Fidelity International Discovery Fund Q2 2024 Review

seekingalpha08-06

For the three months ending June 30, 2024, the fund's Retail Class shares gained 1.50%, outpacing the -0.30% result of the benchmark MSCI EAFE Index.We believe shifting long- term trends in economic ...

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To learn more or to obtain the mos","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0072462426.USD":"贝莱德全球配置 A2","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","NSRGY":"雀巢","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","BK4543":"AI","BK4587":"ChatGPT概念","LU0056508442.USD":"贝莱德世界科技基金A2","BK4579":"人工智能","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","BK4588":"碎股","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","HTHIY":"日立","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","BK4592":"伊斯兰概念","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","BK4544":"ARK ETF合集","03160":"华夏日股对冲","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","BK4581":"高盛持仓","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","BK4549":"软银资本持仓","HSBC":"汇丰","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","TM":"丰田汽车","03165":"华夏欧优股对冲","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","UNCFF":"UniCredito Spa","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","BK4521":"英国银行股","SHECY":"Shin-Etsu Chemical Co., Ltd.","BK4212":"包装食品与肉类","ARKG":"ARK Genomic Revolution ETF","TSM":"台积电","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","BK4109":"特种化学制品","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","BK4503":"景林资产持仓","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","BK4527":"明星科技股","BK4532":"文艺复兴科技持仓","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC"},"translate_title":"富达国际探索基金2024年第二季度回顾","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UNCFF":1,"HTHIY":1,"TSM":1,"SHECY":1,"NSRGY":1,"TM":0.9,"HSBC":0.82,"ARKG":0.74,"03165":0.6,"03160":0.6},"content_text":"For the three months ending June 30, 2024, the fund's Retail Class shares gained 1.50%, outpacing the -0.30% result of the benchmark MSCI EAFE Index.We believe shifting long- term trends in economic and policy conditions imply a secular regime change for financial markets.The fund's largest active positions on June 30 included non- benchmark stakes in Taiwan Semiconductor, Japanese multinational conglomerate Hitachi and Italian banking group UniCredit.We continued to either underweight or avoid certain benchmark components that did not meet our investment criteria, including Toyota Motor and Novartis, as well as Switzerland-based food and beverage giant Nestlé.   Natee127/iStock via Getty Images Investment Approach  Fidelity® International Discovery Fund is a diversified international equity strategy that seeks capital growth by investing primarily in non-U.S. stocks. We manage the fund with a long-term view, focusing on high-quality companies with aboveaverage growth prospects that are trading at reasonable prices. Layered into this investment framework is a desire to own businesses that have stable and high returns on capital, durable competitive positions, consistent profitability, solid free-cash-flow generation, good balance sheets and management teams whose interests are aligned with those of shareholders. We strive to uncover these companies through in-depth fundamental, technical and quantitative analysis, working in concert with Fidelity's global research team, with the goal of producing above-index performance over a full market cycle.  Performance Summary     Cumulative   Annualized      3 Month  YTD  1 Year   3 Year   5 Year  10 Year/ LOF1   Fidelity International Discovery Fund (MUTF:FIGRX) Gross Expense Ratio: 0.62%2 1.50% 12.48% 15.51% -0.18% 7.28% 5.22%   MSCI EAFE Index (Net MA) -0.30% 5.53% 11.79% 3.12% 6.69% 4.54%   Morningstar Fund Foreign Large Growth -0.26% 6.38% 9.87% -2.28% 6.16% 5.36%   % Rank in Morningstar Category (1% = Best) -- -- 15% 38% 35% 46%   # of Funds in Morningstar Category -- -- 398 383 331 221  \nClick to enlarge  1Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/31/1986. 2This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the most recent fiscal year, or estimated amounts for the current fiscal year in the case of a newly launched fund. 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 Funds | Mutual Funds from Fidelity Investments, Financial Professionals | Fidelity Institutional, or Fidelity NetBenefits | Employee Benefits. 