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FIL Responsible Entity (Australia) Limited has published the monthly holdings report for the Fidelity Global Future Leaders Active ETF (ASX:FCAP) as of 31 May 2026, offering investors an in-depth view of the fund’s global equity allocations. The portfolio comprises over 60 securities across sectors including industrials, technology, financials, consumer, energy, and healthcare, with no individual holding surpassing 5% of the total assets. Comfort Systems USA leads the portfolio with a 4.8% allocation, followed by STMicroelectronics at 4.1% and BE Semiconductor Industries at 3.4%, highlighting a significant focus on industrial and semiconductor companies. This disclosure is part of FCAP’s routine monthly reporting, providing transparency on the actively managed ETF’s positioning as it moves into mid-2026.<\/p> <\/div>
Key Points<\/h3>
- Fund: Fidelity Global Future Leaders Active ETF (ASX:FCAP), managed by FIL Responsible Entity (Australia) Limited<\/li>
- Portfolio holdings reported for the month ending 31 May 2026<\/li>
- Largest holding: Comfort Systems USA at 4.8%; top three holdings total approximately 12.3% of the portfolio<\/li>
- Portfolio includes more than 60 positions spanning industrials, semiconductors, financials, consumer, energy, healthcare, and technology sectors<\/li>
- Uninvested cash accounted for 1.1% of the portfolio as of 31 May 2026<\/li>
- Investors should monitor future monthly disclosures for potential shifts in sector or stock allocations<\/li>
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Comfort Systems USA Holds Largest Position in FCAP’s May 2026 Portfolio at 4.8%<\/h2>
As of 31 May 2026, Comfort Systems USA, a US-based provider of mechanical, electrical, and plumbing services for buildings, represents the largest individual holding in the Fidelity Global Future Leaders Active ETF at 4.8%. This relatively concentrated position within a broadly diversified portfolio indicates strong conviction by the fund managers regarding the company’s growth prospects amid ongoing infrastructure development, data centre expansion, and commercial construction activities in the US.<\/p>
Following Comfort Systems USA, STMicroelectronics NV, a European semiconductor manufacturer with exposure across automotive, industrial, and consumer electronics markets, holds 4.1%. BE Semiconductor Industries (BESI), a Dutch semiconductor equipment manufacturer, comprises 3.4% of the portfolio. The prominence of these two semiconductor companies among the top three holdings highlights a key thematic focus within the fund’s active management strategy, despite no specific commentary or forward guidance being provided in the update.<\/p>
Top Ten Holdings Driven by Semiconductor and Industrial Companies<\/h2>
Beyond the top three, FCAP’s top ten holdings as of 31 May 2026 include Canadian fashion retailer Aritzia (2.8%), US electronic brokerage Interactive Brokers Group (2.7%), UK-listed safety technology conglomerate Halma (2.7%), US diversified industrial manufacturer ITT Inc (2.6%), electrical enclosures and thermal management specialist nVent Electric (2.3%), subsea and surface technologies provider TechnipFMC (2.2%), and UK tabletop games company Games Workshop Group (2.2%). Together, these top ten holdings make up about 30% of the total portfolio, with the remainder spread among over 50 other positions.<\/p>
The top ten reflects a mix of industrial, technology infrastructure, financial, and consumer discretionary sectors. The inclusion of Games Workshop — a UK niche consumer brand with a global gaming community — alongside industrial and semiconductor companies aligns with the fund’s "future leaders" mandate, which targets companies with sustainable competitive advantages across diverse global sectors rather than focusing solely on technology or growth stocks.<\/p>
Technology and Fintech Exposure Includes Interactive Brokers, FICO, Credo Technology, and Affirm<\/h2>
The portfolio features significant technology and financial technology exposure through several holdings. Fair Isaac Corporation (FICO), known for credit scoring software, holds a 2.1% weighting, while semiconductor connectivity provider Credo Technology Group also accounts for 2.1%. Interactive Brokers Group, at 2.7%, is the fund’s largest fintech position. Additional fintech-related holdings include Affirm Holdings (1.2%), CBOE Global Markets (1.3%), Nasdaq Inc (1.4%), and Ares Management (1.3%), collectively contributing to the financial sector allocation.<\/p>
Newer public companies such as marketing automation platform Klaviyo (0.5%) and social media platform Reddit (1.2%), which IPO’d in 2024, indicate the managers’ willingness to invest in recent market entrants aligned with the "future leaders" investment theme. Veeva Systems (1.0%) adds vertical software exposure focused on life sciences. The company did not disclose specific investment rationales for these positions.<\/p>
