Fidelity Total International Equity Fund
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PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021 Fidelity® Total International Equity Fund Key Takeaways MARKET RECAP • For the semiannual reporting ending April 30, 2021, the fund's Retail The MSCI ACWI (All Country World Class shares advanced 28.05%, topping the 27.51% increase in the Index) ex USA Index gained 27.51% for benchmark MSCI ACWI (All Country World Index) ex USA Index. the six months ending April 30, 2021, with international equities rising amid improved global economic growth, • Strong COVID-19 vaccine efficacy data provided investors with widespread COVID-19 vaccinations, fiscal renewed hope for a global economic recovery, ultimately catalyzing a stimulus in the U.S. and abroad, and rally in many cyclical segments of the market the past six months. fresh government spending programs. In addition, foreign securities were • At the sector level, the fund's positioning among information bolstered in part by general U.S.-dollar technology, consumer staples and materials stocks contributed most weakness. The period began with a shift to the fund's relative result. Geographically, security selection in China in momentum. In November, and the Netherlands provided the biggest lift. international stocks shrugged off a two- month retreat by gaining roughly 13%. • On a stock-specific basis, the leading relative contributor was South The momentum continued in December, Korean Samsung Electronics, followed by South Africa-based Impala as positive news on the effectiveness of Platinum Holdings, the Netherlands' ASML Holding and German auto vaccines provided a notable boost to maker Porsche Automobil Holding. international equities. In late December, as vaccines were approved by • Conversely, a lighter-than-benchmark weighting in energy stocks, government regulatory authorities, investors gained more confidence in the along with subpar stock picks in communication services and outlook for the global economy. As the financials, detracted the most from a sector perspective. Among new year began, many economists raised countries, investment choices in Canada hurt the past six months, as their expectations for a powerful did exposure to Australia. economic recovery in the U.S. and elsewhere, as opposed to the sluggish • China-based Baidu was the largest individual relative detractor, rebound they had been anticipating. By although Japanese firms Hoya, Misumi Group and Keyence also region, the U.K. (+37%) and Canada weighed on the fund's relative result. (+35%) led the way. Europe ex U.K. (+33%) and Asia Pacific ex Japan (+31%) • Although the global economy continues to face a very uncertain also outperformed. Conversely, Japan situation today, we are largely convinced that the world will get (+17%) and emerging markets (+23%) through this given the rapid development of COVID-19 responses – lagged. Looking at sectors, energy both scientific and government support-related – which have been (+45%) and financials (+40%) fared best, nothing short of remarkable. followed by information technology and materials (+39% each). In contrast, notable "laggards" included health care (+13%), consumer staples (+15%) and utilities (+17%). Not FDIC Insured • May Lose Value • No Bank Guarantee
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021 Q&A An interview with Co-Portfolio Managers Jed Weiss, Alex Zavratsky and Sam Polyak Jed Weiss Alex Zavratsky Sam Polyak Co-Manager Co-Manager Co-Manager Q: Jed, how did the fund perform for the semiannual period ending April 30, 2021 Fund Facts J.W. The fund's Retail Class shares advanced 28.05%, Trading Symbol: FTIEX topping the 27.51% increase in the benchmark MSCI ACWI (All Country World Index) ex USA Index. The fund outpaced Start Date: November 01, 2007 the peer group average by an even wider margin. Size (in millions): $109.93 Taking a bit of a longer term view, the fund rose 49.26% over the trailing 12 months, again outperforming both the benchmark and peer group average. Investment Approach Q: What was noteworthy about international equity markets the past six months • Fidelity® Total International Equity Fund is a team- managed, diversified international equity strategy that J.W. The reporting period commenced with strong COVID- leverages the style-specific expertise of three portfolio 19 vaccine efficacy data, providing investors with renewed managers to provide shareholders with "one-stop" hope for a global