Fidelity International Growth Multi-Mgd

en-US Elite. This strategy's talented manager and deep supporting analyst team merit a People rating upgrade to High from Above Average. Manager Jed Weiss has run this strategy since its 2007 inception; he is a Fidelity veteran who started at the firm in 1997 and made the rounds as an analyst, covering U.S. regional banks, U.S. semiconductors and networking equipment, U.S. cyclicals, consumer, healthcare, telecom, and emerging markets. He started managing industry-focused strategies in 2000. Weiss, who first got interested in investing after getting a gift of Warner Communication shares at age 10, is a rare manager that has meaningful experience and plenty of time left in his career. Fidelity's large and well-connected global analyst team supports him. Weiss has also managed Fidelity International Small Cap Opportunities FSCOX since 2008. Including the cloned Fidelity Series funds for International Growth and International Small Cap Opportunities, used exclusively in Fidelity's target-date funds, Weiss runs just over $30 billion in assets. He has more than $1 million invested in this strategy as well as Fidelity International Small Cap Opportunities. Overall, Weiss' mix of industry experience and access to Fidelity's well-regarded global research team of 100-plus analysts inspire confidence in this strategy's prospects. Consistent execution. The portfolio favors competitively advantaged firms with pricing power, as promised. Its average net margin has been greater than the MSCI EAFE Index's every quarter for the last 10 years, as have its returns on equity and invested capital. The portfolio also has owned more firms with wide or narrow Morningstar Economic Moat Ratings and stronger financial health than the index, according to Morningstar's risk model. Such companies often protect on the downside. The portfolio's U.S. overweight is less drastic than one might think. Its 21.8% stake in U.S. domiciled companies was 19.9 percentage points greater than the index at the end of 2019. Weiss, however, measures the fund's regional exposure by each holding's geographic revenue sources. The portfolio derived 30.0% of its revenue from the U.S., still a meaningful sum but only 8.4 percentage points more than the index's 21.6% U.S. revenue exposure. Weiss has historically shied away from consumer defensive stocks and favored financials. The portfolio's 24% financial-services stake at the end of 2019 was more than double the benchmark's because Weiss likes banks and insurers poised to gain market share in underserved regions, such Hong Kong-based AIA Group, a top holding that should benefit as more Asians buy insurance. Prudent and methodical. This consistent and repeatable approach earns an Above Average Process rating. Jed Weiss looks for firms with competitive advantages in hard-to-enter industries that can grow for multiple years. He also looks for out-of-favor, cyclical firms capable of maintaining prices during tough economic times. While his process focuses on stock-picking, he will exploit event-driven market shocks. He maintains a list of firms he would like to own but thinks are too pricey, and waits for the opportunity to scoop them up when he decides they're bargains. Once he buys, Weiss gives his investments time to play out. Portfolio turnover has averaged 26% over the past five calendar years. The process also stands out for its methodical assessment of risk. Weiss considers common sector and regional classifications myopic. U.S.-domiciled Mastercard MA, for example, derives nearly two thirds of its revenues from overseas, so its U.S. exposure is lower than one would initially assume. Weiss invests with conviction and has a track record of buying in market sell-offs. He initially bought hotel group Intercontinental Hotels IHC shortly after the great recession's nadir and bought more shares when the stock fell following Britain's 2016 initial vote to leave the European Union. Weiss likes the company's sticky client base and country diversification. Supporting Supporting Player Consistently impressive. Fidelity International Growth's skilled manager and prudent, repeatable process earn Morningstar Analyst Ratings of Silver and Bronze, depending on share class fees. Manager Jed Weiss has an attractive mix of youth and experience. He has run this strategy since its 2007 inception and joined Fidelity in 1997, making the rounds as an analyst before managing industry-focused funds in 2000. Weiss is a rare manager who has meaningful experience and plenty of time left in his career. Weiss looks for firms with competitive advantages in hard-to-enter industries that can grow for multiple years. While the process focuses on stock-picking, he will look for buying opportunities in market shocks. For example, he bought hotel group Intercontinental Hotels IHC shortly after the great recession's nadir and bought more shares when the stock fell following Britain's 2016 initial vote to leave the European Union. Though the stock has sputtered after rallying from those lows, Weiss