Fidelity Select Energy Portfolio Q4 2025 Commentary

Fidelity Investments932 FollowersFollow5ShareSavePlay(10min)CommentsSummaryFidelity® Select Energy Portfolio is a sector-based, equity-focused strategy that seeks to outperform its benchmark through active management.For the fourth quarter of 2025, the fund gained 1.33%, outpacing the MSCI U.S. IMI Energy 25/50 Index but trailing the S&P 500 index.Stock selection and an overweighting in the oil & gas equipment & services industry contributed to the fund's outperformance of the MSCI sector index in Q4.We expect oil prices to strengthen, given that there is relatively little spare capacity in the market outside the Middle East.The fund's most prominent industry overweight is among oil & gas equipment & services stocks because we believe the outlook for capital spending is poised to improve.

Aldi Irvan Darmansyah/iStock via Getty Images Market Review The energy sector advanced a modest 0.90% in the fourth quarter, as measured by the MSCI U.S. IMI Energy 25/50 Index. More broadly, stocks in the U.S. gained 2.66% the past three months, according to the S&P 500® index, extending aThis article was written byFidelity Investments932 FollowersFollowFidelity’s mission is to strengthen the financial well-being of our customers and deliver better outcomes for the clients and businesses it serves. With assets under administration of $12.6 trillion, including discretionary assets of $4.9 trillion as of December 31, 2023, Fidelity focuses on meeting the unique needs of a broad and growing customer base. Privately held for 77 years, Fidelity employs more than 74,000 associates with its headquarters in Boston and a global presence spanning nine countries across North America, Europe, Asia and Australia. Note: This account is not managed or monitored by Fidelity, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Fidelity's official channels.