Key facts
Fund numberNo. II
Management styleActive
BenchmarkRussell 1000 Value
CategoryQuality companies at a discount
Inception dateJun 1, 2026
Portfolio composition
SectorsWtPos
Consumer Cyclical18.9%4
Healthcare15.1%4
Consumer Defensive12.4%3
Industrials10.7%3
Financial Services9.9%2
Real Estate8.6%2
Technology8.3%2
Comm. Services7.8%2
Materials4.2%1
Utilities4.0%1
Characteristics
as of Jul 20, 2026
FundamentalValue
Number of positions24
Sectors held10
Largest positionBR · 5.3%
Top-5 concentration24.8%
Cash3.4%
Single-name cap7%
Sector cap25%
Performance
Since inception
+3.29%
as of Jul 20, 2026
Russell 1000 Value
+4.00%
as of Jul 20, 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 Russell 1000 Value 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 Jul 20, 2026
BenchmarkR-SquaredBeta
Slackline Value1.001.00
S&P 500 Index0.000.03
Russell 1000 Value Index0.090.40
Current holdings
All 24 positions, largest first.
TickerHoldingsSector% of fundP/LThesis
BRBroadridge Financial Solutions,Financial Services5.30 %+1.2%View thesis BABAAlibaba Group Holding LimitedConsumer Cyclical5.00 %+11.2%—
BKNGBooking Holdings Inc. Common StConsumer Cyclical5.00 %+10.3%View thesis CLXClorox Company (The)Consumer Defensive4.80 %+0.0%View thesis DHRDanaher CorporationHealthcare4.70 %+17.0%—
BACBank of America CorporationFinancial Services4.60 %+15.7%View thesis SONYSony Group CorporationConsumer Cyclical4.50 %-5.4%—
AMTAmerican Tower Corporation (REIReal Estate4.50 %-9.2%View thesis TMOThermo Fisher Scientific IncHealthcare4.40 %+6.4%—
NKENike, Inc.Consumer Cyclical4.40 %-2.6%—
MKCMcCormick & Company, IncorporatConsumer Defensive4.20 %+11.8%—
JKHYJack Henry & Associates, Inc.Technology4.20 %+11.3%—
ECLEcolab Inc.Materials4.20 %+5.9%—
EFXEquifax, Inc.Technology4.10 %+9.9%—
CSGPCoStar Group, Inc.Real Estate4.10 %-10.1%View thesis EIXEdison InternationalUtilities4.00 %+8.6%—
TMUST-Mobile US, Inc.Comm. Services3.90 %+3.0%—
DISWalt Disney Company (The)Comm. Services3.90 %-6.1%—
FERFerrovial N.V.Industrials3.90 %-7.9%—
OTISOtis Worldwide CorporationIndustrials3.70 %+1.2%—
RBGLYReckitt Benckiser Group Plc.Consumer Defensive3.40 %+8.1%—
PFEPfizer, Inc.Healthcare3.40 %-4.2%—
RELXRELX PLC PLCIndustrials3.10 %+3.4%—
BSXBoston Scientific CorporationHealthcare2.60 %-24.3%View thesis 