economic recovery, which, in turn, international exposure. ultimately catalyzed a rally in many cyclical segments within • The fund is structured into four subportfolios, with equity markets. This came none too soon for a number of dedicated exposure across a broad range of market highly debt-laden companies hit hard by the pandemic, that capitalizations, investment styles and geographies. were in very precarious situations but were now able to see a potential light at the end of the tunnel. • In general, we favor companies with high returns on invested capital, strong free cash flow, clean corporate Another key factor impacting the markets, and Chinese governance and attractive valuations. stocks specifically, was an antitrust regulation draft proposed by the country's government, aimed at cracking down on • We employ a disciplined investment process that platform business models (i.e., ecommerce, ride sharing, emphasizes active stock selection as the primary source of excess return. social media, food delivery, cloud, etc.). • Our investment team works together to identify S.P. In terms of emerging markets (EM) more broadly, China attractive opportunity sets, supported by in-depth was ahead of most other countries with respect to its fundamental and macroeconomic analysis that leverages recovery from the pandemic. Most EM nations continued to Fidelity's global research capabilities, with the goal of pursue stimulative policies, with varying results. In some capturing market upside while limiting downside countries, notably India and Brazil, COVID-19 infections participation. remained much higher than expected at this stage of the pandemic, despite vaccination programs. Q: Which factors had the biggest positive impact on relative performance this period A.Z. At the sector level, the fund's positioning among information technology, consumer staples and materials stocks contributed most the past six months. Geographically, security selection in China and the Netherlands provided the biggest lift in terms of the portfolio's relative result. 2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021 S.P. On a stock-specific basis, the fund's leading relative China-based internet search engine Baidu (-33%) made this contributor and largest overall position was Samsung stock the portfolio's biggest relative detractor. Beginning in Electronics (+50%). A notable overweighting in the shares of February, I initiated a moderately overweight position, as this South Korea-based electronics conglomerate was management had greatly improved execution. helpful, with most of the stock's gain coming in the final two Unfortunately, shortly thereafter, most internet stocks sold months of 2020. The company benefited from strong off globally, including Baidu, amid China's moves to regulate demand in its DRAM memory chip, OLED screen display and its internet companies more tightly. This situation was smartphone businesses. Then, in April, Samsung reported its exacerbated by Archegos Capital Management, a large highest first-quarter operating profit in three years, Baidu shareholder that got into financial difficulties and was commenting that it expected memory-chip earnings to a forced seller. At that point, I used the sell-off to increase improve "significantly" in the second quarter on the back of exposure in the stock. strong server demand. However, it also said profit and sales A.Z. Several of the fund's high-quality, more-defensive at its mobile business are likely to fall after a robust first investments unperformed in the decidedly pro-cyclical quarter, due to supply issues for some components and a backdrop the past six months. These types of stock fit my decline in sales for its flagship smartphones. "quality value" approach – meaning companies I consider to An outsized stake in Impala Platinum Holdings, which gained be long-term compounders with sustainable free-cash-flow about 120% in the fund, added meaningful value. Based in streams. The portfolio's overweighting in Hoya, a noteworthy South Africa, the firm produces platinum, palladium and detractor this period, fit this description. The firm is a other platinum-group metals, as well as nickel, copper and Japanese manufacturer of optical products in health care, as cobalt. Platinum and palladium play an important role in well as a provider of photomask technology for extreme automobile catalytic converters, and auto sales have ultraviolet lithography in tech markets. This higher-quality recovered markedly since