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Outputs the fractional (or decimal) part of the input scalar value (or individual components of input vectors); which is greater than or equal to 0 and less than 1. Simply put it does something like: Input - Floor( Input ), which removes the integer part of the value leaving only the fractional one.
The Fraction node takes Vertex Position coordinate along the X axis in object's local space Scaled by 4 with the Multiply node and provides Albedo values for the Material changing the color from black (0,0,0) to white (1, 1, 1) across each 1/4 units of length along the X axis.