Fund Evaluator:

Fidelity Advisor China Region Z Overview

Fidelity Advisor China Region Z (FIQFX) is an actively managed International Equity Greater China Region fund. Fidelity Investments launched the fund in 2018.

The investment seeks long-term growth of capital. The fund normally invests at least 80% of assets in securities of Hong Kong, Taiwanese, and Chinese issuers and other investments that are tied economically to the China region. It normally invests primarily in common stocks. The fund allocates investments across different China region countries. It invests up to 35% of total assets in any industry that accounts for more than 20% of the Hong Kong, Taiwanese, and Chinese market. The fund uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

About Fidelity Advisor China Region Z (FIQFX)

There are 2 members of the management team with an average tenure of 6.83 years: Ivan Xie (2018), Peifang Sun (2021). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI Golden Dragon NR USD index with a weighting of 100% and MSCI EM NR USD index with a weighting of 100%. Fidelity Advisor China Region Z has 91 securities in its portfolio. The top 10 holdings constitute 50.4% 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 China Region Z is part of the Equity global asset class and is within the International Equity fund group. Fidelity Advisor China Region Z has 91.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 5.0%. There is 91.1% 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 China Region Z has 3.2% of the portfolio in cash.

Assets Under Management

The fund has $474 million in total assets, which is above the $88 million average for the Greater China Region 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.

FIQFX 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 China Region Z expense ratio is above average compared to funds in the Greater China Region category. Fidelity Advisor China Region Z has an expense ratio of 0.77%, which is 39% lower than its category average, making the fund expense ratio grade a A. 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 China Region Z has a portfolio turnover rate of 34%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 73% for the Greater China Region category.

Recently, in the month of June 2026, Fidelity Advisor China Region Z returned 2.0%, which earned it a grade of B, as the Greater China Region category had an average return of 1.4%. 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 China Region Z has a trailing yield of 1.51%, which is below the 1.81% category average. The fund normally distributes its income 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 China Region Z Grades

Year to date, the fund has returned 37.6%, 24.2 percentage points better than the category, which translates into a grade of A. The fund has returned 72.4% over the past year (grade of A), 33.6% over the past three years (grade of A) and 8.8% per year over the past five years (grade of A) and 15.2% per year over the past 10 years (grade of A).

For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.

Otherwise, for more information about Fidelity Advisor China Region Z, including its riskiness, submit your email to unlock the rest of the article.