Fund Evaluator:

Fidelity SAI Intl SMA Cmpltn Overview

Fidelity SAI Intl SMA Cmpltn (FISZX) is an actively managed International Equity Foreign Large Growth fund. Fidelity Investments launched the fund in 2019.

The investment seeks capital growth. The fund normally invests primarily in non-U.S. securities, including securities of issuers located in emerging markets. It normally invests primarily in equity securities. The advisor 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 SAI Intl SMA Cmpltn (FISZX)

There are 2 members of the management team with an average tenure of 7.31 years: Timothy Gannon (2019), William Bower (2019). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: MSCI EAFE NR USD index with a weighting of 100%. Fidelity SAI Intl SMA Cmpltn has 48 securities in its portfolio. The top 10 holdings constitute 60.0% 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 SAI Intl SMA Cmpltn is part of the Equity global asset class and is within the International Equity fund group. Fidelity SAI Intl SMA Cmpltn has 88.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.8%. There is 88.7% 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 SAI Intl SMA Cmpltn has 10.5% of the portfolio in cash.

Assets Under Management

The fund has $2 billion in total assets, which is above the $1 billion average for the Foreign Large Growth 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.

FISZX 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 SAI Intl SMA Cmpltn expense ratio is low compared to funds in the Foreign Large Growth category. Fidelity SAI Intl SMA Cmpltn has an expense ratio of 0.00%, which is 100% 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 SAI Intl SMA Cmpltn has a portfolio turnover rate of 52%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Foreign Large Growth category.

Recently, in the month of July 2026, Fidelity SAI Intl SMA Cmpltn returned -7.5%, which earned it a grade of F, as the Foreign Large Growth category had an average return of -2.7%. 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 SAI Intl SMA Cmpltn has a trailing yield of 1.60%, which is above the 0.95% 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 SAI Intl SMA Cmpltn Grades

Year to date, the fund has returned 20.1%, 13.6 percentage points better than the category, which translates into a grade of A. The fund has returned 35.1% over the past year (grade of A), 19.1% over the past three years (grade of A) and 7.0% per year over the past five years (grade of A).

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