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. For definitions and other important information, please see the Definitions and Important Information section of this Fund Review. \nClick to enlarge  Performance Review For the three months ending June 30, 2024, the fund's Retail Class shares gained 1.50%, outpacing the -0.30% result of the benchmark MSCI EAFE Index. International equities finished the second quarter with mixed results as the global economic and earnings growth backdrop remained largely constructive, underpinning a period of relatively low market volatility. In terms of global monetary policy, the European Central Bank and Bank of Canada both cut their policy interest rates in Q2, becoming the first to ease after the rapid tightening cycle that began in 2022. Elsewhere, China's policymakers maintained an accommodative stance as well, though monetary support in recent months gave way to a greater emphasis on regulatory actions. Disinflation trends around the world continued, though progress remained uneven. Specifically, core inflation rates moderated in several emerging market countries, while developed market nations – the U.K. and U.S. in particular – continued to face persistent inflationary headwinds. Global manufacturing momentum appeared to broaden across a wider swath of countries this period, even moving into expansionary territory among the majority of the world' s largest economies for the first time since 2022. Global earnings growth displayed relatively positive momentum the past three months, remaining flat for developed markets but trending upward in emerging markets after a prolonged slump. Stock market valuations became somewhat more expensive, with developed markets finishing the quarter below their long-term average, while emerging markets were slightly above theirs. Within the benchmark MSCI EAFE Index, sector returns also were a mixed bag in the second quarter. Consumer discretionary (-9%), real estate (-7%) and materials (-3%) stocks slid the most. In contrast, health care (+5%) and financials (+4%) stood out to the upside, with more modest gains generated by energy, utilities and communication services (+1% each) firms. On a geographic basis, equity markets in France (-7%), Japan (-4%) and Italy (-3%) were notable laggards, whereas Denmark(+7%), the Netherlands (+5%), U.K. and Switzerland (+4% each) fared well. Turning to the fund, security selection in the information technology sector contributed most to relative performance in Q2 by far. Solid picks in industrials, health care and consumer discretionary helped as well. Geographically, investment choices in Japan, Belgium and Denmark proved advantageous, as did non-benchmark exposure to emerging markets and the U.S. Topping the list of relative contributors was an out-of-benchmark stake in Taiwan Semiconductor Manufacturing (TSM, +24%). The stock was driven higher by the contract chipmaker's strong position in the artificial intelligence supply chain and its relationships with several of the world's leading AI developers. With that said, the company's Q1 earnings report, released in mid-April, showed mixed results – while AI-related business drove an increase in profitability, other segments, such as smartphones and automotive, were down. The stock was the portfolio's third-largest holding on June 30. Non-index exposure to shares of U.S.-based Nvidia (NVDA) gained about 35% in the second quarter and further aided performance, rising steadily as the chips it makes continued to power demand for generative artificial intelligence. The firm dominates the market for advanced graphics chips that are the lifeblood of new generative AI systems. In mid-May, management reported financial results for the three months ending April 28 that far exceeded analysts' expectations – sales roughly tripled, and earnings surged about sevenfold, each setting a quarterly record. In addition, management raised its financial forecast for the firm's next fiscal quarter. Given this strong result, we meaningfully pared the fund's position this period. Avoiding benchmark component Toyota Motor (TM, -18%) also helped the portfolio's relative return. The stock fell in early May after the Japanese automaker reported mixed financial results for the first quarter. Revenue surprised to the upside, while earnings were about in line with analysts' expectations. Moreover, the company's financial guidance for its next fiscal year was viewed as disappointing. Conversely, security selection in the materials and consumer staples sectors were the foremost relative detractors in Q2. By country, unfavorable positioning in Switzerland, subpar stock picks in the U. K. and an underweight to the rest of Europe were noteworthy performance challenges. On a stock-specific basis, an outsized position in Shin-Etsu Chemical (OTCPK:SHECY) returned -11% for the three months and pressured the fund's relative result. In late April, the Japan based provider of materials and chemicals for semiconductor production and other manufacturing uses reported weaker-than-expected quarterly financial results amid slower business in its electronic materials and infrastructure materials units. The stock was among the portfolio's more sizable holdings at period end. Several relatively strong performing benchmark components the fund did not own also were material relative detractors this period, especially U.K.