the second quarter of 2020. On stock gained about 1% this period, notably underperforming the other hand, copper, nickel and cobalt are all used in the benchmark. electric vehicle batteries and also have many other uses in J.W. Lastly, some noteworthy larger-than-benchmark construction and industry. positions in Japanese exporters – Misumi Group (-4%) and J.W. On the whole, semiconductor capital equipment- Keyence (+7%) – hampered the fund's relative performance related stocks fared quite well the past six months, including this period given the high correlation between still weak overweighted exposure to Netherlands-based ASML Holding Japanese machine tool orders and factory automation (+80%). In addition to the firm's compelling and functional stocks. long-term thesis, these types of businesses generally tend to be oligopolistic players within their respective markets that Q: Any closing thoughts for shareholders as of gained meaningfully due to an acute global shortage in April 30 semiconductor supply this period. A.Z. We continue to face a very uncertain situation today. A.Z. The portfolio's overweighting in German luxury auto While I am convinced that the world will get through this maker Porsche Automobil Holding also helped. Given my pandemic and though the rapid development of COVID-19 favorable outlook for the economic and investment responses – both scientific and government support-related environment, I began favoring stocks with a deeper value – have been nothing short of remarkable, the current orientation in October 2020. Particularly, I favored market recovery could take many different paths from here. segments at the epicenter of the coronavirus crisis, including Additional risks to the market include a further escalation in auto-related stocks. The stock rallied this period on strong Sino-American disagreements and important elections demand from China and speculation that parent company coming up in Europe and U.S. ■ Volkswagen might spin off its Porsche subsidiary through an initial public offering (IPO), in order to fund VW's electric vehicle (EV) initiatives. While no IPO materialized this period, the fund benefited from the stock's roughly 97% advance. Q: What hurt the fund's relative result A.Z. A lighter-than-benchmark weighting in energy stocks, along with subpar stock picks in communication services and financials, detracted the most from a sector perspective. Among countries, investment choices in Canada hurt the past six months, as did exposure to Australia. S.P. Turning to individual holdings, untimely positioning in 3 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021 LARGEST CONTRIBUTORS VS. BENCHMARK Average Relative Jed Weiss on the improving Holding Market Segment Relative Contribution Weight (basis points)* environment for aerospace stocks: Samsung Electronics Information 1.46% 32 Co. Ltd. Technology "It doesn't come as a surprise to most that the Impala Platinum Materials 0.44% 31 COVID-19 pandemic hit the travel and supporting Holdings Ltd. aerospace industry particularly hard. Still, against ASML Holding NV Information 0.69% 30 this difficult backdrop, many businesses have done (Netherlands) Technology an admirable job of cutting costs, maintaining Porsche Automobil Consumer 0.51% 28 pricing and improving their competitive position so Holding SE (Germany) Discretionary that they are that much more poised to thrive when Information Lasertec Corp. 0.41% 27 the global economy returns to some semblance of Technology normality. * 1 basis point = 0.01%. "European commercial aircraft manufacturer Airbus is one example of a company that could potentially emerge from the coronavirus crisis in a stronger LARGEST DETRACTORS VS. BENCHMARK position. In fact, I believe the firm has the opportunity to make market-share inroads as the Average Relative Relative Contribution travel industry rebounds given Boeing's struggles Holding Market Segment Weight (basis points)* with its 737 Max aircraft and Airbus' relatively strong Baidu.com, Inc. Communication fleet of narrow-body options, including its highly sponsored ADR Services -0.08% -27 regarded A321 as well as its smaller A220 aircraft, Hoya Corp. Health Care 0.81% -24 acquired from Bombardier. With favorable long- JD.com, Inc. Consumer term growth drivers, most notably improving air sponsored ADR Discretionary 0.64% -23 traffic growth and high technological barriers to Franco-Nevada Corp. Materials 0.63% -20 entry, Airbus is a strong fit in terms my of investment