Key facts
Fund numberNo. II
Management styleActive
BenchmarkVanguard Value
FocusQuality companies at a discount
Inception dateSep 30, 2026
Portfolio composition
SectorsWtPos
Consumer Staples33.8%4
Financials24.3%3
Consumer Discretionary8.4%1
Communication Services7.6%1
Industrials7.5%1
Energy7.2%1
Information Technology5.9%1
Health Care5.3%1
Characteristics
as of Nov 6, 2026
FundamentalValue
Number of positions13
Sectors held8
Largest positionBRK-B · 12.7%
Top-5 concentration48.1%
Cash0.0%
Performance
Since inception
+7.78%
as of Nov 6, 2026
Vanguard Value
+3.21%
as of Nov 6, 2026
Product summary
- The intrinsic value of a company can be estimated despite market prices, allowing the portfolio to identify high value investments.
- Markets are efficient, but they misprice businesses based on macroeconomic fears and speculation.
- Mean reversion drives the return for this strategy, not internal compounding, operational improvement or market tailwinds.
- High quality companies are a filter, not always a target.
- Differentiating between signal and noise is paramount to determining if a company is intrinsically undervalued.
The objective of Slackline Value is to outperform the Vanguard Value ETF over a five year time horizon, through active management of a Fidelity investment portfolio dedicated to a value investment strategy.
PDFRead the full policy→Historical volatility measures
as of Nov 6, 2026
BenchmarkR-SquaredBeta
Slackline Value1.001.00
S&P 500 Index0.000.03
Vanguard Value ETF0.420.82