thinks consumer loyalty to its hotel brands still make the narrow-moat company a solid long-term holding. His approach to risk management also stands out. Rather than rely on the traditional sector and country classifications, Weiss digs into each company's financials to estimate earnings and revenue exposure by geography, theme, business segment, and currency. For example, top holding Visa V is not only a U.S. tech company, but also global payment network drawing revenue from multiple regions and currencies. Weiss limits exposure to each source to keep the fund diversified. The strategy has performed well against the MSCI EAFE Growth Index, beating the benchmark in every rolling five-year period since this fund's 2007 inception. Weiss has also posted strong results at Fidelity International Small Cap Opportunities FSCOX, which he has managed in the same style since 2008. This strategy success entirely depends on Weiss, but as long as he remains, it's a great option. 2146 2146 Robby Greengold, CFA Robby Greengold, CFA Fidelity earns an Above Average Parent rating because of its ability to stay ahead of its competition. The firm's successful stock-picking mutual funds fueled its rise to prominence, and it has adapted well to investor preferences that have shifted markedly over the past two decades. Index funds and ETFs have garnered most of the industry's flows as money has gushed from actively managed products--Fidelity's included. Yet overall, the asset management division has continued to achieve positive organic growth by introducing or maintaining aggressive pricing on its own suite of passively managed funds and expanding its menu of client-demanded investment structures, such as managed accounts and collective investment trusts. These moves are made possible by the firm's strong distribution network, scale, established brand, and willingness to tolerate losses on some products in pursuit of broader strategic objectives. Fidelity continues to invest heavily in its active managers' analytical and technological resources. It is home to a handful of the industry's most talented equity managers and boasts a topnotch fixed-income division. Across asset-class teams, elevated levels of turnover within its leadership ranks bear watching. Overall, though, the firm has served fundholders well through its competitive capabilities and costs. Competitive on several fronts. 2020-01-13T10:52:00 2020-01-13T16:52:00Z Impressive. Jed Weiss has posted strong returns since this fund's inception. From November 2007 through January 2020, its 4.8% annualized gain beats the MSCI EAFE Growth Index and the average foreign large-growth Morningstar Category peer by 2.7 and 2.4 percentage points, respectively. Results also have been consistent, outperforming the benchmark in every rolling five-year period since inception. Returns also look solid on a risk-adjusted basis. On Weiss' watch, the strategy's Sharpe ratio of 0.34 beats the benchmark's 0.22. The strategy has delivered superior total returns with muted volatility and modest downside protection. During Weiss' tenure, the strategy has suffered just 91% of the index's losses during market drawdowns but has captured all its gains during rallies. The strategy's above-average U.S. stake has been a tailwind during the past five years, but strong stock-picking across a wide range of sectors also has kept the strategy competitive. The strategy has also turned in steady results, landing in the category's top third in eight of the previous 12 calendar years. Its worst showing relative to peers came in 2016, when poor performance of healthcare picks--like pharmaceutical company Novo Nordisk NVO--put it behind 60% of its peers and 0.3 percentage points behind the benchmark. It's critical to evaluate expenses, as they come directly out of returns. The share class on this report levies a fee that ranks in its Morningstar category's costliest quintile. Such high fees stack the odds heavily against investors. However, based on our assessment of the fund's People, Process and Parent pillars in the context of these fees, we still think this share class will be able to deliver positive alpha relative to the category benchmark index, explaining its Morningstar Analyst Rating of Silver. FOUSA06MFW Consistently impressive. Fidelity International Growth's skilled manager and prudent, repeatable process earn Morningstar Analyst Ratings of Silver and Bronze, depending on share class fees. Manager Jed Weiss has an attractive mix of youth and experience. He has run this strategy since its 2007 inception and joined Fidelity in 1997, making the rounds as an analyst before managing industry-focused funds in 2000. Weiss is a rare manager who has meaningful experience and plenty of time left in his career. Weiss looks for firms with competitive advantages in hard-to-enter industries that can grow for multiple years. While the process focuses on stock-picking, he will look for buying opportunities in market shocks. For example, he bought hotel group Intercontinental Hotels IHC shortly after the great