Misumi Group, Inc. Industrials 0.53% -19 criteria. * 1 basis point = 0.01%. "Similarly, France-based aircraft engine and aerospace systems company Safran – as part of its joint venture with General Electric – enjoys a strong majority of narrow-body jet market share in terms of both original equipment manufacturer and aftermarket service. The firm did a good job of reducing costs yet maintaining pricing during the recent downturn and has the potential to emerge with improved returns once travel industry fundamentals normalize. "CAE is a Canadian supplier of training simulation products and training solutions for civil aviation, defense and health care markets. The company built on its competitive position during the pandemic, acquiring a pilot training equipment competitor and growing its training service capabilities even as others deemphasized or exited the business. "Airbus, Safran and CAE were all newly added positions this period that were held in the fund as of April 30." 4 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021 ASSET ALLOCATION Relative Change From Six Months Asset Class Portfolio Weight Index Weight Relative Weight Ago Developed Value & Growth 64.39% 68.30% -3.91% 2.25% Developed Small Cap 4.34% 0.94% 3.40% -0.30% Emerging Markets 29.33% 30.76% -1.43% -1.60% Cash & Net Other Assets 1.94% 0.00% 1.94% -0.35% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation. MARKET-SEGMENT DIVERSIFICATION Relative Change From Six Months Market Segment Portfolio Weight Index Weight Relative Weight Ago Financials 21.29% 18.86% 2.43% 1.00% Information Technology 17.08% 13.03% 4.05% -1.89% Industrials 16.21% 11.61% 4.60% 0.20% Consumer Discretionary 9.67% 13.54% -3.87% -0.07% Materials 9.65% 8.48% 1.17% -0.09% Health Care 7.38% 8.95% -1.57% -0.51% Consumer Staples 5.82% 8.39% -2.57% 0.98% Communication Services 5.62% 7.06% -1.44% 0.48% Energy 3.33% 4.36% -1.03% 0.26% Utilities 1.03% 3.12% -2.09% 0.07% Real Estate 1.00% 2.59% -1.59% -0.07% Other 0.00% 0.00% 0.00% 0.00% 5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021 COUNTRY DIVERSIFICATION Relative Change From Six Months Country Portfolio Weight Index Weight Relative Weight Ago Japan 13.36% 14.85% -1.49% 0.59% China 9.50% 11.55% -2.05% -2.75% France 7.19% 7.17% 0.02% 1.02% United Kingdom 7.17% 9.04% -1.87% 0.40% Canada 6.69% 6.83% -0.14% -0.16% United States 6.12% -- 6.12% -0.21% Germany 5.86% 5.93% -0.07% -0.40% Switzerland 4.98% 5.76% -0.78% -0.49% Taiwan 4.64% 4.48% 0.16% -0.81% Korea (South) 3.99% 4.12% -0.13% 0.17% Sweden 3.16% 2.26% 0.90% 0.16% India 3.04% 2.88% 0.16% 0.87% Brazil 2.75% 1.42% 1.33% 0.79% Netherlands 2.62% 2.69% -0.07% 0.75% Hong Kong 1.98% 2.09% -0.11% 0.17% Spain 1.59% 1.56% 0.03% 0.19% Mexico 1.51% 0.54% 0.97% -0.68% Italy 1.45% 1.53% -0.08% -0.07% Australia 1.32% 4.47% -3.15% -0.41% Russia 1.13% 0.93% 0.20% 0.20% Belgium 1.02% 0.60% 0.42% 0.42% Other Countries 7.28% N/A N/A N/A Cash & Net Other Assets 1.65% 0.00% 1.65% -0.68% 6 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021 10 LARGEST HOLDINGS Portfolio Weight Market Segment Portfolio Weight Holding Six Months Ago Samsung Electronics Co. Ltd. Information Technology 2.81% 2.38% Tencent Holdings Ltd. Communication Services 2.72% 3.42% Taiwan Semiconductor Manufacturing Co. Ltd. Information Technology 1.78% 1.72% ASML Holding NV (Netherlands) Information Technology 1.74% 1.26% Nestle SA (Reg. S) Consumer Staples 1.57% 1.89% Alibaba Group Holding Ltd. Consumer Discretionary 1.55% 2.70% AIA Group Ltd. Financials 1.24% 1.12% Roche Holding AG (participation certificate) Health Care 1.22% 1.59% BHP Group PLC Materials 1.20% 0.94% LVMH Moet Hennessy Louis Vuitton SE Consumer Discretionary 1.19% 0.71% 10 Largest Holdings as a % of Net Assets 17.03% 19.14% Total Number of Holdings 319 299 The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments. FISCAL PERFORMANCE SUMMARY: Cumulative Annualized Periods ending April 30, 2021 6 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Fidelity Total International Equity Fund 28.05% 6.74% 49.26% 11.05% 12.09% 6.58% Gross Expense Ratio: 1.34%2 MSCI All Country World ex US Index (Net MA) 27.51% 6.61% 43.17% 7.16% 10.01% 4.89% Morningstar Fund Foreign Large Growth 22.15% 4.37% 47.43% 12.52% 13.00% 7.48% % Rank in Morningstar Category (1% = Best) -- -- 38% 58% 58% 68% # of Funds in Morningstar Category -- -- 441 383 322 225 1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 11/01/2007. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendar- quarter performance. 