Fidelity Advisor^® Technology Portfolio: Investment Approach

• Fidelity^® Select Technology Portfolio is a sector-based, equity-focused strategy that seeks to outperform its benchmark through active management.
• We believe the value of technology stocks is in large part determined by the companies' future potential to generate earnings and cash flow.
• Our investment framework also focuses on identifying themes that impact the largest end markets, determining potential winners/losers, and how certain companies that are technology disruptors can impact incumbents.
• The technology sector is a very specialized part of the market, and our experience allows for proficiency in specific domains, aiding in recognizing investment opportunities when they arise.
• Through bottom-up research and by leveraging Fidelity's vast expertise – in addition to insights from industry experts, technologists, suppliers and competitors – we develop a differentiated view on the fundamentals in seeking to identify companies with compelling risk/reward profiles.
• Sector strategies could be used by investors as alternatives to individual stocks for either tactical- or strategic-allocation purposes.