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23 Morningstar FundInvestor May 2016
Data through April 30, 2016 FINRA members: For internal or institutional use only.
Fidelity® International Growth Ticker
FIGFX
Yield
0.7%
Total Assets
$1,659 mil
Mstar Category
Foreign Large Growth
Benchmark 1: MSCI ACWI Ex USA Growth NR USD
Benchmark 2: MSCI ACWI Ex USA NR USD
Morningstar Analyst Rating 04-11-16
´
Morningstar Pillars
Process ∞ Positive
Performance ∞ Positive
People ∞ Positive
Parent ∞ Positive
Price ∞ Positive
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 „ ´ ‰ Á
Pillar Spectrum
∞ Positive § Negative ¶ Neutral
10.0
12.0
8.0
6.0
Historical Profile
Return
Risk
Rating
High
Below Avg
QQQQQ
Highest
7 7 7 7 7 7 7 7 Investment Style
Equity
Growth of $10,000
Investment Values of
Fund
Investment Values of
Benchmark 1
& ( & & * * * & * Performance Quartile
(within Category)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 04-16 History
. 9.56 5.54 7.48 8.67 7.81 9.25 11.24 10.80 11.14 11.03 NAV
. . -41.29 36.50 16.94 -8.95 19.77 22.18 -3.13 3.93 -0.99 Total Return %
. . 4.32 -2.17 2.49 5.25 3.10 6.69 -0.48 5.19 -2.16 +/- Bmark 1
. . 4.23 -4.95 5.79 4.76 2.94 6.89 0.74 9.60 -3.23 +/- Bmark 2
. . 0.67 1.03 0.87 0.91 1.24 0.54 0.81 0.72 0.00 Income Return %
. . -41.96 35.47 16.07 -9.86 18.53 21.63 -3.94 3.21 -0.99 Capital Return %
. . 10 55 24 23 29 26 37 17 43 Total Rtn % Rank Cat
. 0.01 0.06 0.06 0.07 0.08 0.10 0.05 0.09 0.08 0.00 Income $
. . 0.00 0.03 0.01 0.01 0.01 0.01 0.00 0.01 0.00 Capital Gains $
. . 2.35 2.19 1.89 1.52 1.28 1.13 1.04 0.97 . Expense Ratio %
. . 1.05 1.09 0.99 1.17 1.24 1.11 1.14 0.94 . Income Ratio %
. . 115 116 87 68 32 32 27 26 . Turnover Rate %
. 14 15 22 37 52 168 472 628 948 989 Net Assets $mil
Performance 04-30-16
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total
2012 13.06 -4.30 6.04 4.40 19.77
2013 6.38 -1.93 9.33 7.12 22.18
2014 -1.16 3.15 -4.45 -0.56 -3.13
2015 6.48 0.70 -7.43 4.71 3.93
2016 -2.15 — — — —
Trailing Total
Return%
+/- Bmark
1
+/- Bmark
2
%Rank
Cat
Growth of
$10,000
3 Mo 4.85 -2.98 -4.86 56 10,485
6 Mo -2.34 -1.09 -0.59 39 9,766
1 Yr -5.41 3.27 5.87 22 9,459
3 Yr Avg 3.57 2.16 3.59 23 11,110
5 Yr Avg 4.12 3.23 4.25 11 12,237
10 Yr Avg — — — — —
15 Yr Avg — — — — —
Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated) 3.42 13 0.15 19
5 Yr (estimated) 3.91 6 0.20 25
10 Yr (estimated) — — — —
Potential Capital Gain Exposure: 3% of assets
Rating and Risk
Time
Period
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
Morningstar
Risk-Adj Rating
1 Yr -5.41
3 Yr 3.57 +Avg -Avg QQQQ
5 Yr 4.12 High -Avg QQQQQ
10 Yr — — — —
Incept 2.07
Other Measures Standard Index Best Fit Index
Alpha 3.5 0.8
Beta 0.82 0.90
R-Squared 87 95
Standard Deviation 11.79
Mean 3.57
Sharpe Ratio 0.35
Portfolio Analysis 03-31-16
Total Stocks: 94
Share change since 02-29-16 Sector Country % Assets
TNestle SA Cnsmr Def Switzerland 5.05
TRoche Holding AG Dividend Hlth Care Switzerland 3.54
TAnheuser-Busch Inbev SA Cnsmr Def Belgium 3.48
TReckitt Benckiser Group P Cnsmr Def United Kingdom 3.25
TCSL Ltd Hlth Care Australia 2.94
Novartis AG Hlth Care Switzerland 2.78
TIndustria De Diseno Texti Cnsmr Cyc Spain 2.72
TNovo Nordisk A/S ADR Hlth Care Denmark 2.67
TAssa Abloy AB B Basic Mat Sweden 2.45
TInterContinental Hotels G Cnsmr Cyc United Kingdom 2.39
TAstellas Pharma Inc Hlth Care Japan 2.04
TVisa Inc Class A Finan Svcs United States 2.01
TMasterCard Inc A Finan Svcs United States 1.98
TAIA Group Ltd Finan Svcs Hong Kong 1.89
TSAP SE Technology Germany 1.83
TDenso Corp Cnsmr Cyc Japan 1.74
TAlphabet Inc A Technology United States 1.65
TCRH PLC ADR Basic Mat United States 1.53
TPrudential PLC Finan Svcs United Kingdom 1.42
