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Fidelity® International Enhanced Index Fund PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021 Fidelity® International Enhanced Index Fund Key Takeaways • For the semiannual reporting period ending February 28, 2021, the fund gained 15.72%, outperforming the 14.38% increase in the benchmark MSCI EAFE Index. • Compared with the benchmark the past six months, the fund benefited from favorable security selection across a diversified combination of factor exposures. • Versus the benchmark, security selection particularly added value in the materials, financials, communication services and consumer discretionary sectors. • In contrast, picks among health care and information technology detracted from the fund's relative performance. • In terms of sector positioning, the portfolio benefited most from an underweighting in the lagging consumer staples sector. • Senior Portfolio Manager Maximilian Kaufmann and his team employ an investment model intended to identify companies with fundamental characteristics shown to be correlated with long-term outperformance. • This period, Max and his team made no significant changes to the model and remained committed to their quantitative approach to investing. FISCAL PERFORMANCE SUMMARY: Cumulative Annualized Periods ending February 28, 2021 6 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Fidelity International Enhanced Index Fund 15.72% 1.95% 21.81% 3.45% 9.56% 5.48% Gross Expense Ratio: 0.59%2 MSCI EAFE Index (Net MA) 14.38% 1.16% 22.68% 4.81% 9.96% 5.22% Morningstar Fund Foreign Large Value 17.50% 3.24% 17.86% 1.48% 7.68% 3.36% % Rank in Morningstar Category (1% = Best) -- -- 32% 15% 14% 7% # of Funds in Morningstar Category -- -- 354 325 283 185 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/20/2007. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendar- quarter performance. For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A. Not FDIC Insured • May Lose Value • No Bank Guarantee PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021 Q&A An interview with Maximilian Kaufmann, Senior Portfolio Manager of the Geode Capital Management, LLC, Maximilian Kaufmann Portfolio Manager investment management team Fund Facts Q: Max, how did the fund perform for the six months ending February 28, 2021฀ Trading Symbol: FIENX The fund gained 15.72%, outperforming the 14.38% increase Start Date: December 20, 2007 in the benchmark MSCI EAFE Index. The fund, however, trailed the peer group average. Size (in millions): $1,384.99 Versus the benchmark, favorable security selection contributed to performance, due primarily to beneficial picks in the materials, financials, communication services and consumer discretionary sectors. Investment choices among Investment Approach health care and information technology stocks, meanwhile, detracted from the portfolio's relative result. In terms of • Fidelity® International Enhanced Index Fund is a sector positioning, which added value overall relative to the diversified international equity strategy with a large-cap core orientation. benchmark, an underweighting in the lagging consumer staples category helped most. A broadly weaker U.S. dollar • The fund seeks to outperform its benchmark through a also boosted the fund's return. quantitative investment process that balances both risk and return. (The fund may use fair-value pricing techniques to better reflect the value of foreign securities, whose prices may be • Our approach involves building multifactor statistical stale due to differences in market-closure times and dates models to help us select companies with desirable around the world. Fair-value pricing is an adjustment process fundamental characteristics. We generally favor that attempts to best represent the value of fund holdings as companies with improving fundamentals and that are of the close in trading in U.S. markets, accounting for any also trading at reasonable valuations. major changes occurring after the close of foreign markets. • Our systematic investment process accounts for both The MSCI EAFE Index does not engage in fair-value pricing; top-down market indicators and bottom-up fundamental differences between fund and index pricing methodologies insights, using a dynamic factor allocation that allows the may cause short-term discrepancies in performance, which fund to adapt to changing market conditions in a risk- tend to smooth out over time.) aware manner. Taking a slightly longer-term view, the fund gained 21.81% for the trailing 12 months, lagging the benchmark while outperforming the peer group average. Q: What market trends influenced the fund's result the past six months฀ During the period, investor sentiment experienced a pronounced shift, reflecting the development of safe, effective vaccines for COVID-19 and their potential to bring about economic normalization. This environment proved favorable for stocks displaying valuation-based characteristics, while growth factors were generally resilient. Conversely, stocks displaying momentum signals faced performance headwinds, a historically typical situation during 2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A. PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021 periods of shifting market leadership. Stocks displaying investment discipline. So, we add a carefully managed layer quality measures also struggled, as continued government of oversight to the process, by which we exclude stocks we support through fiscal stimulus and dovish monetary policies think are benefiting from one-time activities not connected likely made investors less risk averse. to the company's fundamentals – such as an acquisition offer or legal settlements. We think these types of events provide Against this backdrop, the fund's diversified set of factor us with no predictive information. exposures contributed to security selection and the fund's outperformance of the benchmark. Q: Versus the benchmark, which stocks As always, security selection within the fund is derived from influenced the fund's performance most฀ our quantitative approach to investing. This involves building models that can identify companies with a variety of The portfolio's relative return benefited from an overweight desirable fundamental characteristics that our research has position in Stellantis (+68%), a Netherlands-based auto shown to be correlated with long-term outperformance. manufacturer. Shares of the company began trading in the U.S. in mid-January as the firm came into existence with the Q: Why do you favor a quantitative investment merger of Fiat Chrysler and PSA Peugeot. Apparent approach฀ optimism about Stellantis' ability to benefit from synergies drove the company's shares higher the past six months. Our approach reflects the view that financial markets are less Another key contributor this period was a modestly larger- than 100% efficient, primarily due to investors' behavioral than-benchmark stake in Coca-Cola Amatil, which gained tendencies. So, to mitigate the impact of human emotion – 32% for the fund. This Australia-based bottler of Coca-Cola and potentially remove some common investing biases products agreed to be acquired for a premium by its along with it – we apply a systematic investment process European counterpart. Shortly after this announcement, we grounded in traditional fundamental analysis to make the sold the position from the fund at the recommendation of process more objective. Ultimately, we're seeking to identify our investment model. good businesses with durable competitive advantages, selling at prices we consider reasonable. To achieve this, we In contrast, the fund's biggest relative detractor this period use computer-aided analytical models to help us examine was untimely positioning in M3, a Japanese provider of and rank securities. We then seek to build a portfolio we online health services. We purchased this stock in January. In believe can outperform the benchmark over the long term. hindsight, this was subpar timing, as the firm's stock price These rankings generally are based on valuations, earnings returned roughly -20% during our holding period, compared growth and technical indicators, among other factors. to the approximately 37% gain within the benchmark for the full six-month time frame. Amid the pandemic, strong Q: How do you manage risk in the portfolio฀ demand for virtual health care services was a significant positive for M3 shares. Our aim is to keep the fund's risk characteristics similar to those of the benchmark. To achieve this goal, we keep sector Further pressuring the portfolio's relative return was our lack and industry weightings within 2 percentage points of of exposure to Banco Santander, a benchmark component benchmark, and we avoid disproportionately high exposure that gained about 65% for this period. This Spanish financial to any given stock. These are just a few of the many variables services company regained much of the value it had lost we consider in order to keep the portfolio's risk at a level earlier in 2020 during the early days of the pandemic.
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