Fund Evaluator:
Fidelity Japan Smaller Companies (FJSCX)
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Best Performing in Japan Stock Over the Last Year
| 40.9% | Fidelity Advisor Japan Z (FIQLX) |
| 40.7% | Fidelity Japan (FJPNX) |
| 34.2% | GMO-Usonian Japan Value Creation I (GMIIX) |
| 33.4% | Fidelity Japan Smaller Companies (FJSCX) |
| 31.5% | Commonwealth Japan (CNJFX) |
Fund Details
Fidelity Japan Smaller Companies Overview
Fidelity Japan Smaller Companies (FJSCX) is an actively managed International Equity Japan Stock fund. Fidelity Investments launched the fund in 1995.
The investment seeks long-term growth of capital. The fund invests at least 80% of assets in securities of Japanese issuers, and other investments that are tied economically to Japan, with smaller market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell/Nomura Mid-Small CapTM Index or the JASDAQ Index). It invests in securities of Japanese issuers with larger market capitalizations. 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 Japan Smaller Companies (FJSCX)
There are 1 members of the management team with an average tenure of 4.39 years: Masaki Nakamura (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI Japan NR USD index with a weighting of 100% and Russell/Nomura Mid Small TR USD index with a weighting of 100%. Fidelity Japan Smaller Companies has 90 securities in its portfolio. The top 10 holdings constitute 23.7% 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 Smaller Companies is part of the Equity global asset class and is within the International Equity fund group. Fidelity Japan Smaller Companies has 97.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 97.1% 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 Smaller Companies has 2.9% of the portfolio in cash.
Assets Under Management
The fund has $460 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.
FJSCX 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 Smaller Companies expense ratio is high compared to funds in the Japan Stock category. Fidelity Japan Smaller Companies has an expense ratio of 0.85%, which is 11% lower than its category average, making the fund expense ratio grade a C. 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 Smaller Companies has a portfolio turnover rate of 42%, 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 Smaller Companies returned 3.4%, 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 Smaller Companies has a trailing yield of 2.86%, which is below 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 Smaller Companies Grades
Year to date, the fund has returned 25.1%, 5.9 percentage points better than the category, which translates into a grade of B. The fund has returned 33.4% over the past year (grade of B), 21.4% over the past three years (grade of B) and 10.7% per year over the past five years (grade of A) and 9.6% per year over the past 10 years (grade of C).
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FJSCX 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 |
|
| FJSCX Return (NAV) | 3.4% | 18.5% | 33.4% | 21.4% | 10.7% | 9.6% |
| FJSCX Grade | A | A | B | B | A | C |
| +/- Category | 3.3% | 4.5% | 1.6% | 1.2% | 2.2% | -0.1% |
| Japan Stock Avg | 0.1% | 14.0% | 31.8% | 20.2% | 8.5% | 9.7% |
| FJSCX Tax Cost Ratio | na | na | 3.9% | 1.9% | 1.7% | 1.4% |
FJSCX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FJSCX Return (NAV) | 25.1% | 26.5% | 8.1% | 15.2% | -14.5% | -0.5% | 4.8% | 21.9% | -15.9% | 35.7% | 8.8% |
| FJSCX Grade | B | D | B | D | A | C | F | D | F | A | B |
| +/- Category | 5.9% | -1.6% | -0.7% | -0.6% | 7.0% | 1.6% | -18.0% | -1.4% | -2.0% | 2.4% | 3.0% |
| Japan Stock Avg | 19.2% | 28.1% | 8.8% | 15.8% | -21.5% | -2.1% | 22.9% | 23.3% | -13.9% | 33.3% | 5.8% |
| Risk Measures | |
| Standard Deviation: | 15.4% |
| Total Risk Index: | 1.27 - Above Average |
| Category Risk Index: | 1.03 - Average |
| Category Risk Grade: | C (59% Rank) |
| Beta: | 0.95 |
| R-Squared: | 73% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 2.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $460 Mil |
| Fund Total Assets: | $ 461 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 42% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 4.4 years | |||
| Average Tenure: 4.4 years | |||
| Managers (Year): Nakamura Masaki (2022) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 90 |
| % in Top 10 Holdings: | 23.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 97.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 97.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.9% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-8544 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | November 1, 1995 |
| 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 (%): | 0.85% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.96% |
| Share Class: | Fidelity Japan Smaller Companies |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
