(PUB) Investing 2015

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Data through September 30, 2015 FINRA members: For internal or institutional use only.
Fidelity® Small Cap Discovery Ticker
FSCRX
Yield
0.4%
Total Assets
$5,360 mil
Mstar Category
Small Blend
Benchmark 1: Russell 2000 TR USD
Benchmark 2: S&P 500 TR USD
Morningstar Analyst Rating 09-23-15
Œ
Morningstar Pillars
Process ∞ Positive
Performance ∞ Positive
People ∞ Positive
Parent ∞ Positive
Price ∞ Positive
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which its
analysts believe lead to funds that are more likely to outperform over the
long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ ‰ Á
Pillar Spectrum
∞ Positive § Negative ¶ Neutral
10.0
15.0
20.0
25.0
30.0
Historical Profile
Return
Risk
Rating
High
Average
QQQQQ
Highest
3 6 6 3 6 6 3 3 Investment Style
Equity
Growth of $10,000
Investment Values of
Fund
Investment Values of
Benchmark 1
& ) ( & & & & & * & * Performance Quartile
(within Category)
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 09-15 History
16.34 16.03 14.42 10.35 15.54 20.47 20.03 24.07 31.26 30.09 27.04 NAV
9.17 9.45 -2.65 -27.57 50.69 32.38 0.36 24.03 38.22 7.00 -5.85 Total Return %
4.62 -8.92 -1.09 6.21 23.52 5.53 4.53 7.68 -0.60 2.11 1.88 +/- Bmark 1
4.26 -6.35 -8.15 9.42 24.22 17.32 -1.75 8.02 5.83 -6.69 -0.57 +/- Bmark 2
0.25 0.00 0.44 0.59 0.48 0.26 0.00 1.14 0.14 0.28 0.15 Income Return %
8.92 9.45 -3.09 -28.16 50.20 32.12 0.36 22.89 38.08 6.72 -6.00 Capital Return %
25 91 59 6 9 7 12 5 40 17 28 Total Rtn % Rank Cat
0.04 0.00 0.07 0.09 0.05 0.04 0.00 0.22 0.03 0.08 0.04 Income $
0.90 1.79 1.11 0.00 0.00 0.06 0.51 0.49 1.81 3.18 1.37 Capital Gains $
1.16 1.06 1.04 1.04 1.13 1.26 1.08 1.07 1.06 1.01 1.05 Expense Ratio %
0.29 -0.29 -0.12 0.25 0.91 0.10 -0.01 -0.12 1.02 0.15 0.36 Income Ratio %
94 191 106 140 114 37 11 20 26 17 13 Turnover Rate %
206 245 201 128 295 1,168 2,036 3,880 6,985 6,119 5,360 Net Assets $mil
Performance 09-30-15
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total
2011 8.30 -0.84 -21.61 19.21 0.36
2012 13.13 -4.12 6.24 7.62 24.03
2013 15.79 0.77 9.33 8.35 38.22
2014 0.54 3.48 -7.04 10.63 7.00
2015 1.93 0.70 -8.28 — —
Trailing Total
Return%
+/- Bmark
1
+/- Bmark
2
%Rank
Cat
Growth of
$10,000
3 Mo -8.28 3.64 -1.84 11 9,172
6 Mo -7.63 3.92 -1.46 10 9,237
1 Yr 4.15 2.90 4.77 12 10,415
3 Yr Avg 14.43 3.41 2.03 7 14,985
5 Yr Avg 15.24 3.51 1.90 1 20,327
10 Yr Avg 10.27 3.72 3.48 1 26,591
15 Yr Avg 10.84 4.33 6.31 2 46,824
Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated) 12.40 11 1.78 59
5 Yr (estimated) 13.86 3 1.20 57
10 Yr (estimated) 9.13 1 1.04 42
Potential Capital Gain Exposure: 20% of assets
Rating and Risk
Time
Period
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
Morningstar
Risk-Adj Rating
1 Yr 4.15
3 Yr 14.43 High Avg QQQQQ
5 Yr 15.24 High Avg QQQQQ
10 Yr 10.27 High +Avg QQQQQ
Incept 10.94
Other Measures Standard Index Best Fit Index
Alpha 1.7 3.3
Beta 1.03 0.96
R-Squared 64 92
Standard Deviation 12.61
Mean 14.43
Sharpe Ratio 1.13
Portfolio Analysis 07-31-15
Total Stocks: 61
Share change since 04-30-15 Sector YTD Ret % % Assets
TIngram Micro Inc Class A Technology -1.09 3.22
j2 Global Inc Technology 15.73 3.09
TCF Financial Corp Finan Svcs -3.65 3.06
YAaron's Inc Industrl 18.35 3.00
YTech Data Corp Technology 8.33 3.00
Federated Investors, Inc. Finan Svcs -9.96 2.85
YEnerSys Technology -12.34 2.74
Brunswick Corp Cnsmr Cyc -5.84 2.69
YFTI Consulting Inc Industrl 7.46 2.69
TWaddell & Reed Financial, Finan Svcs -27.62 2.58
TWesco International Inc Industrl -39.02 2.57
CACI International Inc Cl Technology -14.17 2.56
YChemed Corp Hlth Care 26.95 2.51
Integra Lifesciences Hold Hlth Care 21.49 2.49
YAmsurg Corp Hlth Care 41.99 2.42
Post Holdings Inc Cnsmr Def 41.08 2.36
YSS&C Technologies Holding Technology 20.39 2.30
