Fund Evaluator:

Fidelity Advisor Low-Priced Stock Z Overview

Fidelity Advisor Low-Priced Stock Z (FLPGX) is an actively managed International Equity Global Small/Mid Stock fund. Fidelity Investments launched the fund in 2024.

The investment seeks capital appreciation. The fund normally invests primarily in common stocks and invests at least 80% of its assets in low-priced stocks (those priced at or below $35 per share or with an earnings yield at or above the median for the Russell 2000 ® Index), which can lead to investments in small and medium-sized companies. It potentially invests in stocks not considered low-priced and in domestic and foreign issuers. The fund invests in either "growth" stocks or "value" stocks or both.

About Fidelity Advisor Low-Priced Stock Z (FLPGX)

There are 2 members of the management team with an average tenure of 9.73 years: Morgen Peck (2016), Sam Chamovitz (2017). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2000 TR USD index with a weighting of 100%. Fidelity Advisor Low-Priced Stock Z has 561 securities in its portfolio. The top 10 holdings constitute 11.8% 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 Advisor Low-Priced Stock Z is part of the Equity global asset class and is within the International Equity fund group. Fidelity Advisor Low-Priced Stock Z has 36.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 60.2%. There is 36.8% 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 Low-Priced Stock Z has 3.1% of the portfolio in cash.

Assets Under Management

The fund has $154 million in total assets, which is below the $892 million average for the Global Small/Mid 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.

FLPGX 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 Low-Priced Stock Z expense ratio is high compared to funds in the Global Small/Mid Stock category. Fidelity Advisor Low-Priced Stock Z has an expense ratio of 0.80%, which is 36% 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 Low-Priced Stock Z has a portfolio turnover rate of 22%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 57% for the Global Small/Mid Stock category.

Recently, in the month of July 2026, Fidelity Advisor Low-Priced Stock Z returned 3.1%, which earned it a grade of A, as the Global Small/Mid Stock category had an average return of -2.0%. 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 Low-Priced Stock Z has a trailing yield of 2.10%, which is above the 1.34% category average.

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 Low-Priced Stock Z Grades

Year to date, the fund has returned 15.4%, 4.5 percentage points better than the category, which translates into a grade of B. The fund has returned 23.2% over the past year (grade of B), 14.5% over the past three years (grade of A) and 9.8% per year over the past five years (grade of A) and 11.4% per year over the past 10 years (grade of A).

For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.

Otherwise, for more information about Fidelity Advisor Low-Priced Stock Z, including its riskiness, submit your email to unlock the rest of the article.