TAutoliv Inc Cnsmr Cyc Sweden 1.41
Current Investment Style
Large Mid Small
Value Blend Growth Market Cap %
Giant 60.3
Large 21.0
Mid 16.0
Small 2.7
Micro 0.0
Avg $mil:
37,380
Value Measures Rel Category
Price/Earnings 20.04 1.09
Price/Book 2.93 1.11
Price/Sales 2.53 1.43
Price/Cash Flow 10.28 1.08
Dividend Yield % 2.29 1.02
Growth Measures % Rel Category
Long-Term Erngs 9.47 0.85
Book Value 8.40 1.41
Sales 3.83 1.74
Cash Flow 7.57 1.05
Historical Erngs 13.37 1.58
Composition - Net
Cash 2.3 Bonds 0.0
Stocks 97.7 Other 0.0
Foreign (% of Stock) 80.0
Sector
Weightings
% of
Stocks
Rel
Bmark 1
h Cyclical 39.02 1.10
r BasicMat 7.49 1.09
t CnsmrCyc 14.79 1.05
y FinanSvcs 14.16 1.26
u Real Est 2.58 0.78
j Sensitive 21.88 0.68
i CommSrvs 0.30 0.06
o Energy 0.39 0.17
p Industrl 9.70 0.84
a Technlgy 11.49 0.83
k Defensive 39.09 1.22
s CnsmrDef 20.68 1.09
d Hlthcare 18.41 1.56
f Utilities 0.00 0.00
Regional Exposure % Stock
UK/W. Europe 53 N. America 20
Japan 14 Latn America 1
Asia X Japan 10 Other 2
Country Exposure % Stock
United States 20
UK 14
Japan 14
Switzerland 14
Sweden 6
Morningstar's Take by Katie Rushkewicz Reichart, CFA 04-11-16
Fidelity International Growth has done well under
manager Jed Weiss, who has run the fund since its
late-2007 inception. His focus on multiyear structural
growthstorieshascoincidedwiththe fund's relatively low
turnoveranda tame riskprofile.Aconsistentstrategyand
below-average fees also contribute to the fund's
Morningstar Analyst Rating of Bronze.
After joining Fidelity in 1997, Weiss made the rounds
as an analyst before taking over this fund. It has less than
$2 billion in assets, but Weiss is running considerably
moremoney intheFidelitySeriesversionofthe fund(used
exclusively in the firm's target-date funds), so the
strategy's assets are closer to $14 billion.
Weiss also has a strong record dating back to 2008
at Fidelity International Small Cap Opportunities FSCOX,
an interesting complement given this fund's large-cap
focus. His assignments across the market-cap spectrum
could demand more time than the average manager, but
they also give him more market perspective. This fund
recently had slightly higher small- and mid-cap exposure
than its MSCI EAFE Growth benchmark, and those picks
have added to performance overall. Still, this fund's asset
base and large-cap focus limit how heavily Weiss will
invest in those types of names here, especially in the
wake of further asset growth.
Weiss' stock-picking has been good across several
sectors during his tenure, according to attribution,
indicating that he's using Fidelity's large global research
teamwell. He has built an impressive record thus far: The
fund's 2% annualized gain from his 2007 start through
March 2016 outpaces 93% of its peers in the foreign
large-growth Morningstar Category and beats the
benchmark, which is slightly in the red during that period.
The fund has maintained its edge on a risk-adjusted basis
thanks to its tendency to lose less than the benchmark
and peers in market pullbacks.
Weiss invests more than $1 million in the fund,
further supporting its Bronze rating. He's shown good
results thus far, but his biggest challenge may be
continuing to perform well if assets grow.
Address: Fidelity Investment Trust Minimum Purchase: $2500 Add: — IRA: $2500
Boston, MA 02109 Min Auto Inv Plan: — Add: —
800-544-8544 Sales Fees: No-load, 1.00%R
Web Address: Management Fee: 0.45%
Inception: 11-01-07 Actual Fees: Mgt:0.71% Dist:—
Advisor: Fidelity Management & Research Company Expense Projections: 3Yr:$309 5Yr:$536 10Yr:$1190
Subadvisor: FMR Investment Management (U.K.) Limited Income Distribution: Annually
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