Key facts
Fund numberNo. II
Management styleActive
BenchmarkRussell 1000 Value
CategoryQuality companies at a discount
Inception dateJun 1, 2026
Portfolio composition
SectorsWtPos
Industrials14.0%4
Consumer Cyclical13.1%3
Technology12.4%3
Other12.1%3
Consumer Defensive11.3%3
Healthcare11.1%3
Real Estate8.6%2
Comm. Services7.4%2
Financial Services5.7%1
Materials4.2%1
Characteristics
as of Sep 21, 2026
FundamentalValue
Number of positions25
Sectors held10
Largest positionBR · 5.7%
Top-5 concentration24.9%
Cash1.4%
Single-name cap7%
Sector cap25%
Performance
Since inception
+2.83%
as of Sep 21, 2026
Russell 1000 Value
+6.64%
as of Sep 21, 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 Sep 21, 2026
BenchmarkR-SquaredBeta
Slackline Value1.001.00
S&P 500 Index0.010.15
Russell 1000 Value Index0.220.72
Current holdings
All 25 positions, largest first.
TickerHoldingsSector% of fundP/LThesis
BRBroadridge Financial Solutions,Financial Services5.70 %+9.8%View thesis DHRDanaher CorporationHealthcare4.90 %+23.8%View thesis SONYSony Group CorporationConsumer Cyclical4.90 %+4.9%—
BABAAlibaba Group Holding LimitedConsumer Cyclical4.70 %+5.1%View thesis AVGOBroadcom Inc.Technology4.70 %-5.0%—
AMTAmerican Tower Corporation (REIReal Estate4.70 %-5.8%View thesis DISWalt Disney Company (The)Comm. Services4.20 %+0.9%View thesis PGProcter & Gamble Company (The)Other4.20 %+0.5%—
NOCNorthrop Grumman CorporationIndustrials4.20 %-4.5%—
JKHYJack Henry & Associates, Inc.Technology4.10 %+11.5%View thesis SAPSAP SEOther4.10 %+0.5%—
CLXClorox Company (The)Consumer Defensive4.10 %-14.2%View thesis MKCMcCormick & Company, IncorporatConsumer Defensive3.90 %+3.9%—
CSGPCoStar Group, Inc.Real Estate3.90 %-12.7%View thesis HSYThe Hershey CompanyOther3.80 %-7.6%—
NKENike, Inc.Consumer Cyclical3.50 %-20.8%—
OTISOtis Worldwide CorporationIndustrials3.40 %-5.6%View thesis RBGLYReckitt Benckiser Group Plc.Consumer Defensive3.30 %+4.8%—
TMUST-Mobile US, Inc.Comm. Services3.20 %-14.7%View thesis RELXRELX PLC PLCIndustrials3.00 %+1.1%—
BSXBoston Scientific CorporationHealthcare2.50 %-25.6%View thesis 