Fixed Income Overview
Process

The Pyramis Equity group employs both fundamental and quantitative strategies, utilizing varying degrees of active management. All portfolios employ processes focused on research and risk management. This process is complemented by a team-based structure to ensure depth of management and continuity in all of our portfolios.

People

In addition to collaborating with the broader Fidelity global research platform, our institutionally-focused Pyramis team employs:

people

Integrated Management Risk Framework

Managing risk is a critical component of our process. Our strategies span a full range of risk utilization and active management:

Many are diversified with more than 100 holdings, although specific strategies may utilize less

Are largely managed sector, currency and region neutral to their benchmarks

Seek to build minimum levels of cash

Leverage our proprietary quantitative risk modeling

Generate returns through bottom up stock-selection

Innovation

We invest significant resources to seek to ensure that the fundamental and quantitative research our team uses to build and manage client portfolios is second to none. Whether it involves the development of proprietary tools or the hiring of personnel, we are continuously looking for opportunities to improve our portfolio management efficiency, effectiveness and performance.

Spotlight

Focus on International / Global Small Cap

Institutions are increasingly focused on the potential return and diversification benefits of global small-cap equity investing. Pyramis global small cap research and investment capabilities are featured in new additions to the Pyramis Leadership Series and our Investment Platform Overview library.

The Opportunity Emerges for Global Investors whitepaper makes a compelling argument for investing in emerging small-cap stocks, highlighting strong historical returns, the inefficiencies of the asset class and potential alpha opportunity.

The International/Global Small-Cap Equity Overview outlines our investment capabilities and highlights our ability to offer a broad range of global, international and regional small-cap strategies that can be constructed to meet the unique needs of each client. This includes geographical flexibility as well as the ability to select among different benchmark providers within the chosen investment strategy.

These new materials correspond well with the previous whitepaper, International Total Market Investing, which illustrates the diversification benefits of international small-cap equities for U.S. Investors.

Core

130/30 Large Cap Core

The Large Cap Core 130/30 seeks to provide long-term total return in excess of the S&P 500 Index by investing in a diversified portfolio of US equities. View Investment Process

Large Cap Core

The Large Cap Core portfolio seeks to provide 3.0% annualized excess return relative to the S&P500 Index over a full market cycle by investing in a diversified portfolio of US equities. The portfolio is constructed to ensure that active return is generated through stock selection. View Investment Process

Quantitative Large Cap Core

The objective is to seek to outperform the S&P 500 Index while managing market, industry and style bets. View Investment Process

Diversified Large Cap Core

The objective is to seek to provide excess return over the S&P 500 Index while maintaining similar style characteristics and sector weights relative to the benchmark. View Investment Process

Small/Mid Cap Core

The Small/Mid Cap Core portfolio seeks to provide 3.0% annualized excess return relative to the Russell 2500™ Index over a full market cycle by investing in a diversified portfolio of US equities. The portfolio is constructed to ensure that active return is generated through stock selection. View Investment Process

Small Cap Core

The objective is to seek to provide excess return over the Russell 2000 Index while maintaining similar characteristics and sector weights relative to the benchmark. View Investment Process

Total Market

The objective is to seek to provide excess return over the Dow Jones Wilshire 5000 Index while maintaining similar style characteristics and sector weights relative to the benchmark. View Investment Process

Value

Large Cap Value

The Large Cap Value strategy seeks long-term outperformance over the Russell 1000® Value Index by focusing on stocks that are trading at a large discount to intrinsic value. View Investment Process

Diversified Large Cap Value

The objective is to seek to provide excess return over the Russell 1000® Value Index, while maintaining similar style characteristics and sector weights relative to the benchmark. View Investment Process

Mid Cap Value

The objective is to seek to provide excess return over the Russell Midcap® Value Index, by focusing on stocks that are trading at a large discount to intrinsic value and whose market capitalization at time of purchase is consistent with the capitalization range of the Russell Mid Cap Value Index. View Investment Process

Small/Mid Cap Value

The objective is to seek to provide excess return over the Russell 2500™ Value Index while maintaining similar characteristics and sector weights relative to the benchmark. View Investment Process

Growth

Focused Large Cap Growth

The objective is to seek to provide excess return over a market cycle relative to the Russell 1000 Growth Index through the management of equities of medium- to large-capitalization companies having strong long-term earnings growth prospects. The strategy is a fifty stock portfolio that represents Pyramis' portfolio management team's best investment ideas based on an intrinsic value approach to investing. By focusing on long-term business fundamentals, the team identifies compa­nies whose free cash flow growth is not fully reflected in the price of their stocks. The Pyramis team then constructs a portfolio that has similar characteristics to the benchmark in order to maintain style consistency and risk parameters. View Investment Process

