Weaker-Than-Expected Margin Hurt Axon Enterprise (AXON) in Q4

Core Insights - Fidelity Growth Strategies Fund's fourth-quarter 2025 investor letter indicates a focus on midcap growth stocks, emphasizing quality companies with steady above-average growth potential [1] - The Fund's Retail Class shares returned -3.44% in Q4 2025, outperforming the benchmark Russell Midcap® Growth Index, which returned -3.70% [1] - The U.S. stock market experienced a rebound driven by strong corporate fundamentals and significant spending on artificial intelligence, although mid-cap growth stocks underperformed [1] Company-Specific Insights - Axon Enterprise, Inc. (NASDAQ:AXON) was highlighted as a leading relative detractor for the Fidelity Growth Strategies Fund, with a stock price of $430.65 as of February 4, 2026 [2] - Axon delivered a -29.74% return in the past month and a -36.43% return over the past twelve months, with a market capitalization of $3.101 billion [2] - The Fund's larger-than-benchmark position in Axon (-21%) was the biggest detractor from relative performance, attributed to disappointing quarterly results where revenue exceeded forecasts but earnings fell short due to weaker margins [3]