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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Constructive on non-U.S. equities and intermediate Treasurys while maintaining commodity overweights to hedge broadening inflation as the Fed resumes policy rate hikes."
Fidelity Freedom 2045 Fund posted a net total return of -0.97% in the third quarter of 2026, underperforming its composite benchmark which gained 0.32%, while advancing 12.90% year-to-date. Active asset allocation decisions had a neutral overall impact, as an overweight in equities relative to fixed income provided support during widespread bond market declines, while an underweight allocation within U.S. equities detracted. Asset allocation stands at 53.83% equities (54.03% U.S. equities and 41.18% non-U.S. equities), 10.77% bonds, 0.21% commodities, and -5.98% short-term debt and net other assets. The macroeconomic environment was shaped by resilient economic growth, surging crude oil prices, rising bond yields, and the Federal Reserve's first policy interest rate hike since 2023 driven by inflation pressures. Fixed-income markets reflected growing anxiety over sovereign fiscal risks and growth prospects. Long-term structural research themes guiding portfolio design include government debt accumulation, global economic fragmentation, demographic aging, and the macroeconomic footprint of artificial intelligence, supporting active hedges across intermediate Treasurys and commodities. Relative underperformance during the third quarter was largely driven by underlying building-block security selection in non-U.S. developed and emerging equity funds. Key relative detractors included Irish building materials provider CRH, memory semiconductor producers SK Hynix and Samsung Electronics, and Zurich Insurance Group. Relative performance was aided by U.S. growth holdings, led by an out-of-benchmark position in biotechnology firm Moderna and enterprise storage provider Everpure.
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