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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Fidelity Freedom 2045 Fund delivered 14.51% in Q2 2026, outperforming its benchmark through active positioning favoring non-U.S. equities and strong security selection in semiconductors and AI-related technology. The team increased emerging markets exposure on accelerating earnings revisions while reducing commodities as inflation normalized."
The Fidelity Freedom 2045 Fund returned 14.51% in Q2 2026, outperforming its composite benchmark by 75 basis points as markets rebounded on strong corporate earnings growth, improved labor markets, and falling oil prices. Technology-driven growth stocks dominated the rally, with the fund benefiting from active asset allocation decisions including an overweight in non-U.S. equities and underweight in U.S. investment-grade bonds. Security selection in U.S. large-cap growth funds drove strong relative performance, particularly through semiconductor holdings including Marvell Technology, Micron Technology, Astera Labs, and digital storage solutions provider Sandisk. AI-related technology firms led international equity gains, especially in emerging markets. The fund increased exposure to U.S. and emerging-markets equities during the quarter based on accelerating earnings revisions, while reducing commodity exposure as inflation expectations normalized. The team maintains an overweight to equities overall, favoring non-U.S. assets on attractive valuations and potential dollar weakness. Implementation of updated glide path allocations increasing equity exposure for early-career investors is underway and expected to complete within six months.
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