fidelity Growth Strategies Fund and its classes since May 21, 2024, and has managed the Fidelity Trend Fund since August 1, 2018. Previously, she managed the Select FinTech Portfolio in multiple roles from 2012 to 2019. Her extensive experience across growth equity, fintech, and venture capital provides valuable perspective for identifying undervalued growth opportunities in the mid-cap space.

Fund Strategy

The Fidelity Growth Strategies Fund is a diversified U.S. mid-cap growth equity fund focusing on companies with persistent, above-average growth purchased at sensible valuations. The fund's investment approach centers on the belief that the market often misjudges either the durability or magnitude of growth, presenting an opportunity to generate alpha (risk-adjusted excess returns). The fund managers emphasize identifying companies with durable competitive moats, positive free cash flow, and conservative balance sheets to navigate market volatility. The investment strategy involves fundamental research to identify when the market misprices growth prospects. The fund targets companies with market values between $2 billion and $10 billion that fund managers believe are poised for growth. The portfolio managers remain selective in stock selection, emphasizing companies with durable competitive moats, positive free cash flow, and conservative balance sheets and make all investment choices individually and in light of company-specific opportunities, as well as what we consider a low valuation relative to what we view as the growth potential for that specific company.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
11.88%	-3.21%	-3.21%

Executive Summary

Fidelity Growth Strategies Fund returned -3.21% in Q1 2026, outperforming the Russell Midcap Growth Index's -6.35% return. The fund's outperformance was driven primarily by its large overweight in industrials, particularly companies benefiting from AI infrastructure investment. Top contributors included Sterling Infrastructure, MasTec, and Comfort Systems USA, all involved in data center construction and related infrastructure. The quarter saw market volatility from geopolitical tensions in the Middle East, which drove energy prices higher and created defensive investor positioning favoring value over growth. Manager Shilpa Mehra maintains confidence in the fund's industrial overweight, focusing on companies with positive free cash flow, conservative balance sheets, and exposure to the ongoing AI infrastructure build-out. The portfolio's 40% allocation to industrials versus 25% benchmark weight reflects conviction in these picks-and-shovels plays. Looking forward, the manager emphasizes selectivity while seeking quality companies with durable competitive moats purchased at sensible valuations.

