The Fidelity Large Cap Stock Fund reported a return of -1.90% for the first quarter of 2026, significantly outperforming the benchmark S&P 500® index, which returned -4.33%. Notable contributors to the fund's performance included an overweight position in Exxon Mobil, which surged by 42%, and strong performances from Imperial Oil (+52%) and Shell (+28%). GE Vernova also had a solid quarter, reporting a 33% increase alongside higher revenue guidance for 2026 and 2028. However, the fund faced challenges in the financial sector, particularly due to an overweight in Wells Fargo, which declined by 14% amid concerns about the exposure of major banks to private funds. The fund's investment strategy, characterized by a focus on valuation discipline, led to frequent trimming of holdings nearing their price targets and resulted in a slightly elevated cash position. Overall, the fund's longer-term performance remains favorable compared to both the benchmark and the Morningstar peer group average.