recession's nadir and bought more shares when the stock fell following Britain's 2016 initial vote to leave the European Union. Though the stock has sputtered after rallying from those lows, Weiss thinks consumer loyalty to its hotel brands still make the narrow-moat company a solid long-term holding. His approach to risk management also stands out. Rather than rely on the traditional sector and country classifications, Weiss digs into each company's financials to estimate earnings and revenue exposure by geography, theme, business segment, and currency. For example, top holding Visa V is not only a U.S. tech company, but also global payment network drawing revenue from multiple regions and currencies. Weiss limits exposure to each source to keep the fund diversified. The strategy has performed well against the MSCI EAFE Growth Index, beating the benchmark in every rolling five-year period since this fund's 2007 inception. Weiss has also posted strong results at Fidelity International Small Cap Opportunities FSCOX, which he has managed in the same style since 2008. This strategy success entirely depends on Weiss, but as long as he remains, it's a great option. 2146 2146 Robby Greengold, CFA Robby Greengold, CFA Fidelity earns an Above Average Parent rating because of its ability to stay ahead of its competition. The firm's successful stock-picking mutual funds fueled its rise to prominence, and it has adapted well to investor preferences that have shifted markedly over the past two decades. Index funds and ETFs have garnered most of the industry's flows as money has gushed from actively managed products--Fidelity's included. Yet overall, the asset management division has continued to achieve positive organic growth by introducing or maintaining aggressive pricing on its own suite of passively managed funds and expanding its menu of client-demanded investment structures, such as managed accounts and collective investment trusts. These moves are made possible by the firm's strong distribution network, scale, established brand, and willingness to tolerate losses on some products in pursuit of broader strategic objectives. Fidelity continues to invest heavily in its active managers' analytical and technological resources. It is home to a handful of the industry's most talented equity managers and boasts a topnotch fixed-income division. Across asset-class teams, elevated levels of turnover within its leadership ranks bear watching. Overall, though, the firm has served fundholders well through its competitive capabilities and costs. Competitive on several fronts. 2020-01-13T10:52:00 2020-01-13T16:52:00Z Impressive. Jed Weiss has posted strong returns since this fund's inception. From November 2007 through January 2020, its 4.8% annualized gain beats the MSCI EAFE Growth Index and the average foreign large-growth Morningstar Category peer by 2.7 and 2.4 percentage points, respectively. Results also have been consistent, outperforming the benchmark in every rolling five-year period since inception. Returns also look solid on a risk-adjusted basis. On Weiss' watch, the strategy's Sharpe ratio of 0.34 beats the benchmark's 0.22. The strategy has delivered superior total returns with muted volatility and modest downside protection. During Weiss' tenure, the strategy has suffered just 91% of the index's losses during market drawdowns but has captured all its gains during rallies. The strategy's above-average U.S. stake has been a tailwind during the past five years, but strong stock-picking across a wide range of sectors also has kept the strategy competitive. The strategy has also turned in steady results, landing in the category's top third in eight of the previous 12 calendar years. Its worst showing relative to peers came in 2016, when poor performance of healthcare picks--like pharmaceutical company Novo Nordisk NVO--put it behind 60% of its peers and 0.3 percentage points behind the benchmark. It's critical to evaluate expenses, as they come directly out of returns. The share class on this report levies a fee that ranks in its Morningstar category's middle quintile. That's not great, but based on our assessment of the fund's People, Process and Parent pillars in the context of these fees, we think this share class will still be able to deliver positive alpha relative to the category benchmark index, explaining its Morningstar Analyst Rating of Silver. FOUSA06MFR Consistently impressive. Fidelity International Growth's skilled manager and prudent, repeatable process earn Morningstar Analyst Ratings of Silver and Bronze, depending on share class fees. Manager Jed Weiss has an attractive mix of youth and experience. He has run this strategy since its 2007 inception and joined Fidelity in 1997, making the rounds as an analyst before managing industry-focused funds in 2000. Weiss is a rare manager who has meaningful experience and plenty of time left in his career. Weiss looks for firms with competitive advantages in hard-to-enter industries that can grow for multiple years. While the process focuses on stock-picking, he