Forward Outlook

Manager expects continued selectivity in investment approach while seeking good entry points among stocks believed to have upward potential. Focus remains on companies with durable competitive moats and growth profiles purchased at sensible valuations relative to growth potential.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
May 6 2026	2026 Q1	COHR, FICO, FIX, MTZ, STRL, VRT	AI, Data centers, growth, industrials, infrastructure, mid cap, technology	-	Fidelity Growth Strategies outperformed in Q1 2026 despite negative returns, driven by heavy industrials overweight focused on AI infrastructure beneficiaries. Sterling Infrastructure, MasTec, and Comfort Systems USA led performance as data center construction demand surged. Manager maintains conviction in picks-and-shovels approach to AI theme while emphasizing selectivity and quality companies with durable competitive advantages.
Feb 3 2026	2025 Q4	ALNY, ATI, AXON, BROS, COHR, COR, DXCM, FICO, FIX, HLT, HOOD, HWM, IDXX, LITE, LVS, NET, RBLX, RCL, ROAD, STRL	aerospace, AI, growth, industrials, mid cap, technology	COHR ATI LITE AXON IDXX	Fidelity Growth Strategies Fund outperformed its mid-cap growth benchmark in Q4 despite sector headwinds, driven by AI infrastructure beneficiaries like Coherent and aerospace holdings. The manager maintains heavy industrials overweight focused on AI enablers while navigating policy uncertainty and inflation persistence. Outlook remains constructive given expected rate cuts and continued corporate AI spending.
Oct 28 2025	2025 Q3	ALAB, ALNY, APP, AXON, BROS, COMFORT, COR, DXCM, FICO, HLT, HOOD, HWM, IDXX, INSM, NET, PCCP, RBLX, RCL, STRL, TDG	AI, Data centers, growth, industrials, infrastructure, mid cap, technology	-	Fidelity Growth Strategies Fund outperformed in Q3 through strong industrials stock selection, capitalizing on the AI infrastructure boom. Sterling Infrastructure and AppLovin drove returns as data center construction and AI-enhanced advertising accelerated. The fund maintains significant industrials overweight while the manager expects continued economic expansion supported by Fed easing and fiscal tailwinds, though anticipating increased volatility ahead.
Aug 7 2025	2025 Q2	ALAB, ALNY, APP, AXON, BROS, CMTG, COR, DXCM, FICO, HLT, HOOD, HWM, IDXX, INSM, NET, RBLX, RCL, ROAD, STRL, TDG	AI, Data centers, growth, industrials, infrastructure, mid cap, technology	AXON HOOD	Fidelity Growth Strategies outperformed in Q3 through strong industrials stock selection, particularly AI infrastructure enablers like Sterling Infrastructure and AppLovin. The fund maintains its largest overweight in industrials, focusing on companies with durable moats and mispriced growth expectations. Despite favorable near-term conditions from Fed easing, the manager remains selective given valuation concerns and tariff uncertainty.
Mar 31 2025	2025 Q1	AMP, APP, AXON, CASY, COH, COR, CTAS, DECK, FAST, FICO, GWW, HEI, HWM, IDXX, NET, PLTR, RBLX, TDG, VRSK, WIX	aerospace, AI, growth, industrials, mid cap, tariffs, technology, Trade Policy	-	Fidelity Growth Strategies Fund fell 8.03% in Q1 2025, underperforming on policy uncertainty and tariff concerns. Coherent and Cloudflare were key detractors while Howmet Aerospace contributed positively. The fund maintains its industrials overweight despite reducing exposure, focusing on high-quality companies with strong free cash flow generation and attractive valuations amid volatile markets.
Sep 30 2024	2024 Q3	AMP, AXON, COH, CRWD, DOXY, DPZ, ENTG, FICO, GWW, HWM, IDXX, IT, MPWR, ODFL, PLTR, RMD, TDG, TTD, VST, WFRD	AI, growth, healthcare, industrials, Mid-cap, technology, Utilities	-	Fidelity Growth Strategies Fund slightly underperformed in Q3 with a 6.28% return versus 6.54% benchmark. The fund maintains its largest overweight in industrials, seeing AI data center beneficiaries. Strong performance from Doximity and healthcare names offset CrowdStrike's software glitch impact. The manager reduced healthcare exposure while staying selective on quality companies with strong cash generation.
Jun 30 2024	2024 Q2	ALGN, ALNY, ATKR, BLDR, CAH, DXCM, EME, IDXX, IQV, MDB, MOH, ON, PLTR, PODD, PWR, RMD, SPOT, TDG, ULTA, VST	AI, growth, healthcare, industrials, Mid-cap, technology, value	-	Fidelity Growth Strategies Fund outperformed its mid-cap growth benchmark through strong security selection, particularly benefiting from AI infrastructure plays like Vistra and medical device growth stories. The fund maintains heavy industrials exposure anticipating broader AI data center buildout benefits while staying selective on valuations and emphasizing companies with strong free cash flow generation and net cash positions.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

May 6 2026

2026 Q1

COHR, FICO, FIX, MTZ, STRL, VRT

AI, Data centers, growth, industrials, infrastructure, mid cap, technology

Fidelity Growth Strategies outperformed in Q1 2026 despite negative returns, driven by heavy industrials overweight focused on AI infrastructure beneficiaries. Sterling Infrastructure, MasTec, and Comfort Systems USA led performance as data center construction demand surged. Manager maintains conviction in picks-and-shovels approach to AI theme while emphasizing selectivity and quality companies with durable competitive advantages.

Feb 3 2026

2025 Q4

ALNY, ATI, AXON, BROS, COHR, COR, DXCM, FICO, FIX, HLT, HOOD, HWM, IDXX, LITE, LVS, NET, RBLX, RCL, ROAD, STRL

aerospace, AI, growth, industrials, mid cap, technology

COHR
ATI
LITE
AXON
IDXX

Fidelity Growth Strategies Fund outperformed its mid-cap growth benchmark in Q4 despite sector headwinds, driven by AI infrastructure beneficiaries like Coherent and aerospace holdings. The manager maintains heavy industrials overweight focused on AI enablers while navigating policy uncertainty and inflation persistence. Outlook remains constructive given expected rate cuts and continued corporate AI spending.

