Fidelity Global Contrarian Long/Short

Investment Objective

The manager employs a disciplined, bottom-up security selection approach, seeking out-of-favor stocks significantly mispriced due to structural or cyclical concerns. The fund is run in an unconstrained, high-conviction manner, prioritizing the manager's best ideas. New long positions typically exhibit a contrarian or value bias, where sentiment is overly negative relative to the business fundamentals. The portfolio's short book primarily focuses on broken business models, weak balance sheets, and poor management. The manager also seeks alpha through dynamic management of individual stock positions in a counter-cyclical way. The typical range for net market exposure is approximately 0% (-/+10%) of fund TNA under normal market circumstances.