Fidelity^® Equity Growth K6 Fund: Investment Approach

• Fidelity® Equity Growth K6 Fund is a domestic equity strategy with a large-cap growth bias.
• The fund's core philosophy is that stock prices follow earnings growth and positive earnings revisions tend to drive outperformance. The team looks for companies with strong gross margins and the ability to translate that into solid free-cash-flow generation.
• The fund employs a "go anywhere" investment approach with our team analyzing the entire value chain, enabling the fund to invest in broad themes and across market capitalizations.
• The team looks for undervalued growth stories and stocks with the potential for price-to-earnings (P/E) expansion while avoiding names that have unreasonably high valuations or deteriorating business fundamentals.