Oct 28 2025

2025 Q3

ALAB, ALNY, APP, AXON, BROS, COMFORT, COR, DXCM, FICO, HLT, HOOD, HWM, IDXX, INSM, NET, PCCP, RBLX, RCL, STRL, TDG

AI, Data centers, growth, industrials, infrastructure, mid cap, technology

Fidelity Growth Strategies Fund outperformed in Q3 through strong industrials stock selection, capitalizing on the AI infrastructure boom. Sterling Infrastructure and AppLovin drove returns as data center construction and AI-enhanced advertising accelerated. The fund maintains significant industrials overweight while the manager expects continued economic expansion supported by Fed easing and fiscal tailwinds, though anticipating increased volatility ahead.

Aug 7 2025

2025 Q2

ALAB, ALNY, APP, AXON, BROS, CMTG, COR, DXCM, FICO, HLT, HOOD, HWM, IDXX, INSM, NET, RBLX, RCL, ROAD, STRL, TDG

AI, Data centers, growth, industrials, infrastructure, mid cap, technology

AXON
HOOD

Fidelity Growth Strategies outperformed in Q3 through strong industrials stock selection, particularly AI infrastructure enablers like Sterling Infrastructure and AppLovin. The fund maintains its largest overweight in industrials, focusing on companies with durable moats and mispriced growth expectations. Despite favorable near-term conditions from Fed easing, the manager remains selective given valuation concerns and tariff uncertainty.

Mar 31 2025

2025 Q1

AMP, APP, AXON, CASY, COH, COR, CTAS, DECK, FAST, FICO, GWW, HEI, HWM, IDXX, NET, PLTR, RBLX, TDG, VRSK, WIX

aerospace, AI, growth, industrials, mid cap, tariffs, technology, Trade Policy

Fidelity Growth Strategies Fund fell 8.03% in Q1 2025, underperforming on policy uncertainty and tariff concerns. Coherent and Cloudflare were key detractors while Howmet Aerospace contributed positively. The fund maintains its industrials overweight despite reducing exposure, focusing on high-quality companies with strong free cash flow generation and attractive valuations amid volatile markets.

Sep 30 2024

2024 Q3

AMP, AXON, COH, CRWD, DOXY, DPZ, ENTG, FICO, GWW, HWM, IDXX, IT, MPWR, ODFL, PLTR, RMD, TDG, TTD, VST, WFRD

AI, growth, healthcare, industrials, Mid-cap, technology, Utilities

Fidelity Growth Strategies Fund slightly underperformed in Q3 with a 6.28% return versus 6.54% benchmark. The fund maintains its largest overweight in industrials, seeing AI data center beneficiaries. Strong performance from Doximity and healthcare names offset CrowdStrike's software glitch impact. The manager reduced healthcare exposure while staying selective on quality companies with strong cash generation.

Jun 30 2024

2024 Q2

ALGN, ALNY, ATKR, BLDR, CAH, DXCM, EME, IDXX, IQV, MDB, MOH, ON, PLTR, PODD, PWR, RMD, SPOT, TDG, ULTA, VST

AI, growth, healthcare, industrials, Mid-cap, technology, value

Fidelity Growth Strategies Fund outperformed its mid-cap growth benchmark through strong security selection, particularly benefiting from AI infrastructure plays like Vistra and medical device growth stories. The fund maintains heavy industrials exposure anticipating broader AI data center buildout benefits while staying selective on valuations and emphasizing companies with strong free cash flow generation and net cash positions.

