Fund Evaluator:
Fidelity Intl Real Estate (FIREX)
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Best Performing in Global Real Estate Over the Last Year
| 15.8% | American Century Global Real Estate Y (ARYYX) |
| 15.3% | American Century Global Real Estate Inv (ARYVX) |
| 14.8% | PGIM Global Real Estate Z (PURZX) |
| 13.9% | PGIM Select Real Estate Z (SREZX) |
| 13.6% | iShares Developed Real Estate Idx Inv A (BARDX) |
Fund Details
Fidelity Intl Real Estate Overview
Fidelity Intl Real Estate (FIREX) is an actively managed Sector Equity Global Real Estate fund. Fidelity Investments launched the fund in 2004.
The investment seeks capital appreciation. The fund normally invests primarily in non-U.S. securities. It invests primarily in common stocks. The fund invests at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments. It is non-diversified.
About Fidelity Intl Real Estate (FIREX)
There are 1 members of the management team with an average tenure of 16.26 years: Guillermo De Las Casas (2010). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI EAFE NR USD index with a weighting of 100% and FTSE EPRA Nareit Dv ex NA TR USD index with a weighting of 100%. Fidelity Intl Real Estate has 91 securities in its portfolio. The top 10 holdings constitute 39.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Fidelity Intl Real Estate is part of the Equity global asset class and is within the Sector Equity fund group. Fidelity Intl Real Estate has 94.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.5%. There is 94.7% 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 Intl Real Estate has 2.3% of the portfolio in cash.
Assets Under Management
The fund has $149 million in total assets, which is below the $200 million average for the Global Real Estate 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.
FIREX 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 Intl Real Estate expense ratio is high compared to funds in the Global Real Estate category. Fidelity Intl Real Estate has an expense ratio of 0.88%, which is 24% 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 Intl Real Estate has a portfolio turnover rate of 77%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 72% for the Global Real Estate category.
Recently, in the month of June 2026, Fidelity Intl Real Estate returned -1.8%, which earned it a grade of F, as the Global Real Estate category had an average return of 0.9%. 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 Intl Real Estate has a trailing yield of 3.06%, which is above the 2.90% category average. The fund normally distributes its income none.
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 Intl Real Estate Grades
Year to date, the fund has returned -3.1%, 11.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 1.2% over the past year (grade of F), 4.5% over the past three years (grade of F) and -3.1% per year over the past five years (grade of F) and 3.7% per year over the past 10 years (grade of D).
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FIREX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FIREX Return (NAV) | -1.8% | 0.2% | 1.2% | 4.5% | -3.1% | 3.7% |
| FIREX Grade | F | F | F | F | F | D |
| +/- Category | -2.7% | -7.5% | -9.4% | -4.2% | -4.2% | -0.6% |
| Global Real Estate Avg | 0.9% | 7.7% | 10.7% | 8.7% | 1.1% | 4.3% |
| FIREX Tax Cost Ratio | na | na | 0.8% | 0.9% | 1.0% | 1.0% |
FIREX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FIREX Return (NAV) | -3.1% | 22.8% | -9.5% | 4.0% | -26.7% | 11.9% | 5.7% | 27.9% | -6.1% | 26.7% | -1.6% |
| FIREX Grade | F | A | F | F | D | F | A | B | D | A | F |
| +/- Category | -11.4% | 13.6% | -10.1% | -6.4% | -0.8% | -13.0% | 7.5% | 2.5% | -0.3% | 12.9% | -4.6% |
| Global Real Estate Avg | 8.3% | 9.3% | 0.6% | 10.4% | -25.8% | 24.9% | -1.8% | 25.4% | -5.9% | 13.8% | 3.0% |
| Risk Measures | |
| Standard Deviation: | 16.2% |
| Total Risk Index: | 1.33 - Above Average |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (59% Rank) |
| Beta: | 0.88 |
| R-Squared: | 47% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 3.1% |
| Dividend Distribution: | None |
| Cap Gains Distribution: | None |
| Total Assets: | $322 Mil |
| Fund Total Assets: | $ 150 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 77% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 16.3 years | |||
| Average Tenure: 16.3 years | |||
| Managers (Year): De Las Casas Guillermo (2010) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 91 |
| % in Top 10 Holdings: | 39.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 94.7% |
Portfolio Allocation |
|
| Domestic Stock: | 1.5% |
| Foreign Stock: | 94.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.5% |
| Cash: | 2.3% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-8544 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | September 8, 2004 |
| 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 (%): | 0.88% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.16% |
| Share Class: | Fidelity Intl Real Estate |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
