Fidelity Small Cap Growth Fund outperforms in Q4 2025. The fund's Retail Class shares gained 3.16% for the quarter, significantly outpacing the Russell 2000 Growth Index's 1.22% advance. A major driver was an overweight position in Cogent Biosciences, which surged 147% during the period. Fund managers maintain a constructive outlook on global and U.S. business cycles heading into 2026, with expectations for continued monetary and fiscal easing. The portfolio construction remains focused on bottom-up, company-by-company analysis rather than broad macroeconomic timing. Longer-term performance comparisons continue to favor the fund relative to its benchmark, demonstrating sustained value delivery to investors seeking small-cap growth exposure.