QUARTER	THEMES	TAGS
2026 Q1	AI The fund is heavily positioned in AI infrastructure beneficiaries, particularly data center construction companies. AI-led capital expenditure boom continues to drive performance of industrial holdings, though some AI-related uncertainty emerged in Q1 affecting tech stocks.	Data Centers Infrastructure Capital Expenditure Technology Semiconductors
	Data Centers Major overweight in companies enabling AI data center build-out including Sterling Infrastructure, MasTec, and Comfort Systems USA. These picks-and-shovels plays are benefiting from massive investments in AI-capable infrastructure.	Infrastructure Construction AI Technology Capital Expenditure
	Industrials Largest sector overweight at 40% vs 25% benchmark weight. Focus on capital goods companies with positive free cash flow, conservative balance sheets, and exposure to AI infrastructure build-out. Manager maintains high confidence in this positioning.	Capital Goods Infrastructure Manufacturing Construction Equipment
	Energy Energy was the strongest performing sector in Q1 returning 45% due to oil price surge from Middle East conflict. However, the fund maintains an underweight position in energy relative to benchmark.	Oil Natural Gas Commodities Geopolitical Inflation
2025 Q4	Live Sports Manager sees live entertainment and sports as major investment opportunity, citing 55 million viewers for Chiefs vs Cowboys game and upcoming World Cup. Recommends Atlanta Braves Holdings, Madison Square Garden Sports, Manchester United, and Rogers Communications as ways to invest in sports teams and related assets.	Sports Entertainment Media Teams Broadcasting
	Media Fox and Versant Media Group highlighted as media investments. Fox benefits from live sports and news advertising, has strong balance sheet and buyback program. Versant spun off from Comcast, trading at discount due to index fund selling, expected to generate significant cash flow.	Broadcasting Cable Content Advertising Streaming
	Natural Gas National Fuel Gas recommended based on strategic gas reserves in Appalachian Basin and regulated utility business. Company owns 1.2 million acres with substantial mineral rights, positioned to benefit from increasing free cash flow and potential company split-up.	Utilities Energy Infrastructure Pipelines Distribution
	AI Manager acknowledges AI's transformative impact but warns of potential disappointment for investors. Compares to late 1990s tech boom with multiple speculative solutions. Expects volatility and potential 'Deep Seek' moments that could rattle markets including Magnificent 7 stocks.	Technology Innovation Disruption Speculation Volatility
	Aerospace Albany International highlighted as aerospace play through its engineered composites business supplying LEAP engine parts. Company exploring strategic alternatives and potential spin-off to unlock value in high-growth aerospace segment versus mature paper business.	Defense Manufacturing Composites Aviation Components
2025 Q3	AI AI-driven business investment accounted for roughly half of U.S. GDP growth over the past 12 months. AppLovin's stock was boosted by the company's use of AI to improve ad targeting on mobile games. The fund holds picks-and-shovels companies enabling the massive build-out of artificial intelligence capabilities.	Data Centers Cloud Semiconductors Infrastructure Technology
	Data Centers Sterling Infrastructure has capitalized on the boom in data center construction, with data center revenue growth of more than 100% in Q2 after rising 60% the previous quarter. Fund holdings are concentrated in companies enabling the massive build-out of AI capabilities.	AI Infrastructure Construction Cloud Technology
	Infrastructure The fund maintains significant overweight in industrials sector, particularly capital goods firms benefiting from broad investment in AI-capable data centers build-out. Sterling Infrastructure and other holdings are capitalizing on infrastructure spending trends.	Data Centers Construction AI Industrials Capital Goods
2025 Q2	AI AI-driven business investment accounted for roughly half of U.S. GDP growth over the past 12 months. Capital spending has experienced a powerful AI-driven upswing. Fund holdings within the industrials sector are concentrated in picks-and-shovels companies enabling the massive build-out of artificial intelligence capabilities.	Data Centers Infrastructure Capital Spending Technology Growth
	Data Centers Sterling Infrastructure capitalized on the boom in data center construction, with data center revenue growth of more than 100% in Q2 after rising 60% the previous quarter. Fund holdings are concentrated in companies enabling the massive build-out of AI-capable data centers.	Infrastructure Construction AI Capital Spending Growth
	Industrials The fund maintained its largest sector overweight in industrials, focusing on companies with positive free cash flow, stock-specific catalysts driving earnings growth, and conservative balance sheets. Many holdings are picks-and-shovels companies enabling AI infrastructure build-out.	Capital Goods Infrastructure Free Cash Flow Conservative Balance Sheets AI
2025 Q1	Industrials Fund maintains largest sector overweight in industrials at 23.89% vs 17.41% benchmark. Manager believes these companies generate positive free cash flow with stock-specific catalysts driving earnings growth. Many have conservative balance sheets providing ballast in volatile markets.	Aerospace Industrial Distribution Industrial Services Defense Components Construction Equipment
	AI Manager sees long-term beneficiaries as firms build new AI-capable data centers over the next several years. This represents a multi-year investment opportunity in the infrastructure supporting artificial intelligence deployment.	Data Centers Cloud Infrastructure Semiconductors Servers Edge Computing
	Trade Policy Tariff concerns significantly impacted performance with uncertainty about new administration policies. Cloudflare fell after Trump announced steep tariffs on foreign-sourced semiconductors. Manager reduced exposure to industrials and financials amid uncertain economic backdrop from policy changes.	Tariffs Trade Policy Semiconductors Industrial Policy
2024 Q3	AI The fund discusses AI's impact across multiple sectors, particularly noting Palantir's Artificial Intelligence Platform offering driving strong growth. The manager anticipates AI-related movement expanding across mid-caps beyond current concentration in industrials and utilities. AI-capable data centers are expected to drive demand for industrial companies.	Artificial Intelligence Data Centers Platform Growth Technology
	Industrials The fund maintains its largest overweight in industrials at 28.5% versus 18.2% benchmark weight. The manager believes many companies will benefit from AI-capable data center construction. Industrial holdings generate positive free cash flow and have stock-specific catalysts driving earnings growth.	Manufacturing Infrastructure Data Centers Free Cash Flow Overweight
	Data Centers Utilities advanced based on anticipated growth of global power consumption as more AI-capable data centers come online. The fund sees many industrial beneficiaries from firms building new AI-capable data centers. This theme connects to both the AI opportunity and industrial sector positioning.	Power Consumption Infrastructure AI Utilities Growth
2024 Q2	AI The fund is watching for AI-related strength to expand across the mid-cap universe. To date, most positive AI-related movement among mid-caps has been in industrials and utilities sectors. The fund believes there could be many beneficiaries as firms build new AI-capable data centers.	Data Centers Infrastructure Industrials Utilities Technology
	Data Centers The fund sees opportunities in companies positioned to benefit from the buildout of AI-capable data centers, which require enormous amounts of power to run. Local grids will need to invest heavily to improve power infrastructure and meet growing demand.	AI Power Infrastructure Grid Upgrade Energy
	Medical Devices The fund maintains overweight positions in medical device makers including Insulet, ResMed, and DexCom. Insulet reported strong demand for its wearable insulin pump with 23% revenue growth and 28% gross profit growth.	Healthcare Diabetes Devices Innovation Growth
	Managed Care The managed care industry has faced a difficult year due to rising medical costs and government reimbursements that have not kept pace. The fund holds Molina Healthcare despite negative sentiment affecting the entire segment.	Healthcare Cost Pressure Reimbursement Government

