Fidelity Consumer Staples Fund outperforms sector benchmark.

Fidelity Consumer Staples Fund outperforms sector benchmark. The Fidelity Select Consumer Staples Portfolio's Retail Class shares gained 1.96% in Q4 2025, outpacing the MSCI U.S. IMI Consumer Staples 25/50 Index decline of 0.66%. A significant position in Keurig Dr Pepper drove performance after the company announced plans to acquire JDE Peet's. While the broader consumer staples sector underperformed the S&P 500's 2.66% quarterly gain, fund managers remain optimistic about sector prospects. They anticipate improved conditions from lower interest rates and moderating inflation could benefit consumer staples companies. The fund's strategy emphasizes active management focused on core fundamentals and companies operating within favorable market structures, positioning it to capitalize on improved investment conditions ahead.