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
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any time based upon market or other conditions and Fidelity disclaims any
Smithfield, RI 02917.
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