Fidelity Value Discovery Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Fidelity Value Discovery Fund held 125 positions with $3.80B in net assets. Its ten largest holdings made up 26.9% of the fund. The FVDFX share class costs 0.49% a year. Over the 12 months to May 2026, FVDFX returned 25.2%, with dividends reinvested. In 2026 Q3 it added 21 new positions and exited 22.
Fidelity Value Discovery Fund seeks capital appreciation.
The fund invests primarily in common stocks of companies that the adviser believes are undervalued relative to metrics such as assets, earnings, cash flow, or valuation multiples compared to peers or market medians, using fundamental analysis of financial condition and industry position. The fund normally allocates at least 80% of assets to value companies, identified through traditional value measures including free cash flow yield, enterprise value-to-earnings ratios, price-to-book, and projected price-to-earnings ratios. The fund may invest in both domestic and foreign issuers and may use derivatives to gain exposure to these investments.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
GOOGLALPHABET INC | 4.55% | $172.69M | 448.8K | $384.80 |
AMZNAMAZON.COM INC | 3.91% | $148.49M | 560.2K | $265.06 |
3.69% | $139.88M | 906.4K | $154.33 | |
2.50% | $94.94M | 1.8M | $53.46 | |
2.31% | $87.46M | 955.9K | $91.50 | |
2.09% | $79.39M | 727.1K | $109.18 | |
CHUBB LTD | 2.02% | $76.69M | 234.5K | $327.00 |
1.98% | $75.15M | 246.3K | $305.14 | |
SHELSHELL PLC | 1.94% | $73.53M | 810.9K | $90.67 |
GOOGALPHABET INC | 1.87% | $70.85M | 185.5K | $381.94 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
All 125 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 | 98.56% |
| Cash & short-term | 2.25% |
By sector
- Financials
- 16.9%
- Information Technology
- 13.9%
- Health Care
- 13.4%
- Consumer Discretionary
- 12.3%
- 10 other sectors
- 43.5%
- Financials
- 16.9%
- Information Technology
- 13.9%
- Health Care
- 13.4%
- Consumer Discretionary
- 12.3%
- International
- 9.7%
- Industrials
- 9.7%
- Consumer Staples
- 6.6%
- Energy
- 5.9%
- Communication Services
- 4.1%
- Materials
- 3.1%
- Cash
- 1.8%
- Utilities
- 1.7%
- Real Estate
- 0.9%
- Other
- 0.1%
How it has done
FVDFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 9.83%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are 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 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.49% | +25.17% | +52.79% | +48.00% | -6.99% | |
| 0.41% | +25.37% | +53.26% | +48.73% | -6.97% | |
| 0.40% | — | — | — | — | |
| 0.52% | — | — | — | — | |
| 0.77% | — | — | — | — | |
| 1.02% | — | — | — | — | |
| 1.52% | — | — | — | — |
Fees & fund details
Fidelity Value Discovery Fund is an actively managed U.S. equity fund. 3% of FVDFX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 86% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.40% – 1.52%· FVDFX 0.49%
- Portfolio turnover
- 59.00% a year · as of 2025 Q4
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.
21 new· the largest 8
22 exited· the largest 8
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — FVDFX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”