will look for buying opportunities in market shocks. For example, he bought hotel group Intercontinental Hotels IHC shortly after the great recession's nadir and bought more shares when the stock fell following Britain's 2016 initial vote to leave the European Union. Though the stock has sputtered after rallying from those lows, Weiss thinks consumer loyalty to its hotel brands still make the narrow-moat company a solid long-term holding. His approach to risk management also stands out. Rather than rely on the traditional sector and country classifications, Weiss digs into each company's financials to estimate earnings and revenue exposure by geography, theme, business segment, and currency. For example, top holding Visa V is not only a U.S. tech company, but also global payment network drawing revenue from multiple regions and currencies. Weiss limits exposure to each source to keep the fund diversified. The strategy has performed well against the MSCI EAFE Growth Index, beating the benchmark in every rolling five-year period since this fund's 2007 inception. Weiss has also posted strong results at Fidelity International Small Cap Opportunities FSCOX, which he has managed in the same style since 2008. This strategy success entirely depends on Weiss, but as long as he remains, it's a great option. 2146 2146 Robby Greengold, CFA Robby Greengold, CFA Fidelity earns an Above Average Parent rating because of its ability to stay ahead of its competition. The firm's successful stock-picking mutual funds fueled its rise to prominence, and it has adapted well to investor preferences that have shifted markedly over the past two decades. Index funds and ETFs have garnered most of the industry's flows as money has gushed from actively managed products--Fidelity's included. Yet overall, the asset management division has continued to achieve positive organic growth by introducing or maintaining aggressive pricing on its own suite of passively managed funds and expanding its menu of client-demanded investment structures, such as managed accounts and collective investment trusts. These moves are made possible by the firm's strong distribution network, scale, established brand, and willingness to tolerate losses on some products in pursuit of broader strategic objectives. Fidelity continues to invest heavily in its active managers' analytical and technological resources. It is home to a handful of the industry's most talented equity managers and boasts a topnotch fixed-income division. Across asset-class teams, elevated levels of turnover within its leadership ranks bear watching. Overall, though, the firm has served fundholders well through its competitive capabilities and costs. Competitive on several fronts. 2020-01-13T10:52:00 2020-01-13T16:52:00Z Impressive. Jed Weiss has posted strong returns since this fund's inception. From November 2007 through January 2020, its 4.8% annualized gain beats the MSCI EAFE Growth Index and the average foreign large-growth Morningstar Category peer by 2.7 and 2.4 percentage points, respectively. Results also have been consistent, outperforming the benchmark in every rolling five-year period since inception. Returns also look solid on a risk-adjusted basis. On Weiss' watch, the strategy's Sharpe ratio of 0.34 beats the benchmark's 0.22. The strategy has delivered superior total returns with muted volatility and modest downside protection. During Weiss' tenure, the strategy has suffered just 91% of the index's losses during market drawdowns but has captured all its gains during rallies. The strategy's above-average U.S. stake has been a tailwind during the past five years, but strong stock-picking across a wide range of sectors also has kept the strategy competitive. The strategy has also turned in steady results, landing in the category's top third in eight of the previous 12 calendar years. Its worst showing relative to peers came in 2016, when poor performance of healthcare picks--like pharmaceutical company Novo Nordisk NVO--put it behind 60% of its peers and 0.3 percentage points behind the benchmark. It's critical to evaluate expenses, as they come directly out of returns. The share class on this report levies a fee that ranks in its Morningstar category's second-costliest quintile. That's poor, but based on our assessment of the fund's People, Process and Parent pillars in the context of these fees, we still think this share class will be able to overcome its high fees and deliver positive alpha relative to the category benchmark index, explaining its Morningstar Analyst Rating of Silver. FOUSA06MFQ Consistently impressive. Fidelity International Growth's skilled manager and prudent, repeatable process earn Morningstar Analyst Ratings of Silver and Bronze, depending on share class fees. Manager Jed Weiss has an attractive mix of youth and experience. He has run this strategy since its 2007 inception and joined Fidelity in 1997, making the rounds as an analyst before managing industry-focused funds in 2000. Weiss is a rare manager who has meaningful experience and plenty