QUARTER

THEMES

AI

The fund is heavily positioned in AI infrastructure beneficiaries, particularly data center construction companies. AI-led capital expenditure boom continues to drive performance of industrial holdings, though some AI-related uncertainty emerged in Q1 affecting tech stocks.

Data Centers Infrastructure Capital Expenditure Technology Semiconductors

Data Centers

Major overweight in companies enabling AI data center build-out including Sterling Infrastructure, MasTec, and Comfort Systems USA. These picks-and-shovels plays are benefiting from massive investments in AI-capable infrastructure.

Infrastructure Construction AI Technology Capital Expenditure

Industrials

Largest sector overweight at 40% vs 25% benchmark weight. Focus on capital goods companies with positive free cash flow, conservative balance sheets, and exposure to AI infrastructure build-out. Manager maintains high confidence in this positioning.

Capital Goods Infrastructure Manufacturing Construction Equipment

Energy

Energy was the strongest performing sector in Q1 returning 45% due to oil price surge from Middle East conflict. However, the fund maintains an underweight position in energy relative to benchmark.

Oil Natural Gas Commodities Geopolitical Inflation

2025 Q4

Live Sports

Manager sees live entertainment and sports as major investment opportunity, citing 55 million viewers for Chiefs vs Cowboys game and upcoming World Cup. Recommends Atlanta Braves Holdings, Madison Square Garden Sports, Manchester United, and Rogers Communications as ways to invest in sports teams and related assets.

Sports Entertainment Media Teams Broadcasting

Media

Fox and Versant Media Group highlighted as media investments. Fox benefits from live sports and news advertising, has strong balance sheet and buyback program. Versant spun off from Comcast, trading at discount due to index fund selling, expected to generate significant cash flow.

Broadcasting Cable Content Advertising Streaming

Natural Gas

National Fuel Gas recommended based on strategic gas reserves in Appalachian Basin and regulated utility business. Company owns 1.2 million acres with substantial mineral rights, positioned to benefit from increasing free cash flow and potential company split-up.

