(PUB) Investing 2015
Morningstar FundInvestor
May 2015
23
Morningstar Analyst Rating 01-28-15 ´ Data through April 30, 2015 Fidelity Overseas
Ticker
Status Yield Total Assets
Mstar Category Foreign Large Blend
FOSFX Open
1.6% $3,835 mil
Investment Style Equity Stock %
Historical Profile Return Risk Rating High Above Avg Above Avg
85% 95% 96% 99% 97% 99% 98% 95% 97%
Manager Change Partial Manager Change
10.0 12.5 15.0 18.0 20.5
Morningstar Pillars Process Performance
Growth of $10,000
Positive Positive Neutral Positive Positive
Investment Values of Fund Investment Values of MSCI WexUS
People Parent Price
¶
NAV Total Return % +/-MSCI WexUS +/-MSCI WexUS Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $ Performance Quartile (within Category) History
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 04-15
Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨
35.38 13.54 -7.37 -7.37
41.61 19.29 2.67 2.67
44.80 20.49 -6.16 -6.16
48.39
25.08
30.93 25.19
32.48
26.48
32.32 25.04 8.21 8.21
40.26 26.79 11.50 11.50
38.14 -3.64 0.23 0.23 1.67 -5.31
42.47 11.35 2.63 2.63
-47.32 21.82
-15.96 6.59
5.17 5.17 1.27
-16.26 -1.79 -16.26 -1.79
-4.56 -4.56 1.56
-2.25 -2.25 2.55
0.60
1.16
1.32
0.76
1.85
2.92
1.58
0.00
12.94
18.13
19.17
-48.08 20.55
23.34
-18.51 5.03
22.12
25.21
11.35
89
12
91
6
82
81
83
79
5
6
27
4
Pillar Spectrum Positive
0.19 0.11 1.01 0.55
0.41 0.16 0.86 1.11
0.55 4.64 0.90 1.43 132
0.57 5.75 0.91 1.43
0.37 0.00 1.10 1.33 113
0.47 0.01 0.98 2.01 115
0.48 0.00 0.85 1.41 111
0.83 0.02 0.67 1.44
0.77 0.00 0.67 2.52
0.51 0.18 1.06 1.54
0.67 0.00 1.04 1.93
0.00 0.00
§ Negative
¶ Neutral
. . .
Performance 04-30-15 1st Qtr 2nd Qtr
3rd Qtr
4th Qtr
Total
87
87
77
90
42
41
.
2011 2012 2013 2014 2015
2.83 1.89 -24.27 5.92 -15.96 15.52 -6.15 8.12 6.67 25.04 5.63 0.23 10.55 8.32 26.79 0.72 3.23 -6.64 -0.73 -3.64 7.16 . . . .
4,687
5,371
7,714
9,106
5,445
6,721
4,932
1,644
1,687
1,945
2,703
3,122
Portfolio Analysis 03-31-15 Share change since 02-15 Total Stocks:158 Sector
Rating and Risk Time Load-Adj
Country
% Assets
Morningstar
Morningstar Risk vs Cat
Morningstar Risk-Adj Rating
Period Return % Rtn vs Cat
Nestle SA
Cnsmr Def
Switzerland
2.23 2.15 1.67 1.63 1.39 1.36 1.22 1.16 1.14 1.11 1.10 1.06 1.05 1.05 1.04 1.04 1.03 1.03 1.01 1.00
1 Yr 3 Yr 5 Yr
5.68 14.12 9.16 6.35 10.32
Trailing
Total +/- MSCI
+/- MSCI
%Rank Growth of
Roche Holding AG Dividen
Hlth care Switzerland Hlth care Germany Hlth care France
Return% WexUS WexUS
Cat
$10,000
High High +Avg
Avg High +Avg
Bayer AG
3 Mo 6 Mo 1 Yr
9.68 0.80 10.71 5.15 5.68 3.05 14.12 5.38 9.16 3.12 6.35 0.09 3.19 -1.02
0.80 5.15 3.05 5.38 3.12 0.09 -1.02
12 10,968 3 11,071 13 10,568 4 14,862 8 15,499 30 18,509 54 16,016
Sanofi
10 Yr Incept
Anheuser-Busch Inbev SA
Cnsmr Def
Belgium
Prudential PLC
Finan Svs U.K. Finan Svs U.K.
3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg
Lloyds Banking Group PLC
Other Measures
Standard Index Best Fit Index MSCI WexUS MSCI EAFE Growth
UBS Group AG BT Group PLC Diageo PLC
Finan Svs Switzerland Comm Svs U.K.
Alpha
5.6
3.3
Cnsmr Def
U.K.
Beta
0.91
0.98
KBC Group SA/NV Astellas Pharma Inc
Finan Svs Belgium Hlth care Japan
R-Squared
92
97
Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 13.23 4 0.78 46 8.31 6 0.78 60 5.28 27 1.01 52 Potential Capital Gain Exposure: -19% of assets
Total SA
Energy
France
Standard Deviation
12.07 14.12 1.16
Reckitt Benckiser Group British American Tobacco
Cnsmr Def Cnsmr Def
U.K. U.K.