Energy Sector Positions Include Diamondback Energy, NRG Energy, Cheniere, and GazTransport<\/h2>
Energy sector exposure is diversified across several holdings. Diamondback Energy, a US Permian Basin oil and gas producer, represents 1.8%, while US power generation and retail energy company NRG Energy holds 1.3%. Cheniere Energy, the largest US liquefied natural gas exporter, is included at 0.8%. France-based GazTransport et Technigaz (GTT), which designs LNG carrier containment systems, appears at 1.6%, providing indirect LNG infrastructure exposure.<\/p>
This energy allocation spans upstream oil and gas production, power generation, and LNG infrastructure, reflecting a diversified sector approach rather than a single commodity price bet. Precious metals exposure is provided by Kinross Gold at 2.0%, adding mining sector diversification. No specific investment theses or target prices were disclosed.<\/p>
Healthcare and Life Sciences Holdings Include ResMed, DexCom, Medpace, and Galderma<\/h2>
Healthcare exposure within FCAP’s portfolio covers multiple sub-sectors. ResMed, an Australian-founded US-listed sleep apnea device maker, holds 1.1%, while DexCom, a leader in continuous glucose monitoring, accounts for 1.0%. Clinical research organisation Medpace Holdings is included at 1.8%, and Swiss dermatology company Galderma Group, listed in 2024, holds 1.0%. Shenzhen Mindray Bio-Medical Electronics, a Chinese medical device manufacturer, rounds out healthcare exposure at 0.8%. Lumentum Holdings (1.3%), primarily a photonics company, also serves healthcare laser and medical imaging markets.<\/p>
Significant Geographic Diversification Across European and International Equities<\/h2>
While many top positions are US-listed, the portfolio shows notable international diversification. European holdings include STMicroelectronics (Netherlands/Switzerland, 4.1%), BE Semiconductor Industries (Netherlands, 3.4%), Halma (UK, 2.7%), TechnipFMC (UK/US, 2.2%), Games Workshop (UK, 2.2%), Willis Towers Watson (Ireland/UK, 2.0%), AIB Group (Ireland, 1.8%), SCOR SE (France, 1.6%), ASM International (Netherlands, 1.6%), Gaztransport et Technigaz (France, 1.6%), Exosens SAS (France, 1.4%), Interpump Group (Italy, 1.4%), ASSA ABLOY (Sweden, 1.0%), Epiroc (Sweden, 1.0%), Scout24 (Germany, 0.8%), and LISI (France, 1.0%).<\/p>
Asian exposure includes FPT Corporation (Vietnam, 1.3%) and Shenzhen Mindray (China, 0.8%). Canadian holdings comprise Aritzia (2.8%), Celestica (1.7%), RB Global (1.0%), and Kinross Gold (2.0%). Aritzia’s 2.8% weighting, the fourth-largest position, reflects a strong conviction in its expanding US market presence. This geographic breadth aligns with the fund’s global investment mandate.<\/p>
Industrials Allocation Features Westinghouse Air Brake, Rockwell Automation, AMETEK, API Group, and Epiroc<\/h2>
Industrials form a major thematic allocation within FCAP. Alongside Comfort Systems USA (4.8%) and ITT Inc (2.6%), the fund holds nVent Electric (2.3%), AMETEK (2.0%), API Group (1.8%), Westinghouse Air Brake Technology (1.5%), Rockwell Automation (1.5%), Epiroc (1.0%), and Axon Enterprise (1.4%). These positions suggest confidence in industrial automation, electrification, and infrastructure services as long-term growth drivers.<\/p>
Axon Enterprise, known for law enforcement technology including Tasers and body cameras, adds a government-facing tech component. AMETEK provides precision electronic instruments, while Westinghouse Air Brake (Wabtec) offers rail and freight locomotive technology exposure. No commentary on sector targets or benchmarks was provided.<\/p>
Consumer Discretionary Holdings Reflect Diverse Global Brand and Retail Themes<\/h2>
Consumer discretionary exposure includes Expedia (2.1%) for online travel, Burlington Stores (1.8%) in off-price US retail, and Aritzia (2.8%) as a Canadian fashion retailer with growing US presence. Take-Two Interactive Software (1.2%) adds video game publishing, complementing Games Workshop (2.2%) in gaming and entertainment. Amer Sports (1.2%), owner of brands like Salomon and Arc'teryx, adds global sports lifestyle exposure.<\/p>
Masco Corporation (1.2%), a home improvement product manufacturer, and CBRE Group (1.2%), a commercial real estate services firm, complete the consumer and property-related holdings. This broad consumer exposure across travel, fashion, home improvement, gaming, and real estate services reflects the fund’s aim to identify future leaders across varied consumption trends rather than focusing narrowly on one sector. No performance or returns data for the period ending 31 May 2026 was disclosed.<\/p>
Modest 1.1% Cash Holding Indicates Slight Liquidity Buffer in Active ETF<\/h2>
