Fidelity Advisor Freedom 2040 Fund
Target-date 2040 fund
As of its 2026 Q2 report, Fidelity Advisor Freedom 2040 Fund held 48 positions with $3.26B in net assets. Its ten largest holdings made up 70.5% of the fund. The FAFFX share class costs 0.91% a year. Over the 12 months to May 2026, FAFFX returned 25.4%, with dividends reinvested. In 2026 Q2 it added 15 new positions and exited 13.
Fidelity Advisor Freedom 2040 Fund seeks high total return with a
The fund invests in a mix of Fidelity U.S. equity, international equity, bond, and short-term funds according to a glide path that shifts the allocation progressively toward a more conservative mix, reaching a target allocation approximately 15 to 20 years after 2040. The adviser may actively adjust exposures within each asset class by up to 10% relative to the neutral allocations to reflect market outlook, and may allocate up to 25% in aggregate to other asset classes including high-yield debt, floating rate debt, and emerging markets debt. The fund uses futures contracts to manage cash flows and remain fully invested. Because the fund's allocation depends on active decisions to overweight or underweight asset classes, actual returns may diverge from the neutral glide path.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
FEMSXFidelity Investment Trust | 10.53% | $343.36M | 10.7M | $32.14 |
FGLGXFidelity Hastings Street Trust | 10.07% | $328.36M | 11.1M | $29.52 |
FMFMXFidelity Advisor Series I | 7.14% | $232.82M | 12.8M | $18.18 |
FIGSXFidelity Investment Trust | 6.78% | $221.02M | 10.2M | $21.57 |
FSOSXFidelity Investment Trust | 6.63% | $216.13M | 13.3M | $16.19 |
FINVXFidelity Investment Trust | 6.42% | $209.36M | 12.5M | $16.74 |
FVWSXFidelity Contrafund | 6.28% | $204.82M | 7.2M | $28.45 |
FNKLXFidelity Devonshire Trust | 5.77% | $188.11M | 10.1M | $18.66 |
FBLEXFidelity Devonshire Trust | 5.74% | $187.08M | 12.1M | $15.47 |
FSIGXFidelity Salem Street Trust | 5.20% | $169.50M | 16.8M | $10.07 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
All 48 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 84.16% |
| Bonds | 11.99% |
| Cash & short-term | 2.80% |
| Securitized | 1.64% |
| 3 smaller | 0.20% |
Look-through blends 32 underlying funds; 0.308% of NAV was not looked through and stays direct-classified.
How it has done
FAFFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 11.13%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 6 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.91% | +25.36% | +67.94% | +50.86% | -9.61% | |
| 1.66% | +24.43% | +64.95% | +46.68% | -9.66% | |
| 1.16% | +25.02% | +66.70% | +48.86% | -9.58% | |
| 0.66% | +25.57% | +69.11% | +52.58% | -9.50% | |
| 0.42% | +25.90% | +70.61% | +54.66% | -9.38% | |
| 0.62% | +25.66% | +69.63% | +53.32% | -9.46% |
These classes hold the same portfolio, so the 7.97pp spread over 5 years is the cost difference between them — roughly 1.59pp a year — not a difference in what they own.
Fees & fund details
Fidelity Advisor Freedom 2040 Fund is a target-date 2040 fund.
- Asset class
- Target-date
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Target year
- 2040
- Features
- Fund of funds
- Expense ratio, by class
- 0.42% – 1.66%· FAFFX 0.91%
- Portfolio turnover
- 18.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
15 new· the largest 4
13 exited· the largest 3
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Understand how this fund fits with the rest.
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