Evidence and analysis
- Share-class currency
- USD
- ISIN
- LU3046617554
- Hedging status
- Not inferred from currency; consult the exact share-class factsheet.
The fund's base currency, shown in the prospectus description below, can differ from this share class's dealing currency. All benchmark comparisons above use the stated share-class currency.
Benchmark: S&P 500 Index (Net)
| Period | Fund | Index | Gap (pp) |
|---|---|---|---|
| 1 year | 23.29% | 15.34% | +7.95 |
| 1-year: Outperforming | |||
| 3 years | Not reported | 83.41% | — |
| 3-year: Unavailable | |||
Gap = fund minus index in percentage points. Returns are cumulative, with dividends reinvested, in the share class currency. Includes ongoing charges; excludes entry/exit fees. Based on Fidelity's rounded comparison table. A negative gap indicates underperformance for that period.
Fidelity Funds 2 - Focused Stock Fund A-ACC-USD
The Fidelity Funds 2 - Focused Stock Fund A-ACC-USD is a concentrated US large-cap growth equity fund that invests in a limited number of high-conviction stocks selected by Fidelity’s research analysts.
Investment Objective
The fund aims to achieve long-term capital growth by investing primarily in equities of companies from anywhere in the world, with a focus on high-conviction stock recommendations identified by Fidelity’s research team.
Key Features
- Launch Date: 06 May 2025
- Asset Class: US Large-Cap Growth Equity
- Category: US Large-Cap Growth (Morningstar)
- Domicile: Luxembourg
- Base Currency: USD
- Share Class: A-ACC-USD
- ISIN: LU3046617554
- Fund Size: ~$6.5m (as of 31 May 2026)
- Max Annual Charge: 1.50%
- Initial Charge: 5.25%
Portfolio Construction
The fund invests in a limited number of securities, resulting in portfolio concentration. The Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors.
Top Holdings
| Rank | Holding | Ticker | Weight (%) |
|---|---|---|---|
| 1 | Alphabet Inc. | GOOGL | 8.79% |
| 2 | Western Digital Corp. | WDC | 8.40% |
| 3 | NVIDIA Corp. | NVDA | 7.78% |
| 4 | Amazon.com Inc. | AMZN | 6.01% |
| 5 | Taiwan Semiconductor | TSM | 5.24% |
Source: Financial Times / Morningstar, as of May 2026.
Sector Allocation
| Sector | Weight |
|---|---|
| Technology | 40.7% |
| Industrials | 13.0% |
| Health Care | 11.4% |
| Communication Services | 11.0% |
| Consumer Cyclical | 10.9% |
| Financial Services | 10.4% |
| Basic Materials | 2.5% |
| Energy | 0.1% |
Regional Allocation
| Region | Weight (%) |
|---|---|
| United States | 83.86% |
| Developed Asia | 5.24% |
| Emerging Market | 5.07% |
| Latin America | 5.07% |
| Eurozone | 2.89% |
| Other | 2.10% |
Latest Official Fund Data
| Metric | Current official value |
|---|---|
| NAV (USD) | 15.0200 |
| NAV date | 2026-10-23 |
| Daily NAV change | -0.1000 (-0.6614%) |
| 1-year performance | 23.2919% |
| 3-year performance | Not reported |
| Performance date | 2026-09-30 |
| Fund type | Equity Fund |
| ISIN | LU3046617554 |
Source: Fidelity Hong Kong mutual-fund directory, retrieved 2026-10-26. Observation dates are shown separately; performance figures are reproduced from the official directory in the share class currency. Historical risk and return analysis below has not been recalculated by this directory refresh.
Risk & Return Metrics
| Metric | Daily | Annualised |
|---|---|---|
| Expected Return | 0.1974% | 63.76% |
| Risk (Std Dev) | 1.2707% | 20.17% |
| Metric | Value |
|---|---|
| First NAV | 10.0000 |
| Last NAV | 17.1400 |
| Total Return (period) | 71.40% |
| Data Points | 287 trading days |
| Period | 2025-05-06 to 2026-06-30 |
| Sharpe Ratio (rf=4.5%) | 2.94 |
Note: The fund launched on 6 May 2025, so the historical track record is limited to approximately 14 months. The high expected return reflects strong performance during the initial period and should not be extrapolated as a long-term return expectation.
Performance
Since its launch on 6 May 2025, the fund has generated a total return of +71.40%, driven by strong performance in technology holdings, particularly NVIDIA, Alphabet, and Western Digital. The fund’s concentrated portfolio and growth bias have benefited from the AI-driven market rally.
1-Year Change (Financial Times): +42.86% (as of Jul 01 2026)
Key Risks
- Concentration Risk: The fund invests in a limited number of securities, amplifying the impact of any single holding.
- Equity Market Risk: Fully exposed to US equity market fluctuations.
- Sector Concentration: Technology sector exceeds 47% of the portfolio.
- Limited Track Record: Launched in May 2025, less than 14 months of history.
- Growth Style Risk: Growth stocks are sensitive to interest rate changes and valuation compression.
Investment Suitability
| Investor Profile | Recommendation |
|---|---|
| Long-term growth (10+ year) | Buy — high conviction core holding |
| Diversified portfolio | Tactical allocation — limit to 5-10% of equity portfolio |
| Conservative investors | Avoid — high volatility and concentration |
| Income-focused | Avoid — accumulation share class |
Source
- Fidelity International factsheet (31 March 2026)
- Financial Times / Morningstar data
- Yahoo Finance (ISIN: LU3046617554)
Share class: A-ACC-USD | ISIN: LU3046617554 | Data: yfinance (287 trading days, annualised at 252 days/year)