The portfolio report shows uninvested cash at 1.1% as of 31 May 2026. This modest cash level is typical for an actively managed ETF and may result from timing differences in rebalancing, dividend receipts pending reinvestment, or a deliberate small buffer maintained by the managers. It does not necessarily indicate a defensive stance, though investors should observe future disclosures for any emerging trends.<\/p>
With over 60 holdings, a largest position of 4.8%, and a 1.1% cash allocation, the fund appears broadly fully invested. Monthly holdings disclosure is a regulatory requirement for active ETFs on the ASX, and this release satisfies that for May 2026. Investors interested in changes to positioning will need to compare this report with prior monthly disclosures. The immediate market impact of the disclosure was not evident from public sources.<\/p>
Comfort Systems USA Holds Largest Position in FCAP’s May 2026 Portfolio at 4.8%<\/h2>
As of 31 May 2026, Comfort Systems USA, a US-based provider of mechanical, electrical, and plumbing services for buildings, represents the largest individual holding in the Fidelity Global Future Leaders Active ETF at 4.8%. This relatively concentrated position within a broadly diversified portfolio indicates strong conviction by the fund managers regarding the company’s growth prospects amid ongoing infrastructure development, data centre expansion, and commercial construction activities in the US.<\/p>
Following Comfort Systems USA, STMicroelectronics NV, a European semiconductor manufacturer with exposure across automotive, industrial, and consumer electronics markets, holds 4.1%. BE Semiconductor Industries (BESI), a Dutch semiconductor equipment manufacturer, comprises 3.4% of the portfolio. The prominence of these two semiconductor companies among the top three holdings highlights a key thematic focus within the fund’s active management strategy, despite no specific commentary or forward guidance being provided in the update.<\/p>
Top Ten Holdings Driven by Semiconductor and Industrial Companies<\/h2>
Beyond the top three, FCAP’s top ten holdings as of 31 May 2026 include Canadian fashion retailer Aritzia (2.8%), US electronic brokerage Interactive Brokers Group (2.7%), UK-listed safety technology conglomerate Halma (2.7%), US diversified industrial manufacturer ITT Inc (2.6%), electrical enclosures and thermal management specialist nVent Electric (2.3%), subsea and surface technologies provider TechnipFMC (2.2%), and UK tabletop games company Games Workshop Group (2.2%). Together, these top ten holdings make up about 30% of the total portfolio, with the remainder spread among over 50 other positions.<\/p>
The top ten reflects a mix of industrial, technology infrastructure, financial, and consumer discretionary sectors. The inclusion of Games Workshop — a UK niche consumer brand with a global gaming community — alongside industrial and semiconductor companies aligns with the fund’s "future leaders" mandate, which targets companies with sustainable competitive advantages across diverse global sectors rather than focusing solely on technology or growth stocks.<\/p>
Technology and Fintech Exposure Includes Interactive Brokers, FICO, Credo Technology, and Affirm<\/h2>
The portfolio features significant technology and financial technology exposure through several holdings. Fair Isaac Corporation (FICO), known for credit scoring software, holds a 2.1% weighting, while semiconductor connectivity provider Credo Technology Group also accounts for 2.1%. Interactive Brokers Group, at 2.7%, is the fund’s largest fintech position. Additional fintech-related holdings include Affirm Holdings (1.2%), CBOE Global Markets (1.3%), Nasdaq Inc (1.4%), and Ares Management (1.3%), collectively contributing to the financial sector allocation.<\/p>
Newer public companies such as marketing automation platform Klaviyo (0.5%) and social media platform Reddit (1.2%), which IPO’d in 2024, indicate the managers’ willingness to invest in recent market entrants aligned with the "future leaders" investment theme. Veeva Systems (1.0%) adds vertical software exposure focused on life sciences. The company did not disclose specific investment rationales for these positions.<\/p>
Energy Sector Positions Include Diamondback Energy, NRG Energy, Cheniere, and GazTransport<\/h2>
Energy sector exposure is diversified across several holdings. Diamondback Energy, a US Permian Basin oil and gas producer, represents 1.8%, while US power generation and retail energy company NRG Energy holds 1.3%. Cheniere Energy, the largest US liquefied natural gas exporter, is included at 0.8%. France-based GazTransport et Technigaz (GTT), which designs LNG carrier containment systems, appears at 1.6%, providing indirect LNG infrastructure exposure.<\/p>
