Fingerprint (FP) representations of chemical structure continue to be one of the most widely used types of molecular descriptors in chemoinformatics and computational medicinal chemistry. One often distinguishes between two- and three-dimensional (2D and 3D) FPs depending on whether they are derived from molecular graphs or conformations, respectively. Primary application areas for FPs include similarity searching and compound classification via machine learning, especially for hit identification. For these applications, 2D FPs are particularly popular, given their robustness and for the most part comparable (or better) performance to 3D FPs. While a variety of FP prototypes has been designed and evaluated during earlier times of chemoinformatics research, new developments have been rare over the past decade. At least in part, this has been due to the situation that topological (atom environment) FPs derived from molecular graphs have evolved as a gold standard in the field. We were interested in exploring the question of whether the amount of structural information captured by state-of-the-art 2D FPs is indeed required for effective similarity searching and compound classification or whether accounting for fewer structural features might be sufficient. Therefore, pursuing a “structural minimalist” approach, we designed and implemented a new 2D FP based upon ring and substituent fragments obtained by systematically decomposing large numbers of compounds from medicinal chemistry. The resulting FP termed core-substituent FP (CSFP) captures much smaller numbers of structural features than state-of-the-art 2D FPs. However, CSFP achieves high performance in similarity searching and machine learning, demonstrating that less structural information is required for establishing molecular similarity relationships than is often believed. Given its high performance and chemical tangibility, CSFP is also relevant for practical applications in medicinal chemistry.