Fund Evaluator:

Fidelity Advisor Europe Z Overview

Fidelity Advisor Europe Z (FIQHX) is an actively managed International Equity Europe Stock fund. Fidelity Investments launched the fund in 2018.

The investment seeks growth of capital over the long term. The fund normally invests at least 80% of assets in securities of European issuers and other investments that are tied economically to Europe. It normally invests primarily in common stocks and allocates investment across different European countries. 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 Europe Z (FIQHX)

There are 1 members of the management team with an average tenure of 4.73 years: Faris Rahman (2021). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: MSCI Europe NR USD index with a weighting of 100%. Fidelity Advisor Europe Z has 91 securities in its portfolio. The top 10 holdings constitute 32.3% 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 Europe Z is part of the Equity global asset class and is within the International Equity fund group. Fidelity Advisor Europe Z has 95.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.1%. There is 95.3% 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 Europe Z has 2.3% of the portfolio in cash.

Assets Under Management

The fund has $7 million in total assets, which is below the $1 billion average for the Europe Stock 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.

FIQHX 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 Europe Z expense ratio is above average compared to funds in the Europe Stock category. Fidelity Advisor Europe Z has an expense ratio of 0.67%, which is 29% 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 Europe Z has a portfolio turnover rate of 51%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 108% for the Europe Stock category.

Recently, in the month of June 2026, Fidelity Advisor Europe Z returned 1.7%, which earned it a grade of A, as the Europe Stock category had an average return of 0.1%. 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 Europe Z has a trailing yield of 2.27%, which is above the 2.15% 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 Europe Z Grades

Year to date, the fund has returned 9.1%, 1.4 percentage points better than the category, which translates into a grade of A. The fund has returned 17.4% over the past year (grade of B), 17.3% over the past three years (grade of C) and 6.6% per year over the past five years (grade of D) and 9.2% per year over the past 10 years (grade of D).

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