The Fidelity Select Consumer Discretionary Portfolio Retail Class shares reported a return of -8.17% for the first quarter of 2026, slightly outperforming the MSCI U.S. IMI Consumer Discretionary 25/50 Index, which returned -8.59%. The broader consumer discretionary sector lagged behind the S&P 500® index, which returned -4.33%, reflecting a challenging environment characterized by softening consumer sentiment and persistent inflation. Notably, automotive manufacturers, including Tesla, faced declines due to rising competition from lower-cost electric vehicle makers and doubts regarding Tesla's shift towards artificial intelligence and robotaxi initiatives. In contrast, Ross Stores capitalized on effective merchandising and an increase in demand for value, resulting in significant traffic growth and making it a key contributor to the portfolio's relative performance. Conversely, Somnigroup International detracted from returns after its Q4 2025 revenue fell short of analyst expectations, along with a disappointing fiscal 2026 adjusted EPS guidance. Fidelity made strategic moves by establishing a position in Bob's Discount Furniture and increasing investments in Carnival and Churchill Downs, while exiting positions in Flutter Entertainment and Ulta Beauty.