Fund Evaluator:

Fidelity Japan Overview

Fidelity Japan (FJPNX) is an actively managed International Equity Japan Stock fund. Fidelity Investments launched the fund in 1992.

The investment seeks long-term growth of capital. The fund normally invests at least 80% of assets in securities of Japanese issuers and other investments that are tied economically to Japan. It normally invests primarily in common stocks and 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 Japan (FJPNX)

There are 1 members of the management team with an average tenure of 12.34 years: Kirk Neureiter (2014). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: TOPIX TR JPY index with a weighting of 100%. Fidelity Japan has 92 securities in its portfolio. The top 10 holdings constitute 29.8% 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 Japan is part of the Equity global asset class and is within the International Equity fund group. Fidelity Japan has 95.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.3%. 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 Japan has 3.6% of the portfolio in cash.

Assets Under Management

The fund has $339 million in total assets, which is above the $219 million average for the Japan 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.

FJPNX 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 Japan expense ratio is above average compared to funds in the Japan Stock category. Fidelity Japan has an expense ratio of 0.74%, which is 23% 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 Japan has a portfolio turnover rate of 39%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 40% for the Japan Stock category.

Recently, in the month of June 2026, Fidelity Japan returned 0.9%, which earned it a grade of A, as the Japan 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 Japan has a trailing yield of 3.46%, which is above the 3.16% 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 Japan Grades

Year to date, the fund has returned 25.9%, 6.7 percentage points better than the category, which translates into a grade of A. The fund has returned 40.7% over the past year (grade of A), 22.6% over the past three years (grade of A) and 10.7% per year over the past five years (grade of B) and 11.6% per year over the past 10 years (grade of A).

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