-based HSBC Holdings (HSBC, +15%) and Swiss-American pharmaceutical company Novartis (NVS, +10%). Largest Contributors vs. Benchmark   Holding  Market Segment Average Relative Weight  Relative Contribution (basis points)*   Taiwan Semiconductor Manufacturing Co. Ltd. Information Technology 2.56% 57   Hitachi Ltd. Industrials 1.83% 41   NVIDIA Corp. Information Technology 1.23% 40   Toyota Motor Corp. Consumer Discretionary -1.41% 29   SK Hynix, Inc. Information Technology 0.71% 24   * 1 basis point = 0.01%        \nClick to enlarge Largest Detractors vs. Benchmark   Holding  Market Segment Average Relative Weight  Relative Contribution (basis points)*   HSBC Holdings PLC (United Kingdom) Financials -0.98% -13   Novartis AG Health Care -1.22% -12   Shin-Etsu Chemical Co. Ltd. Materials 1.01% -12   Rheinmetall AG Industrials 1.44% -12   Fast Retailing Co. Ltd. Consumer Discretionary 0.59% -12   * 1 basis point = 0.01%        \nClick to enlarge Outlook and Positioning Global capital markets continue to enjoy favorable momentum and easier financial conditions, even though the pace and magnitude of monetary easing remains uncertain. Market projections point toward more rate cuts in 2024, including from the U.S. Federal Reserve and Bank of England, but the timing and pace of easing is significantly diminished compared with expectations entering the year. China's cyclical trends are mixed, and it remains uncertain whether policy easing will translate into a full-blown economic reacceleration. Investors continue to anticipate a broad-based rebound for global earnings growth in 2024, though the forward 12-month price-to-earnings ratios for both developed and emerging markets are substantially lower than their trailing valuations. Cyclically adjusted price-to-earnings ratios for non-U.S. stock markets appear relatively attractive, particularly when compared to current U.S. valuations, which are well above our secular forecasts. We believe shifting long-term trends in economic and policy conditions imply a secular regime change for financial markets. Record-high debt and widespread aging demographics create challenges for fiscal and monetary policy, while more unstable geopolitics and peaking global integration represent a different direction from recent decades. We continue to maintain our bottom-up approach to security selection, focused on what we view as quality companies with above-average revenue and earnings growth prospects at a reasonable price. Positioning-wise, information technology remained the fund's largest sector overweight at the midpoint of 2024, led by outsized exposure to semiconductors & semiconductor equipment stocks, as well as software & services firms. Industrials and consumer discretionary were the only other sector overweights as of quarter end. The portfolio's holdings in industrials and financials increased the most in Q2. The fund's regional exposure remained consistent this past quarter, with allocations in Europe ex U.K, Japan, the U.K. and Asia ex Japan being 43%, 18%, 14% and 3%, respectively, at the end of June. The remainder of the portfolio was allocated among non-benchmark holdings in emerging markets (11%), Canada (5%) and the U.S. (2%). In contrast, consumer staples, utilities, health care, materials, communication services, real estate and energy accounted for some of the fund's more prominent sector underweights. At the industry level, the portfolio had comparatively light exposure to food, beverage & tobacco firms, the automobile & components category, as well as pharmaceuticals, biotechnology & life sciences stocks. This quarter, positioning in consumer discretionary and materials decreased the most. The fund's largest active positions on June 30 included non-benchmark stakes in Taiwan Semiconductor (mentioned earlier), Japanese multinational conglomerate Hitachi (OTCPK:HTHIY) and Italian banking group UniCredit (OTCPK:UNCFF). Meanwhile, we continued to either underweight or avoid certain benchmark components that did not meet our investment criteria, including Toyota Motor and Novartis (both previously discussed), as well as Switzerland-based food and beverage giant Nestlé (OTCPK:NSRGY).  Market-Segment Diversification   Market Segment Portfolio Weight  Index Weight  Relative Weight   Relative Change From Prior Market Segment Quarter    Information Technology 20.04% 9.54% 10.50% 0.08%   Financials 19.70% 19.99% -0.29% 0.30%   Industrials 19.37% 16.90% 2.47% 1.17%   Consumer Discretionary 12.07% 11.46% 0.61% -0.12%   Health Care 10.56% 13.48% -2.92% -0.88%   Materials 4.97% 6.75% -1.78% -0.01%   Consumer Staples 3.59% 8.48% -4.89% -0.14%   Energy 3.18% 4.13% -0.95% 0.10%   Communication Services 2.37% 4.08% -1.71% -0.19%   Real Estate 0.88% 2.04% -1.16% 0.25%   Utilities 0.00% 3.14% -3.14% -0.03%   Other 0.00% 0.00% 0.00% 0.00%  \nClick to enlarge Regional Diversification Relative Change From Prior Quarter   Region Portfolio Index  Weight  Relative Weight  Relative Change From Prior Quarter   Europe 57.60% 65.73% -8.13% -1.71%   Japan 18.43% 22.72% -4.29% 1.37%   Emerging Markets 10.91% -- 10.91% 1.17%   Canada 4.56% -- 4.56% 0.10%   Asia-Pacific ex Japan 3.26% 11.55% -8.29% 0.27%   United States 1.97% -- 1.97% -0.71%   Other 0.21% 0.00% 0.21% 0.21%   Cash & Net Other Assets 3.06% 0.00% 3.06% -0.70%  \nClick to enlarge 3-Year Risk/return Statistics     Portfolio  Index   Beta 1.02 1.00   Standard Deviation 18.18% 16.93%   Sharpe Ratio -0.18 -0.00   Tracking Error 5.48% --   Information Ratio -0.60 --   R-Squared 0.91 --  \nClick to enlarge  Original Post Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2457619020"}