Mean
Sharpe Ratio
WPP PLC
Cnsmr Cyc U.K. Finan Svs Australia Hlth care Germany
Australia and New Zealan Fresenius SE & Co KGaA
Morningstar’s Take by Katie Rushkewicz Reichart, CFA 01-28-15 Fidelity Overseas has earned a Morningstar Analyst Rating of Bronze. Manager Vince Montemaggiore has only been in place for three years and does not have prior experience running international equity funds. Usually that is reason for caution, but in this case the fund’s consistent and well-executed process helps provide confidence in a relatively novice manager. The fund’s strong risk-adjusted returns during Montemaggiore’s tenure, including outperformance in up and down markets, add to its case. Montemaggiore is an outlier at growth-driven
Volkswagen AG Nordea Bank AB
Germany
.
ideas has led to more small- and mid-cap exposure than the average peer and benchmark. The fund’s present size ($3.3 billion) affords it plenty of flexibility to keep investing there without capacity concerns, particularly given the manager’s relatively low-turnover and diversified approach. Outsized sector bets are limited, but Montemaggiore’s dislike for capital-intensive businesses has led to below-average stakes in the energy, materials, and utilities sectors. Thus far, this approach has helped control volatility without hampering results: Attribution indicates stock-picking has been spot on across nearly all sectors, leading to strong risk-adjusted results. Since Montemaggiore’s early 2012 start through December 2014, the fund’s 12.7% annualized gain has trumped the MSCI EAFE Index’s 9.4% and the foreign large-blend Morningstar Category’s 8.3%. The fund’s tendency to limit emerging-markets exposure means an extended rally could put it behind peers. However, over a full market cycle this fund’s solid process should win out.
Finan Svs Sweden
Current Investment Style
Sector Weightings
% of Stocks
Rel MSCI
3 Year Low
WexUS High
Market Cap % Giant 35.7 Large 29.3 Mid 27.6 Small 6.5 Micro 1.0 Avg $mil: 14,754
Value Blnd Growth
Cyclical 40.84 BasicMat 5.92 CnsmrCyc14.00 FinanSvs 19.72 Real Est 1.20 Sensitive 31.15 CommSrvs 5.00 Energy 2.51 Industrl 13.89 Technlgy 9.75 Defensive28.01 CnsmrDef11.96 Hlthcare 16.05 Utilities 0.00
.
h r t y u j i o p a k s d f
Large Mid Small
. 10 6 . 17 13 . 20 16
1 0
. . . .
5 3 4 2
Fidelity, but he’s adapted well. He’s learned to work effectively with Fidelity’s analysts to assess a firm’s competitive advantages or industry dynamics even while using his own valuation framework to make buy and sell decisions. The fund has consistently had higher returns on equity, assets, and invested capital than the MSCI EAFE Index, indicating a quality bent. That’s helped it hold up versus peers and benchmark in rocky patches such as 2014. The manager’s inclination to search far and wide for
Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Price/Cash Flow Dividend Yield % Value Measures Price/Earnings Price/Book Price/Sales
Rel Category
14.95 6.95 3.65 -6.70 -12.92 17.56 2.46 1.58 9.72 3.38
1.35 2.46 0.37 NMF NMF 1.33 1.56 1.61 1.80 1.21
. 17 11 . 10 6
.
. 18 12 . 16 11 . . .
% Rel Category
Regional Exposure UK/W. Europe 68 Japan 19 Asia X Japan 5
% Stock
N. America 6 Latn America 0 Other 2
Address:
Fidelity Investment Trust Boston, MA 02109 800-544-8544 www.fidelity.com
Minimum Purchase: Min Auto Inv Plan:
$2500
Add: $0 IRA: $2500
$0
Add: .
Sales Fees:
No-load, 1.00%R
Composition - Net
Web Address: Inception: Advisor: Subadvisor: NTF Plans:
Management Fee:
0.42%
Country Exposure
% Stock
Cash Stocks
1.1
Bonds Other
0.0 1.9
12-04-84
Actual Fees:
Mgt:0.78% Dist: .
U.K.
31
France
7 6
Fidelity Management & Research Company
Expense Projections: Income Distribution:
3Yr:$325 Annually
5Yr:$563 10Yr:$1248
96.9
FMR Co., Inc. (FMRC)
Japan 19 Switzerland 8
Germany
Foreign
94.9
(% of Stock)
Fidelity Retail-NTF, CommonWealth NTF
Mutual Funds ß ®
© 2015Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted to be accurate, correct, completeor timely. Pastperformance isnoguarantee of future results.Access updated reports at Toorder reprints, call312-696-6100. mfb.morningstar.com.
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