7 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021 Definitions and Important Information mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses. Information provided in this document is for informational and educational purposes only. To the extent any investment information % Rank in Morningstar Category is the fund's total-return in this material is deemed to be a recommendation, it is not meant to percentile rank relative to all funds that have the same Morningstar be impartial investment advice or advice in a fiduciary capacity and is Category. The highest (or most favorable) percentile rank is 1 and not intended to be used as a primary basis for you or your client's the lowest (or least favorable) percentile rank is 100. The top- investment decisions. Fidelity, and its representatives may have a performing fund in a category will always receive a rank of 1%. % conflict of interest in the products or services mentioned in this Rank in Morningstar Category is based on total returns which material because they have a financial interest in, and receive include reinvested dividends and capital gains, if any, and exclude compensation, directly or indirectly, in connection with the sales charges. Multiple share classes of a fund have a common management, distribution and/or servicing of these products or portfolio but impose different expense structures. services including Fidelity funds, certain third-party funds and products, and certain investment services. RELATIVE WEIGHTS FUND RISKS Relative weights represents the % of fund assets in a particular Stock markets, especially foreign markets, are volatile and can market segment, asset class or credit quality relative to the decline significantly in response to adverse issuer, political, benchmark. A positive number represents an overweight, and a regulatory, market, or economic developments. Foreign securities negative number is an underweight. The fund's benchmark is listed are subject to interest rate, currency exchange rate, economic, and immediately under the fund name in the Performance Summary. political risks, all of which are magnified in emerging markets. Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time. The securities of smaller, less well-known companies can be more volatile than those of larger companies. IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. MSCI All Country World ex USA Index (Net MA Tax) is a market- capitalization-weighted index designed to measure the investable equity market performance for global investors of large and mid-cap stocks in developed and emerging markets, excluding the United States. Index returns are adjusted for tax withholding rates applicable to U.S. based mutual funds organized as Massachusetts business trusts. MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. They should not be construed or used as a recommendation for any sector or industry. RANKING INFORMATION © 2021 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for 8 |
PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021 Global Natural Resources Fund, and co-managed Fidelity Global Manager Facts Telecommunications Fund. He has been in the financial industry since joining Fidelity in 1996 as a member of the Fixed Income Jed Weiss is a portfolio manager in the Equity division at Fidelity division. Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio Mr. Zavratsky earned his bachelor of science degree from guidance, brokerage, benefits outsourcing, and other financial Boston College. products and services to institutions, financial intermediaries, and individuals. Sam Polyak is a portfolio manager in the Equity division at Fidelity Investments. Fidelity Investments is a leading provider of In this role, Mr. Weiss manages Fidelity Series International investment management, retirement planning, portfolio Growth Fund, Fidelity Series International Small Cap Fund, guidance, brokerage, benefits outsourcing, and other financial Fidelity International Small Cap Opportunities Fund, Fidelity products and services to institutions, financial intermediaries, Advisor International Small Cap Opportunities Fund, Fidelity and individuals. International Growth Fund, and Fidelity Advisor International Growth Fund. Additionally, he co-manages Fidelity Total In this role, he is responsible for the FIAM Emerging Markets International Equity Fund and Fidelity Advisor Total International strategy, FIAM Concentrated Emerging Markets strategy, the Equity Fund. Emerging