Fund Evaluator:

Fidelity Advisor Intl Small Cap Z Overview

Fidelity Advisor Intl Small Cap Z (FIQIX) is an actively managed International Equity Foreign Small/Mid Blend fund. Fidelity Investments launched the fund in 2018.

The investment seeks capital appreciation. The fund invests primarily in non-U.S. securities, including securities of issuers located in emerging markets. It invests at least 80% of assets in securities of companies with small market capitalizations. The fund invests primarily in common stocks. It allocates investments across different countries and regions. The advisor 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 Intl Small Cap Z (FIQIX)

There are 1 members of the management team with an average tenure of 4.62 years: David Jenkins (2021). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: MSCI ACWI Ex USA Small NR USD index with a weighting of 100%. Fidelity Advisor Intl Small Cap Z has 185 securities in its portfolio. The top 10 holdings constitute 10.9% 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 Intl Small Cap Z is part of the Equity global asset class and is within the International Equity fund group. Fidelity Advisor Intl Small Cap Z has 94.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.8%. There is 94.6% 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 Intl Small Cap Z has 2.6% of the portfolio in cash.

Assets Under Management

The fund has $2 billion in total assets, which is above the $543 million average for the Foreign Small/Mid Blend 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.

FIQIX 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 Intl Small Cap Z expense ratio is high compared to funds in the Foreign Small/Mid Blend category. Fidelity Advisor Intl Small Cap Z has an expense ratio of 0.83%, which is 27% 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 Intl Small Cap Z has a portfolio turnover rate of 24%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 63% for the Foreign Small/Mid Blend category.

Recently, in the month of June 2026, Fidelity Advisor Intl Small Cap Z returned -1.6%, which earned it a grade of A, as the Foreign Small/Mid Blend category had an average return of -2.4%. 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 Intl Small Cap Z has a trailing yield of 3.16%, which is above the 2.71% 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 Intl Small Cap Z Grades

Year to date, the fund has returned 9.5%, 1.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 14.3% over the past year (grade of D), 14.2% over the past three years (grade of D) and 6.8% per year over the past five years (grade of C) and 9.4% per year over the past 10 years (grade of B).

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