The Fidelity Small Cap Growth Fund (FCPGX) gained 3.16% in the fourth quarter of 2025, surpassing the Russell 2000 Growth Index's 1.22% advance. This performance was driven by key holdings like Cogent Biosciences.
The Fidelity Small Cap Growth Fund's Retail Class shares rose 3.16% during the three months ended December 2025, outpacing the Russell 2000® Growth Index, which advanced 1.22%. The fund has shown stronger results in longer-term comparisons as well, according to the Q4 commentary published on March 19, 2026. A major factor in the relative outperformance was an overweight position in Cogent Biosciences, which surged 147% over the quarter. Looking ahead into 2026, the commentary notes constructive global and U.S. business cycles, with expectations of continued monetary and fiscal easing in the U.S. Portfolio managers emphasize a bottom-up approach, constructing the portfolio company by company while remaining aware of macroeconomic and geopolitical conditions.