Markets Multi-Manager product with an emphasis on the consumer and materials space, and also serves as manager Prior to assuming his current position in 2007, Mr. Weiss covered of Fidelity Advisor Emerging Markets Fund and VIP Emerging the telecommunications, health care, and consumer sectors as Markets Portfolio. an analyst on Fidelity's Global Emerging Markets team. Previously, he worked as an analyst and portfolio manager of Prior to joining Fidelity in June 2010, Mr. Polyak was a principal, Select Environment Fund, during which he also covered a wide co-portfolio manager at Ninth Wave Capital Management from range of industries within the cyclical sector. Prior to that, Mr. 2007 to 2009, where he was a founding partner of the long-only Weiss held various other roles at Fidelity, including equity and long-short Emerging Markets Equity fund. Previously, he research analyst covering communications, semiconductors, and worked as head of emerging markets (EM) research at networking stocks, during which he also managed Select Oppenheimer Funds from 2005 to 2007, and as a co-portfolio Networking and Infrastructure Portfolio. Additionally, he worked manager, head of EM research, and analyst at Pioneer as an equity research analyst covering semiconductors and as an Investments from 1998 to 2005. He has been in the financial associate analyst covering U.S. regional banks. industry since 1998. Before joining Fidelity in 1997, Mr. Weiss was a summer Mr. Polyak earned his bachelor of arts degree in finance from the associate at Goldman Sachs and a legislative affairs intern at the University of Massachusetts Amherst and his master of business White House. He has been in the financial industry since 1997. administration degree in finance from New York University Leonard N. Stern School of Business. He is also a CFA® Mr. Weiss earned his bachelor of arts degree in government charterholder. from Harvard University, where he graduated Phi Beta Kappa. Alex Zavratsky is a portfolio manager in the Equity division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals. In this role, Mr. Zavratsky is responsible for managing Fidelity and Fidelity Advisor International Value Fund, Fidelity and Fidelity Advisor Total International Equity Fund, and Fidelity Series International Value Fund. Prior to assuming his current role in September 2011, Mr. Zavratsky was a portfolio assistant on Fidelity Diversified International Fund. Previously, he managed various other Fidelity funds, including a Fidelity International Country Diversified Equity Fund, Fidelity Global Industrials Fund, Fidelity 9 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PERFORMANCE SUMMARY: Annualized Quarter ending September 30, 2021 1 3 5 10 Year/ Year Year Year LOF1 Fidelity Total International Equity Fund 26.59% 12.17% 11.16% 9.77% Gross Expense Ratio: 1.34%2 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/01/2007. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Before investing in any mutual fund, please carefully consider Information included on this page is as of the most recent calendar the investment objectives, risks, charges, and expenses. For quarter. this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial prospectus or, if available, a summary prospectus. Read it Services LLC. carefully before you invest. Other third-party marks appearing herein are the property of their respective owners. Past performance is no guarantee of future results. All other marks appearing herein are registered or unregistered Views expressed are through the end of the period stated and do not trademarks or service marks of FMR LLC or an affiliated company. necessarily represent the views of Fidelity. Views are subject to change at Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, any time based upon market or other conditions and Fidelity disclaims any Smithfield, RI 02917. responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI are based on numerous factors, may not be relied on as an indication of 02917. trading intent on behalf of any Fidelity fund. The securities mentioned are © 2021 FMR LLC. All rights reserved. not necessarily holdings invested in by the portfolio manager(s) or FMR Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. LLC. References to specific company securities should not be construed 706808.14.0 as recommendations or investment advice. Diversification does not ensure a profit or guarantee against a loss.
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