Forrest St. Clair serves as portfolio manager within Fidelity's Global Institutional Solutions group, managing the Fidelity Small Cap Discovery Fund since March 2023. He brings extensive small-cap investment experience, having managed the Small Company Strategy since 2009 as part of Fidelity Institutional Asset Management's Small Cap team. His professional background includes entrepreneurial experience as co-founder of Skystone Capital Management, where he served as portfolio manager from 2005 to 2007. St. Clair has been active in the financial industry since 1998, providing over two decades of investment experience. His educational foundation includes a Bachelor of Arts in biology from Williams College. Since July 2025, he has expanded his responsibilities to include management of the Fidelity Funds 2 - US Smaller Companies Fund. His long tenure managing small-cap strategies at Fidelity demonstrates deep institutional knowledge and commitment to the asset class. The combination of his entrepreneurial background and institutional experience provides unique perspective on small-cap investing. His extended track record managing the FIAM Small Company strategy since January 2009 demonstrates consistency and expertise in small-cap portfolio management.

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The fund seeks to generate long-term outperformance through individual stock picking while limiting the impact of other variables. A key element of the investment philosophy is that stock picking should drive the majority of this fund's alpha. The fund seeks long-term growth of capital, normally investing at least 80% in small-cap securities, primarily in common stocks. This approach emphasizes comprehensive bottom-up fundamental analysis to identify undervalued securities with strong growth potential within the small-cap universe. The investment process incorporates both growth and value characteristics, providing flexibility to adapt to changing market conditions while maintaining core focus on small-cap opportunities. The strategy involves active management with a portfolio turnover rate of 67%, balancing transaction costs with the need to capitalize on market opportunities. The fund maintains diversification across approximately 150 stocks while allowing for meaningful concentration in high-conviction positions. Geographic focus remains predominantly domestic with over 94% invested in U.S. equities, aligning with the small-cap discovery mandate and allowing portfolio managers to focus research efforts on the deep U.S. small-cap market.

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