Utilities Energy Infrastructure Pipelines Distribution

AI

Manager acknowledges AI's transformative impact but warns of potential disappointment for investors. Compares to late 1990s tech boom with multiple speculative solutions. Expects volatility and potential 'Deep Seek' moments that could rattle markets including Magnificent 7 stocks.

Technology Innovation Disruption Speculation Volatility

Aerospace

Albany International highlighted as aerospace play through its engineered composites business supplying LEAP engine parts. Company exploring strategic alternatives and potential spin-off to unlock value in high-growth aerospace segment versus mature paper business.

Defense Manufacturing Composites Aviation Components

2025 Q3

AI

AI-driven business investment accounted for roughly half of U.S. GDP growth over the past 12 months. AppLovin's stock was boosted by the company's use of AI to improve ad targeting on mobile games. The fund holds picks-and-shovels companies enabling the massive build-out of artificial intelligence capabilities.

Data Centers Cloud Semiconductors Infrastructure Technology

Data Centers

Sterling Infrastructure has capitalized on the boom in data center construction, with data center revenue growth of more than 100% in Q2 after rising 60% the previous quarter. Fund holdings are concentrated in companies enabling the massive build-out of AI capabilities.

AI Infrastructure Construction Cloud Technology

Infrastructure

The fund maintains significant overweight in industrials sector, particularly capital goods firms benefiting from broad investment in AI-capable data centers build-out. Sterling Infrastructure and other holdings are capitalizing on infrastructure spending trends.

Data Centers Construction AI Industrials Capital Goods

2025 Q2

AI

AI-driven business investment accounted for roughly half of U.S. GDP growth over the past 12 months. Capital spending has experienced a powerful AI-driven upswing. Fund holdings within the industrials sector are concentrated in picks-and-shovels companies enabling the massive build-out of artificial intelligence capabilities.

Data Centers Infrastructure Capital Spending Technology Growth

Data Centers

Sterling Infrastructure capitalized on the boom in data center construction, with data center revenue growth of more than 100% in Q2 after rising 60% the previous quarter. Fund holdings are concentrated in companies enabling the massive build-out of AI-capable data centers.

Infrastructure Construction AI Capital Spending Growth

Industrials

The fund maintained its largest sector overweight in industrials, focusing on companies with positive free cash flow, stock-specific catalysts driving earnings growth, and conservative balance sheets. Many holdings are picks-and-shovels companies enabling AI infrastructure build-out.

Capital Goods Infrastructure Free Cash Flow Conservative Balance Sheets AI

2025 Q1

Industrials

Fund maintains largest sector overweight in industrials at 23.89% vs 17.41% benchmark. Manager believes these companies generate positive free cash flow with stock-specific catalysts driving earnings growth. Many have conservative balance sheets providing ballast in volatile markets.

Aerospace Industrial Distribution Industrial Services Defense Components Construction Equipment

AI

Manager sees long-term beneficiaries as firms build new AI-capable data centers over the next several years. This represents a multi-year investment opportunity in the infrastructure supporting artificial intelligence deployment.

Data Centers Cloud Infrastructure Semiconductors Servers Edge Computing

Trade Policy

Tariff concerns significantly impacted performance with uncertainty about new administration policies. Cloudflare fell after Trump announced steep tariffs on foreign-sourced semiconductors. Manager reduced exposure to industrials and financials amid uncertain economic backdrop from policy changes.

Tariffs Trade Policy Semiconductors Industrial Policy

2024 Q3

AI

The fund discusses AI's impact across multiple sectors, particularly noting Palantir's Artificial Intelligence Platform offering driving strong growth. The manager anticipates AI-related movement expanding across mid-caps beyond current concentration in industrials and utilities. AI-capable data centers are expected to drive demand for industrial companies.

Artificial Intelligence Data Centers Platform Growth Technology

Industrials

The fund maintains its largest overweight in industrials at 28.5% versus 18.2% benchmark weight. The manager believes many companies will benefit from AI-capable data center construction. Industrial holdings generate positive free cash flow and have stock-specific catalysts driving earnings growth.