of time left in his career. Weiss looks for firms with competitive advantages in hard-to-enter industries that can grow for multiple years. While the process focuses on stock-picking, he will look for buying opportunities in market shocks. For example, he bought hotel group Intercontinental Hotels IHC shortly after the great recession's nadir and bought more shares when the stock fell following Britain's 2016 initial vote to leave the European Union. Though the stock has sputtered after rallying from those lows, Weiss thinks consumer loyalty to its hotel brands still make the narrow-moat company a solid long-term holding. His approach to risk management also stands out. Rather than rely on the traditional sector and country classifications, Weiss digs into each company's financials to estimate earnings and revenue exposure by geography, theme, business segment, and currency. For example, top holding Visa V is not only a U.S. tech company, but also global payment network drawing revenue from multiple regions and currencies. Weiss limits exposure to each source to keep the fund diversified. The strategy has performed well against the MSCI EAFE Growth Index, beating the benchmark in every rolling five-year period since this fund's 2007 inception. Weiss has also posted strong results at Fidelity International Small Cap Opportunities FSCOX, which he has managed in the same style since 2008. This strategy success entirely depends on Weiss, but as long as he remains, it's a great option. 2146 2146 Robby Greengold, CFA Robby Greengold, CFA Fidelity earns an Above Average Parent rating because of its ability to stay ahead of its competition. The firm's successful stock-picking mutual funds fueled its rise to prominence, and it has adapted well to investor preferences that have shifted markedly over the past two decades. Index funds and ETFs have garnered most of the industry's flows as money has gushed from actively managed products--Fidelity's included. Yet overall, the asset management division has continued to achieve positive organic growth by introducing or maintaining aggressive pricing on its own suite of passively managed funds and expanding its menu of client-demanded investment structures, such as managed accounts and collective investment trusts. These moves are made possible by the firm's strong distribution network, scale, established brand, and willingness to tolerate losses on some products in pursuit of broader strategic objectives. Fidelity continues to invest heavily in its active managers' analytical and technological resources. It is home to a handful of the industry's most talented equity managers and boasts a topnotch fixed-income division. Across asset-class teams, elevated levels of turnover within its leadership ranks bear watching. Overall, though, the firm has served fundholders well through its competitive capabilities and costs. Competitive on several fronts. 2020-01-13T10:52:00 2020-01-13T16:52:00Z Impressive. Jed Weiss has posted strong returns since this fund's inception. From November 2007 through January 2020, its 4.8% annualized gain beats the MSCI EAFE Growth Index and the average foreign large-growth Morningstar Category peer by 2.7 and 2.4 percentage points, respectively. Results also have been consistent, outperforming the benchmark in every rolling five-year period since inception. Returns also look solid on a risk-adjusted basis. On Weiss' watch, the strategy's Sharpe ratio of 0.34 beats the benchmark's 0.22. The strategy has delivered superior total returns with muted volatility and modest downside protection. During Weiss' tenure, the strategy has suffered just 91% of the index's losses during market drawdowns but has captured all its gains during rallies. The strategy's above-average U.S. stake has been a tailwind during the past five years, but strong stock-picking across a wide range of sectors also has kept the strategy competitive. The strategy has also turned in steady results, landing in the category's top third in eight of the previous 12 calendar years. Its worst showing relative to peers came in 2016, when poor performance of healthcare picks--like pharmaceutical company Novo Nordisk NVO--put it behind 60% of its peers and 0.3 percentage points behind the benchmark. It's critical to evaluate expenses, as they come directly out of returns. The share class on this report levies a fee that ranks in its Morningstar category's middle quintile. That's not great, but based on our assessment of the fund's People, Process and Parent pillars in the context of these fees, we think this share class will still be able to deliver positive alpha relative to the category benchmark index, explaining its Morningstar Analyst Rating of Silver. FOUSA06MFX Consistently impressive. Fidelity International Growth's skilled manager and prudent, repeatable process earn Morningstar Analyst Ratings of Silver and Bronze, depending on share class fees. Manager Jed Weiss has an attractive mix of youth and experience. He has run this strategy since its 2007 inception and joined Fidelity in 