YUIL Holdings Corp Utilities 18.43 2.10
YVCA Inc Hlth Care 7.96 2.08
Rent-A-Center Inc Industrl -31.25 2.04
Current Investment Style
Large Mid Small
Value Blend Growth Market Cap %
Giant 0.0
Large 0.0
Mid 17.6
Small 73.7
Micro 8.8
Avg $mil:
2,387
Value Measures Rel Category
Price/Earnings 17.49 0.91
Price/Book 1.55 0.84
Price/Sales 0.55 0.53
Price/Cash Flow 11.48 1.38
Dividend Yield % 1.60 1.05
Growth Measures % Rel Category
Long-Term Erngs 10.83 0.90
Book Value 7.32 1.45
Sales 3.42 2.51
Cash Flow -30.71 -30.72
Historical Erngs -0.64 -0.13
Profitability %
Return on Equity 12.72
Return on Assets 4.24
Net Margin 7.47
Sector
Weightings
% of
Stocks
Rel
Bmark 1
h Cyclical 34.55 0.78
r BasicMat 0.00 0.00
t CnsmrCyc 11.05 0.79
y FinanSvcs 20.35 1.25
u Real Est 3.15 0.32
j Sensitive 44.82 1.35
i CommSrvs 0.95 0.72
o Energy 3.01 1.26
p Industrl 21.88 1.66
a Technlgy 18.98 1.16
k Defensive 20.62 0.91
s CnsmrDef 3.27 0.74
d Hlthcare 15.20 1.05
f Utilities 2.15 0.57
Composition - Net
Cash 1.4
Stocks 98.6
Bonds 0.0
Other 0.0
Foreign 1.5
(% of Stock)
Morningstar's Take by Katie Rushkewicz Reichart, CFA 09-23-15
Manager Chuck Myers' upcoming six-month leave of
absence doesn't alter Fidelity Small Cap Discovery's
Morningstar Analyst Rating of Gold. Myers will step away
in March 2016, coinciding with his 10-year anniversary at
thisclosed fund.Fidelitysaid the leave isnotdue tohealth
issues, but rather will allow him to spend time with his
family and pursue other interests.
Derek Janssen will oversee the fund in his absence
and is a capable backup. Janssen became comanager of
Myers' other charge, Fidelity Small Cap Value FCPVX, in
January2013andtookoveras leadmanager inearly2015
after Myers' asset load across both funds grew
significantly. As a result, Janssen is familiar with Myers'
process, and the two funds currently have about 50%
overlap in holdings. Myers' low-turnover approach
(turnover was recently 13%) makes stepping away
easier;whileJanssenwillhaveauthoritytomakeportfolio
moves at the 65-stock fund, large-scale changes are not
expected, though it's something Morningstar will
monitor. It also helps that the fund is closed to new
investors, making fund flows less of an issue. Plus,
Janssen will have several months to prepare for the
temporary assignment before Myers steps away.
While there is always the risk of a manager not
coming back after a short-term leave, it's anticipated
Myers will return as expected in September 2016. He's
leaving in good standing: the fund has one of the best
small-cap records around during Myers' tenure,
succeeding in various market environments and earning
solid risk-adjusted returns.
Stretched small-cap valuations have made for even
fewer portfolio moves than usual in 2015. Myers has
avoidedswappingoutholdings forotherstocks thataren't
much more compellingly valued, helping the fund avoid
rackingup transactioncosts.However,whenmarketsare
morevolatile,Myershasbeenquick toscoopupbargains:
During the 2008-09 market pullback, turnover exceeded
100% and resulted in impressive gains as the market
bounced back. The fund also has been a strong downside
performer, holding up better than peers during 2015's
market dips.
Address: Fidelity Commonwealth Trust Minimum Purchase: $2500 Add: — IRA: $2500
Boston, MA 02109 Min Auto Inv Plan: — Add: —
800-544-6666 Sales Fees: No-load, 1.50%R
Web Address: Management Fee: 0.45%
Inception: 09-26-00 Actual Fees: Mgt:0.86% Dist:—
Advisor: Fidelity Management & Research Company Expense Projections: 3Yr:$337 5Yr:$585 10Yr:$1294
Subadvisor: FMR Investment Management (U.K.) Limited Income Distribution: Semi-Annually
©2015Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past
performance is no guarantee of future results.Access updated reports at . To order reprints, call 312-696-6100. ß® Mutual Funds A