Fidelity Overseas is run by a talented manager with a prudent, repeatable approach. But increased competition from lower-priced rivals in the foreign large-growth Morningstar Category drop its Morningstar Analyst Rating to Bronze from Silver. Vincent Montemaggiore provides thoughtful, deliberate leadership to the fund. He brings 10-plus years of diverse portfolio management experience to the table, including four years on Fidelity Select Banking FSRBX, which he took over in June 2008, right as the financial crisis began to take hold. That time was especially hard for banks, and the experience left an imprint on how he invests. He saw firsthand the damaging effects that poor balance sheets and fragile business models can have on companies in times of stress, and his investment style reflects that experience. He brings a uniquely introspective mindset to this fund. He keeps journals to track investment theses as well as capture any key lessons learned from mistakes. This constant self-evaluation bodes well for this fund’s future.
Fidelity® Overseas FOSFX
Adjusted Expense Ratio excludes certain variable investment-related expenses, such as interest from borrowings and dividends on borrowed securities, allowing for more consistent cost comparisons across funds.
Morningstar’s Analysis
The Morningstar Analysis section contains a thorough evaluation of an investment’s merits and drawbacks and often discusses the most important or decisive factors leading to the fund’s overall rating.
The Morningstar Analysis section contains a thorough evaluation of an investment’s merits and drawbacks and often discusses the most important or decisive factors leading to the fund’s overall rating.
Will FOSFX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable FOSFX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar
The People Pillar is our evaluation of the FOSFX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar
The Parent Pillar is our rating of FOSFX’s parent organization’s priorities and whether they’re in line with investors’ interests.
Still attractive despite a bumpy 2020.