1997, making the rounds as an analyst before managing industry-focused funds in 2000. Weiss is a rare manager who has meaningful experience and plenty of time left in his career. Weiss looks for firms with competitive advantages in hard-to-enter industries that can grow for multiple years. While the process focuses on stock-picking, he will look for buying opportunities in market shocks. For example, he bought hotel group Intercontinental Hotels IHC shortly after the great recession's nadir and bought more shares when the stock fell following Britain's 2016 initial vote to leave the European Union. Though the stock has sputtered after rallying from those lows, Weiss thinks consumer loyalty to its hotel brands still make the narrow-moat company a solid long-term holding. His approach to risk management also stands out. Rather than rely on the traditional sector and country classifications, Weiss digs into each company's financials to estimate earnings and revenue exposure by geography, theme, business segment, and currency. For example, top holding Visa V is not only a U.S. tech company, but also global payment network drawing revenue from multiple regions and currencies. Weiss limits exposure to each source to keep the fund diversified. The strategy has performed well against the MSCI EAFE Growth Index, beating the benchmark in every rolling five-year period since this fund's 2007 inception. Weiss has also posted strong results at Fidelity International Small Cap Opportunities FSCOX, which he has managed in the same style since 2008. This strategy success entirely depends on Weiss, but as long as he remains, it's a great option. 2146 2146 Robby Greengold, CFA Robby Greengold, CFA Fidelity earns an Above Average Parent rating because of its ability to stay ahead of its competition. The firm's successful stock-picking mutual funds fueled its rise to prominence, and it has adapted well to investor preferences that have shifted markedly over the past two decades. Index funds and ETFs have garnered most of the industry's flows as money has gushed from actively managed products--Fidelity's included. Yet overall, the asset management division has continued to achieve positive organic growth by introducing or maintaining aggressive pricing on its own suite of passively managed funds and expanding its menu of client-demanded investment structures, such as managed accounts and collective investment trusts. These moves are made possible by the firm's strong distribution network, scale, established brand, and willingness to tolerate losses on some products in pursuit of broader strategic objectives. Fidelity continues to invest heavily in its active managers' analytical and technological resources. It is home to a handful of the industry's most talented equity managers and boasts a topnotch fixed-income division. Across asset-class teams, elevated levels of turnover within its leadership ranks bear watching. Overall, though, the firm has served fundholders well through its competitive capabilities and costs. Competitive on several fronts. 2020-01-13T10:52:00 2020-01-13T16:52:00Z Impressive. Jed Weiss has posted strong returns since this fund's inception. From November 2007 through January 2020, its 4.8% annualized gain beats the MSCI EAFE Growth Index and the average foreign large-growth Morningstar Category peer by 2.7 and 2.4 percentage points, respectively. Results also have been consistent, outperforming the benchmark in every rolling five-year period since inception. Returns also look solid on a risk-adjusted basis. On Weiss' watch, the strategy's Sharpe ratio of 0.34 beats the benchmark's 0.22. The strategy has delivered superior total returns with muted volatility and modest downside protection. During Weiss' tenure, the strategy has suffered just 91% of the index's losses during market drawdowns but has captured all its gains during rallies. The strategy's above-average U.S. stake has been a tailwind during the past five years, but strong stock-picking across a wide range of sectors also has kept the strategy competitive. The strategy has also turned in steady results, landing in the category's top third in eight of the previous 12 calendar years. Its worst showing relative to peers came in 2016, when poor performance of healthcare picks--like pharmaceutical company Novo Nordisk NVO--put it behind 60% of its peers and 0.3 percentage points behind the benchmark. It's critical to evaluate expenses, as they come directly out of returns. The share class on this report levies a fee that ranks in its Morningstar category's second-cheapest quintile. Based on our assessment of the fund's People, Process and Parent pillars in the context of these fees, we think this share class will be able to deliver positive alpha relative to the category benchmark index, explaining its Morningstar Analyst Rating of Silver. F00000Q0Z2 Consistently impressive. Fidelity International Growth's skilled manager and prudent, repeatable process earn Morningstar Analyst Ratings of Silver and Bronze, depending on share class fees. Manager