Fund Evaluator:

Fidelity Nordic Overview

Fidelity Nordic (FNORX) is an actively managed International Equity Focused Region fund. Fidelity Investments launched the fund in 1995.

The investment seeks long-term growth of capital. The fund normally invests at least 80% of assets in securities of Danish, Finnish, Norwegian, and Swedish issuers and other investments that are tied economically to the Nordic region. It normally invests primarily in common stocks and allocates investments across different Nordic countries. The fund invests up to 35% of total assets in any industry that accounts for more than 20% of the Nordic market. It 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 Nordic (FNORX)

There are 1 members of the management team with an average tenure of 4.67 years: Allyson Ke (2021). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: FTSE Capped Nordic TR USD index with a weighting of 100%. Fidelity Nordic has 78 securities in its portfolio. The top 10 holdings constitute 45.3% 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 Nordic is part of the Equity global asset class and is within the International Equity fund group. Fidelity Nordic has 97.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 97.9% 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 Nordic has 2.1% of the portfolio in cash.

Assets Under Management

The fund has $350 million in total assets, which is below the $957 million average for the Focused Region 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.

FNORX 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 Nordic expense ratio is high compared to funds in the Focused Region category. Fidelity Nordic has an expense ratio of 0.86%, which is 16% 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 Nordic has a portfolio turnover rate of 49%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 36% for the Focused Region category.

Recently, in the month of June 2026, Fidelity Nordic returned -4.4%, which earned it a grade of F, as the Focused Region category had an average return of -2.2%. 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 Nordic has a trailing yield of 3.26%, which is above the 2.42% 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 Nordic Grades

Year to date, the fund has returned 8.2%, 6.3 percentage points worse than the category, which translates into a grade of C. The fund has returned 13.4% over the past year (grade of D), 12.9% over the past three years (grade of D) and 5.6% per year over the past five years (grade of D) and 10.0% per year over the past 10 years (grade of C).

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