The top three sectors in this 5-star-rated fund are Industrials (22%), Consumer Cyclical (17%), and Financial Services (14%).
Fidelity International Small Cap (FISMX)
From Fidelity Monitor & Insight
The biggest surprise about Fidelity International Small Cap (FISMX) is this: Despite its small-cap focus and its foreign stock holdings, it is essentially no riskier than the S&P 500 (volatility is just 1.01 versus 1.00 for the market). Of course, given the primacy of U.S. stocks over other developed markets in recent years, Int’l Small Cap has trailed U.S. stocks by a significant margin over the past 1-, 3- and 5-year periods.
Of course, that’s an unfair comparison as Manager Sam Chamovitz has been “fishing” in an altogether different pond. On that score, his now three-year-old record is one where he’s decisively beaten his benchmark through shrewd security selection and by tilting the fund’s style bias towards value stocks throughout Europe (42%) and Japan (21%).
It should also be noted that about 12% of its billion-dollar asset base is in volatile emerging markets, making its risk management even more impressive. Note: The fund has a 2%/90-day redemption fee.
Jack Bowers, John M. Boyd and John Bonnanzio, Fidelity Monitor & Insight, www.fidelitymonitor.com, 800-397-3094, April 2017