Fidelity International Real Estate Fund Q1 2026 Commentary
The Fidelity International Real Estate Fund's Retail Class shares returned -3.31% in Q1 2026, outperforming the international real estate sector index but underperforming the MSCI EAFE Index. Security selection, particularly in Singapore, contributed to relative outperformance. The fund avoided certain Japanese real estate developers lacking long-term growth potential. It maintains a focus on non-U.S. real estate securities for capital appreciation.
- ▪Fidelity International Real Estate Fund's Retail Class shares returned -3.31% for Q1 2026.
- ▪The fund outperformed the international real estate sector index but lagged the MSCI EAFE Index, which returned -1.17%.
- ▪Security selection in Singapore contributed positively to the fund's relative performance.
- ▪The fund avoided large Japanese real estate developers that did not meet its long-term growth criteria.
- ▪The fund invests primarily in non-U.S. real estate companies with a goal of capital appreciation.
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