Jed Weiss has an attractive mix of youth and experience. He has run this strategy since its 2007 inception and joined Fidelity in 1997, making the rounds as an analyst before managing industry-focused funds in 2000. Weiss is a rare manager who has meaningful experience and plenty of time left in his career. Weiss looks for firms with competitive advantages in hard-to-enter industries that can grow for multiple years. While the process focuses on stock-picking, he will look for buying opportunities in market shocks. For example, he bought hotel group Intercontinental Hotels IHC shortly after the great recession's nadir and bought more shares when the stock fell following Britain's 2016 initial vote to leave the European Union. Though the stock has sputtered after rallying from those lows, Weiss thinks consumer loyalty to its hotel brands still make the narrow-moat company a solid long-term holding. His approach to risk management also stands out. Rather than rely on the traditional sector and country classifications, Weiss digs into each company's financials to estimate earnings and revenue exposure by geography, theme, business segment, and currency. For example, top holding Visa V is not only a U.S. tech company, but also global payment network drawing revenue from multiple regions and currencies. Weiss limits exposure to each source to keep the fund diversified. The strategy has performed well against the MSCI EAFE Growth Index, beating the benchmark in every rolling five-year period since this fund's 2007 inception. Weiss has also posted strong results at Fidelity International Small Cap Opportunities FSCOX, which he has managed in the same style since 2008. This strategy success entirely depends on Weiss, but as long as he remains, it's a great option. 2146 2146 Robby Greengold, CFA Robby Greengold, CFA Fidelity earns an Above Average Parent rating because of its ability to stay ahead of its competition. The firm's successful stock-picking mutual funds fueled its rise to prominence, and it has adapted well to investor preferences that have shifted markedly over the past two decades. Index funds and ETFs have garnered most of the industry's flows as money has gushed from actively managed products--Fidelity's included. Yet overall, the asset management division has continued to achieve positive organic growth by introducing or maintaining aggressive pricing on its own suite of passively managed funds and expanding its menu of client-demanded investment structures, such as managed accounts and collective investment trusts. These moves are made possible by the firm's strong distribution network, scale, established brand, and willingness to tolerate losses on some products in pursuit of broader strategic objectives. Fidelity continues to invest heavily in its active managers' analytical and technological resources. It is home to a handful of the industry's most talented equity managers and boasts a topnotch fixed-income division. Across asset-class teams, elevated levels of turnover within its leadership ranks bear watching. Overall, though, the firm has served fundholders well through its competitive capabilities and costs. Competitive on several fronts. 2020-01-13T10:52:00 2020-01-13T16:52:00Z Impressive. Jed Weiss has posted strong returns since this fund's inception. From November 2007 through January 2020, its 4.8% annualized gain beats the MSCI EAFE Growth Index and the average foreign large-growth Morningstar Category peer by 2.7 and 2.4 percentage points, respectively. Results also have been consistent, outperforming the benchmark in every rolling five-year period since inception. Returns also look solid on a risk-adjusted basis. On Weiss' watch, the strategy's Sharpe ratio of 0.34 beats the benchmark's 0.22. The strategy has delivered superior total returns with muted volatility and modest downside protection. During Weiss' tenure, the strategy has suffered just 91% of the index's losses during market drawdowns but has captured all its gains during rallies. The strategy's above-average U.S. stake has been a tailwind during the past five years, but strong stock-picking across a wide range of sectors also has kept the strategy competitive. The strategy has also turned in steady results, landing in the category's top third in eight of the previous 12 calendar years. Its worst showing relative to peers came in 2016, when poor performance of healthcare picks--like pharmaceutical company Novo Nordisk NVO--put it behind 60% of its peers and 0.3 percentage points behind the benchmark. It's critical to evaluate expenses, as they come directly out of returns. The share class on this report levies a fee that ranks in its Morningstar category's costliest quintile. Such high fees stack the odds heavily against investors. However, based on our assessment of the fund's People, Process and Parent pillars in the context of these fees, we still think this share class will be able to deliver positive alpha relative to the category benchmark index, explaining its Morningstar Analyst Rating of Bronze. FOUSA06MFV Live