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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Fidelity Growth Strategies Fund surged 19.67% in Q2 2026, crushing its benchmark by 512 basis points on the back of concentrated bets in AI infrastructure enablers. Sterling Infrastructure, the fund's largest position, doubled as hyperscaler data center demand exploded."
Fidelity Growth Strategies Fund gained 19.67% in Q2 2026, outperforming the Russell Midcap Growth Index's 14.55% advance. The rally was driven by massive AI spending that broadened corporate earnings growth and an improving labor market that alleviated recession concerns. Equities also benefited from easing U.S.-Iran tensions following a June peace deal. Despite a hawkish Fed shift toward potential rate hikes due to resurgent inflation and stronger employment, investors remained enthused about the earnings environment. Stock selection drove outperformance, particularly in industrials where the fund's overweight positions in Sterling Infrastructure, Carpenter Technology, and ATI benefited from AI data center build-out and aerospace demand. Coherent, a semiconductor equipment supplier, also contributed strongly. The fund's largest detractor was Karman Holdings, hurt by disappointing earnings and internal control issues, though the manager added to the position. The portfolio maintains its largest overweight in industrials, focused on capital goods companies enabling AI infrastructure expansion. The manager sees the U.S. in healthy mid-cycle expansion with solid fundamentals supporting continued selectivity in quality growth names.
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