Manufacturing Infrastructure Data Centers Free Cash Flow Overweight

Data Centers

Utilities advanced based on anticipated growth of global power consumption as more AI-capable data centers come online. The fund sees many industrial beneficiaries from firms building new AI-capable data centers. This theme connects to both the AI opportunity and industrial sector positioning.

Power Consumption Infrastructure AI Utilities Growth

2024 Q2

AI

The fund is watching for AI-related strength to expand across the mid-cap universe. To date, most positive AI-related movement among mid-caps has been in industrials and utilities sectors. The fund believes there could be many beneficiaries as firms build new AI-capable data centers.

Data Centers Infrastructure Industrials Utilities Technology

Data Centers

The fund sees opportunities in companies positioned to benefit from the buildout of AI-capable data centers, which require enormous amounts of power to run. Local grids will need to invest heavily to improve power infrastructure and meet growing demand.

AI Power Infrastructure Grid Upgrade Energy

Medical Devices

The fund maintains overweight positions in medical device makers including Insulet, ResMed, and DexCom. Insulet reported strong demand for its wearable insulin pump with 23% revenue growth and 28% gross profit growth.

Healthcare Diabetes Devices Innovation Growth

Managed Care

The managed care industry has faced a difficult year due to rising medical costs and government reimbursements that have not kept pace. The fund holds Molina Healthcare despite negative sentiment affecting the entire segment.

Healthcare Cost Pressure Reimbursement Government

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Feb 3, 2026	Fund Letters	Shilpa Marda Mehra	AXON	Axon Enterprise Inc	Industrials	Aerospace & Defense	Neutral	NASDAQ	AI, law enforcement, Margins, Software, Volatility	Login
Feb 3, 2026	Fund Letters	Shilpa Marda Mehra	IDXX	IDEXX Laboratories Inc	Health Care	Health Care Equipment	Neutral	NASDAQ	Competition, diagnostics, growth, Sustainability, valuation	Login
Feb 3, 2026	Fund Letters	Shilpa Marda Mehra	ATI	ATI Inc	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	Aerospace, Defense, earnings, growth, Margins	Login
Feb 3, 2026	Fund Letters	Shilpa Marda Mehra	LITE	Lumentum Holdings Inc	Information Technology	Communications Equipment	Bull	NASDAQ	AI, cloud, data centers, Networking, Photonics	Login
Feb 3, 2026	Fund Letters	Shilpa Marda Mehra	COHR	Coherent Corp	Information Technology	Electronic Components	Bull	NASDAQ	AI, CapEx, Margins, Optics, semiconductors	Login
Aug 7, 2025	Fund Letters	Shilpa Marda Mehra	AXON	Axon Enterprise, Inc.	Industrials	Aerospace & Defense	Bull	NASDAQ	compounding, law enforcement, Moats, Public safety, SaaS	Login
Aug 7, 2025	Fund Letters	Shilpa Marda Mehra	HOOD	Robinhood Markets, Inc.	Financials	Capital Markets	Bull	NASDAQ	Brokerage, Cryptocurrencies, Fintech, Retail Investing, User growth	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Feb 3, 2026

Fund Letters

Shilpa Marda Mehra

AXON

Axon Enterprise Inc

Industrials

Aerospace & Defense

Neutral

NASDAQ

AI, law enforcement, Margins, Software, Volatility

Feb 3, 2026

Fund Letters

Shilpa Marda Mehra

IDXX

IDEXX Laboratories Inc

Health Care

Health Care Equipment

Neutral

NASDAQ

Competition, diagnostics, growth, Sustainability, valuation

Feb 3, 2026

Fund Letters

Shilpa Marda Mehra

ATI

ATI Inc

Industrials

Aerospace & Defense

Bull

New York Stock Exchange

Aerospace, Defense, earnings, growth, Margins

Feb 3, 2026

Fund Letters

Shilpa Marda Mehra

LITE

Lumentum Holdings Inc

Information Technology

Communications Equipment

Bull

NASDAQ

AI, cloud, data centers, Networking, Photonics

Feb 3, 2026

Fund Letters

Shilpa Marda Mehra

COHR

Coherent Corp

Information Technology

Electronic Components

Bull

NASDAQ

AI, CapEx, Margins, Optics, semiconductors

Aug 7, 2025

Fund Letters

Shilpa Marda Mehra

AXON

Axon Enterprise, Inc.