This energy allocation spans upstream oil and gas production, power generation, and LNG infrastructure, reflecting a diversified sector approach rather than a single commodity price bet. Precious metals exposure is provided by Kinross Gold at 2.0%, adding mining sector diversification. No specific investment theses or target prices were disclosed.<\/p>
Healthcare and Life Sciences Holdings Include ResMed, DexCom, Medpace, and Galderma<\/h2>
Healthcare exposure within FCAP’s portfolio covers multiple sub-sectors. ResMed, an Australian-founded US-listed sleep apnea device maker, holds 1.1%, while DexCom, a leader in continuous glucose monitoring, accounts for 1.0%. Clinical research organisation Medpace Holdings is included at 1.8%, and Swiss dermatology company Galderma Group, listed in 2024, holds 1.0%. Shenzhen Mindray Bio-Medical Electronics, a Chinese medical device manufacturer, rounds out healthcare exposure at 0.8%. Lumentum Holdings (1.3%), primarily a photonics company, also serves healthcare laser and medical imaging markets.<\/p>
Significant Geographic Diversification Across European and International Equities<\/h2>
While many top positions are US-listed, the portfolio shows notable international diversification. European holdings include STMicroelectronics (Netherlands/Switzerland, 4.1%), BE Semiconductor Industries (Netherlands, 3.4%), Halma (UK, 2.7%), TechnipFMC (UK/US, 2.2%), Games Workshop (UK, 2.2%), Willis Towers Watson (Ireland/UK, 2.0%), AIB Group (Ireland, 1.8%), SCOR SE (France, 1.6%), ASM International (Netherlands, 1.6%), Gaztransport et Technigaz (France, 1.6%), Exosens SAS (France, 1.4%), Interpump Group (Italy, 1.4%), ASSA ABLOY (Sweden, 1.0%), Epiroc (Sweden, 1.0%), Scout24 (Germany, 0.8%), and LISI (France, 1.0%).<\/p>
Asian exposure includes FPT Corporation (Vietnam, 1.3%) and Shenzhen Mindray (China, 0.8%). Canadian holdings comprise Aritzia (2.8%), Celestica (1.7%), RB Global (1.0%), and Kinross Gold (2.0%). Aritzia’s 2.8% weighting, the fourth-largest position, reflects a strong conviction in its expanding US market presence. This geographic breadth aligns with the fund’s global investment mandate.<\/p>
Industrials Allocation Features Westinghouse Air Brake, Rockwell Automation, AMETEK, API Group, and Epiroc<\/h2>
Industrials form a major thematic allocation within FCAP. Alongside Comfort Systems USA (4.8%) and ITT Inc (2.6%), the fund holds nVent Electric (2.3%), AMETEK (2.0%), API Group (1.8%), Westinghouse Air Brake Technology (1.5%), Rockwell Automation (1.5%), Epiroc (1.0%), and Axon Enterprise (1.4%). These positions suggest confidence in industrial automation, electrification, and infrastructure services as long-term growth drivers.<\/p>
Axon Enterprise, known for law enforcement technology including Tasers and body cameras, adds a government-facing tech component. AMETEK provides precision electronic instruments, while Westinghouse Air Brake (Wabtec) offers rail and freight locomotive technology exposure. No commentary on sector targets or benchmarks was provided.<\/p>
Consumer Discretionary Holdings Reflect Diverse Global Brand and Retail Themes<\/h2>
Consumer discretionary exposure includes Expedia (2.1%) for online travel, Burlington Stores (1.8%) in off-price US retail, and Aritzia (2.8%) as a Canadian fashion retailer with growing US presence. Take-Two Interactive Software (1.2%) adds video game publishing, complementing Games Workshop (2.2%) in gaming and entertainment. Amer Sports (1.2%), owner of brands like Salomon and Arc'teryx, adds global sports lifestyle exposure.<\/p>
Masco Corporation (1.2%), a home improvement product manufacturer, and CBRE Group (1.2%), a commercial real estate services firm, complete the consumer and property-related holdings. This broad consumer exposure across travel, fashion, home improvement, gaming, and real estate services reflects the fund’s aim to identify future leaders across varied consumption trends rather than focusing narrowly on one sector. No performance or returns data for the period ending 31 May 2026 was disclosed.<\/p>
Modest 1.1% Cash Holding Indicates Slight Liquidity Buffer in Active ETF<\/h2>
The portfolio report shows uninvested cash at 1.1% as of 31 May 2026. This modest cash level is typical for an actively managed ETF and may result from timing differences in rebalancing, dividend receipts pending reinvestment, or a deliberate small buffer maintained by the managers. It does not necessarily indicate a defensive stance, though investors should observe future disclosures for any emerging trends.<\/p>
With over 60 holdings, a largest position of 4.8%, and a 1.1% cash allocation, the fund appears broadly fully invested. Monthly holdings disclosure is a regulatory requirement for active ETFs on the ASX, and this release satisfies that for May 2026. Investors interested in changes to positioning will need to compare this report with prior monthly disclosures. The immediate market impact of the disclosure was not evident from public sources.<\/p>