Large Cap Growth

The objective is to seek to provide excess return over a market cycle relative to the Russell 1000® Growth Index or a suitable large-cap growth index, through the management of equities of medium- to large-capitalization companies having strong long-term earnings growth prospects. View Investment Process

Earnings Growth

The objective is to seek to provide excess return over a market cycle relative to the Russell 1000® Growth Index or a suitable large-cap growth index, through the management of stocks that reflect a balance among long-term projected earnings growth, superior near-term earnings growth prospects, and attractive valuation. View Investment Process

Diversified Large Cap Growth

The objective is to seek to provide excess return over a market cycle relative to the Russell 1000® Growth Index or a suitable large-cap growth index, through the management of equities of medium- to large-capitalization companies having strong long-term earnings growth prospects. View Investment Process

Mid Cap Growth

The objective is to seek to provide excess return over a market cycle relative to the Russell Midcap® Growth Index or a suitable mid-cap growth index, through the management of equities of medium capitalization companies having strong long-term earnings growth prospects. View Investment Process

Small/Mid Cap Growth

The objective is to seek to provide excess return over a market cycle relative to the Russell 2500™ Growth Index or a suitable small/mid-cap growth index, through the management of equities of small- to medium-capitalization companies having strong long-term earnings growth prospects. View Investment Process

For more information on these products, please contact Jim Dwinell at pyramisequity@pyramis.com

Core

Select International

The objective is to seek to provide excess returns relative to the MSCI EAFE® (Net) Index while maintaining similar fundamental characteristics. View Investment Process

Select International Plus

Adds an emerging market component to the Select International product and seeks to outperform the MSCI All Country World ex-US Index.

Select Global

The objective is to seek to provide excess returns relative to the MSCI World Index while maintaining similar fundamental characteristics. View Investment Process

Select Global Plus

Adds an emerging market component to the Select Global product and seeks to outperform the MSCI All Country World Index.

Select Europe

The objective is to seek to provide excess returns relative to the MSCI Europe Index while maintaining similar fundamental characteristics. View Investment Process

Select Japan

The objective is to seek to provide excess returns relative to the MSCI Japan Index while maintaining similar fundamental characteristics.

Select UK

The objective is to seek to provide excess returns relative to the MSCI UK Index while maintaining similar fundamental characteristics.

Select Pacific Basin

The objective is to seek to provide excess returns relative to the MSCI Pacific Basin Index while maintaining similar fundamental characteristics.

Small Cap

Select International Small Cap

The objective is to seek to provide excess returns relative to an international small-cap index through active stock selection, while matching geographic region weights of the index. View Investment Process

Concentrated International Small Cap

A more concentrated application of the Select International Small Cap approach with higher targeted excess return and higher allowances for risk. View Investment Process

Select Global Small Cap

Seeks to provide excess returns relative to a global index of small cap stocks through active stock selection while matching geographic region weights of the index. View Investment Process

Concentrated Global Small Cap

A more concentrated application of the Select Global Small Cap approach with higher targeted excess return and higher allowances for risk.

Emerging Markets

Select Emerging Markets Equity

An extension of the Select product platform which seeks to outperform the MSCI Emerging Markets Index via security selection based on Fidelity's emerging markets research. View Investment Process

Emerging Markets Equity

Seeks to outperform the MSCI Emerging Markets Index via security selection based on Fidelity's emerging markets research. Consideration is then given to the resulting country and sector allocations. View Investment Process

Value

International Value

Purchase stocks that are inexpensively priced in relation to their earnings power and cash generation capability. The strategy seeks to provide 3-4% excess return annually relative to the MSCI EAFE index over a 3 to 5 year period. View Investment Process

Growth

International Growth

Objective is to provide long-term capital growth via a diversified portfolio of large-, medium-, and small-cap companies in Europe, Japan, and the Pacific Basin. The International Growth strategy seeks to provide excess returns relative to the MSCI EAFE Index over a full market cycle View Investment Process

For more information on these products, please contact Jim Dwinell at pyramisequity@pyramis.com.

Defined Contribution Offerings

For more information on investment strategies for Defined Contribution plans, please click here.

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NAST Annual Conference

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TEXPERS Summer Educational Forum

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