Fidelity International Discovery Fund Q1 2026 Commentary
For Q1 2026, the Fidelity International Discovery Fund's Retail Class shares posted a return of -2.07%, underperforming the MSCI EAFE Index, which declined by -1.17%. The global economy showed uneven expansion amid mixed policy environments, with most sectors in the index ending the quarter in negative territory. Stock selections in materials and underweight positions in energy and utilities contributed to the fund's relative weakness. The fund maintains a long-term focus on high-quality non-U.S. equities for capital growth.
- ▪Fidelity International Discovery Fund's Retail Class returned -2.07% in the first quarter of 2026.
- ▪The fund underperformed its benchmark, the MSCI EAFE Index (Net MA), which returned -1.17% over the same period.
- ▪Eight of the eleven sectors in the MSCI EAFE Index finished the quarter with negative returns.
- ▪Negative contributions came from stock picks in the materials sector and underweight allocations to energy and utilities.
- ▪The fund invests primarily in non-U.S. equities with a long-term focus on capital growth through high-quality companies.
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