Industrials

Aerospace & Defense

Bull

NASDAQ

compounding, law enforcement, Moats, Public safety, SaaS

Aug 7, 2025

Fund Letters

Shilpa Marda Mehra

HOOD

Robinhood Markets, Inc.

Financials

Capital Markets

Bull

NASDAQ

Brokerage, Cryptocurrencies, Fintech, Retail Investing, User growth

TICKER	COMMENTARY
STRL	Sterling Infrastructure (+33%) specializes in large-scale site development for data centers and semiconductor fabrication plants, as well as heavy civil infrastructure projects. We slightly trimmed the stake this quarter to manage position size, but Sterling Infrastructure was the third-largest fund holding as of March 31.
MTZ	MasTec (+48%) specializes in energy and power infrastructure. We slightly trimmed the stake this quarter to manage the position size, and it was among our top-20 portfolio overweights.
FIX	Comfort Systems USA (+47%) handles electrical and mechanical wiring, as well as plumbing and piping, for commercial and industrial facilities. We slightly trimmed the stake this quarter to manage position size, but Comfort Systems was the second-largest fund holding as of March 31.
COHR	Coherent (+29%) is a technology company that manufactures precision optical components and coatings. The shares were driven by a surge in AI infrastructure investment and soaring demand for the firm's products in advanced semiconductor manufacturing. On February 4, Coherent announced solid quarterly financial results, including a 33% rise in revenue from its data center and communications segment. On March 23, the company was added to the S&P 500 index, which further boosted the stock.
VRT	Vertiv (+55%) provides power management and cooling solutions to data centers and other high-performance facilities. The stock jumped in early February in anticipation of, and then following, the firm's quarterly financial update. Revenue and operating margin both meaningfully expanded, and organic orders surged roughly 250%. While Vertiv closed the quarter as a top-10 holding, we modestly reduced the stake, and it was the portfolio's largest underweight at quarter end.
FICO	Fair Isaac (-37%) is the data-analytics firm known for creating the FICO credit score. The stock fell this quarter, largely on valuation concerns after a run-up in late 2025. We reduced the holding, which ended Q1 as our No. 15 position.

TICKER

COMMENTARY

STRL

Sterling Infrastructure (+33%) specializes in large-scale site development for data centers and semiconductor fabrication plants, as well as heavy civil infrastructure projects. We slightly trimmed the stake this quarter to manage position size, but Sterling Infrastructure was the third-largest fund holding as of March 31.

MTZ

MasTec (+48%) specializes in energy and power infrastructure. We slightly trimmed the stake this quarter to manage the position size, and it was among our top-20 portfolio overweights.

FIX

Comfort Systems USA (+47%) handles electrical and mechanical wiring, as well as plumbing and piping, for commercial and industrial facilities. We slightly trimmed the stake this quarter to manage position size, but Comfort Systems was the second-largest fund holding as of March 31.

COHR

Coherent (+29%) is a technology company that manufactures precision optical components and coatings. The shares were driven by a surge in AI infrastructure investment and soaring demand for the firm's products in advanced semiconductor manufacturing. On February 4, Coherent announced solid quarterly financial results, including a 33% rise in revenue from its data center and communications segment. On March 23, the company was added to the S&P 500 index, which further boosted the stock.

VRT

Vertiv (+55%) provides power management and cooling solutions to data centers and other high-performance facilities. The stock jumped in early February in anticipation of, and then following, the firm's quarterly financial update. Revenue and operating margin both meaningfully expanded, and organic orders surged roughly 250%. While Vertiv closed the quarter as a top-10 holding, we modestly reduced the stake, and it was the portfolio's largest underweight at quarter end.

FICO

Fair Isaac (-37%) is the data-analytics firm known for creating the FICO credit score. The stock fell this quarter, largely on valuation concerns after a run-up in late 2025. We reduced the holding, which ended Q1 as our No. 15 position.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

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AI

Data Centers

Industrials

Energy

Live Sports

Media

Natural Gas

AI

Aerospace

AI

Data Centers

Infrastructure

AI

Data Centers

Industrials

Industrials

AI

Trade Policy

AI

Industrials

Data Centers

AI

Data Centers

Medical Devices

Managed Care

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Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

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Shilpa Marda Mehra Top Holdings

Recent Buys (13F)

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13F Sector Summary

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Fidelity Growth Strategies Fund