Fund Evaluator:
Fidelity Advisor Emerg Mkts Discv I (FEDIX)
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Fund Details
Fidelity Advisor Emerg Mkts Discv I Overview
Fidelity Advisor Emerg Mkts Discv I (FEDIX) is an actively managed International Equity Diversified Emerging Mkts fund. Fidelity Investments launched the fund in 2011.
The investment seeks capital appreciation. The fund invests at least 80% of assets in securities of issuers in emerging markets and other investments that are tied economically to emerging markets. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.
About Fidelity Advisor Emerg Mkts Discv I (FEDIX)
There are 1 members of the management team with an average tenure of 12.09 years: Greg Lee (2014). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI EM NR USD index with a weighting of 100% and MSCI Emerging Markets SMID NR USD index with a weighting of 100%. Fidelity Advisor Emerg Mkts Discv I has 111 securities in its portfolio. The top 10 holdings constitute 16.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Fidelity Advisor Emerg Mkts Discv I is part of the Equity global asset class and is within the International Equity fund group. Fidelity Advisor Emerg Mkts Discv I has 97.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.4%. There is 97.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity Advisor Emerg Mkts Discv I has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $697 million in total assets, which is below the $967 million average for the Diversified Emerging Mkts category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FEDIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity Advisor Emerg Mkts Discv I expense ratio is high compared to funds in the Diversified Emerging Mkts category. Fidelity Advisor Emerg Mkts Discv I has an expense ratio of 1.01%, which is 13% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity Advisor Emerg Mkts Discv I has a portfolio turnover rate of 38%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 68% for the Diversified Emerging Mkts category.
Recently, in the month of July 2026, Fidelity Advisor Emerg Mkts Discv I returned -1.1%, which earned it a grade of A, as the Diversified Emerging Mkts category had an average return of -4.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Fidelity Advisor Emerg Mkts Discv I has a trailing yield of 2.54%, which is above the 1.72% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Fidelity Advisor Emerg Mkts Discv I Grades
Year to date, the fund has returned 17.6%, 1.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 32.8% over the past year (grade of D), 15.3% over the past three years (grade of D) and 8.7% per year over the past five years (grade of B) and 10.0% per year over the past 10 years (grade of B).
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FEDIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FEDIX Return (NAV) | -1.1% | 0.0% | 32.8% | 15.3% | 8.7% | 10.0% |
| FEDIX Grade | A | F | D | D | B | B |
| +/- Category | 3.8% | -2.4% | -3.1% | -2.6% | 2.2% | 1.3% |
| Diversified Emerging Mkts Avg | -4.9% | 2.4% | 35.9% | 17.9% | 6.5% | 8.7% |
| FEDIX Tax Cost Ratio | na | na | 1.4% | 1.1% | 1.3% | 0.9% |
FEDIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FEDIX Return (NAV) | 17.6% | 31.9% | -3.6% | 20.8% | -11.8% | 6.7% | 16.9% | 19.6% | -18.9% | 37.6% | 10.2% |
| FEDIX Grade | D | C | F | A | A | A | D | D | D | C | B |
| +/- Category | -1.4% | 0.4% | -9.8% | 8.6% | 10.8% | 7.0% | -4.7% | -2.2% | -2.5% | 0.9% | 1.6% |
| Diversified Emerging Mkts Avg | 19.1% | 31.4% | 6.2% | 12.1% | -22.6% | -0.2% | 21.6% | 21.9% | -16.4% | 36.6% | 8.6% |
| Risk Measures | |
| Standard Deviation: | 14.6% |
| Total Risk Index: | 1.19 - Above Average |
| Category Risk Index: | 0.87 - Low |
| Category Risk Grade: | A (19% Rank) |
| Beta: | 0.92 |
| R-Squared: | 76% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.5% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1486 Mil |
| Fund Total Assets: | $ 697 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 38% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 12.1 years | |||
| Average Tenure: 12.1 years | |||
| Managers (Year): Lee Greg (2014) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 111 |
| % in Top 10 Holdings: | 16.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 97.2% |
Portfolio Allocation |
|
| Domestic Stock: | 2.4% |
| Foreign Stock: | 97.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.5% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 877-208-0098 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | November 1, 2011 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.01% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.16% |
| Share Class: | Fidelity Emerging Markets Discovery |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
