Fund Evaluator:
Fidelity SAI Sustainable Intl Eq (FSSEX)
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Best Performing in Foreign Large Blend Over the Last Year
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Fund Details
Fidelity SAI Sustainable Intl Eq Overview
Fidelity SAI Sustainable Intl Eq (FSSEX) is an actively managed International Equity Foreign Large Blend fund. Fidelity Investments launched the fund in 2022.
The investment seeks long-term growth of capital. The fund normally invests at least 80% of assets in equity securities of companies that Fidelity Management & Research Company LLC (FMR) (the Adviser) believes have proven or improving sustainability practices based on an evaluation of such companies’ individual environmental, social, and governance (ESG) profile. It normally invests primarily in non‑U.S. securities.
About Fidelity SAI Sustainable Intl Eq (FSSEX)
There are 1 members of the management team with an average tenure of 4.30 years: William Kennedy (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI EAFE NR USD index with a weighting of 100% and MSCI EAFE SELECT NR USD index with a weighting of 100%. Fidelity SAI Sustainable Intl Eq has 93 securities in its portfolio. The top 10 holdings constitute 35.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Fidelity SAI Sustainable Intl Eq is part of the Equity global asset class and is within the International Equity fund group. Fidelity SAI Sustainable Intl Eq has 94.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.0%. There is 94.2% 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 Sustainable Intl Eq has 3.9% of the portfolio in cash.
Assets Under Management
The fund has $182 million in total assets, which is below the $2 billion average for the Foreign Large Blend 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.
FSSEX 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 Sustainable Intl Eq expense ratio is above average compared to funds in the Foreign Large Blend category. Fidelity SAI Sustainable Intl Eq has an expense ratio of 0.75%, which is 20% 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 SAI Sustainable Intl Eq 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 62% for the Foreign Large Blend category.
Recently, in the month of July 2026, Fidelity SAI Sustainable Intl Eq returned -1.1%, which earned it a grade of F, as the Foreign Large Blend category had an average return of 0.7%. 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 Sustainable Intl Eq has a trailing yield of 2.14%, which is below the 2.17% 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 SAI Sustainable Intl Eq Grades
Year to date, the fund has returned 11.8%, 0.2 percentage points better than the category, which translates into a grade of C. The fund has returned 24.5% over the past year (grade of C) and 15.8% over the past three years (grade of C).
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FSSEX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FSSEX Return (NAV) | -1.1% | 4.2% | 24.5% | 15.8% | na | na |
| FSSEX Grade | F | C | C | C | na | na |
| +/- Category | -1.8% | -0.3% | 0.3% | -0.1% | na | na |
| Foreign Large Blend Avg | 0.7% | 4.4% | 24.2% | 15.9% | 8.4% | 9.1% |
| FSSEX Tax Cost Ratio | na | na | 0.7% | 0.4% | na | na |
FSSEX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FSSEX Return (NAV) | 11.8% | 26.6% | 7.7% | 13.4% | na | na | na | na | na | na | na |
| FSSEX Grade | C | D | A | F | na | na | na | na | na | na | na |
| +/- Category | 0.2% | -3.9% | 2.8% | -2.9% | na | na | na | na | na | na | na |
| Foreign Large Blend Avg | 11.6% | 30.5% | 4.9% | 16.2% | -16.4% | 10.2% | 11.8% | 22.9% | -15.2% | 26.4% | 1.0% |
| Risk Measures | |
| Standard Deviation: | 13.5% |
| Total Risk Index: | 1.10 - Above Average |
| Category Risk Index: | 1.04 - High |
| Category Risk Grade: | F (80% Rank) |
| Beta: | 0.92 |
| R-Squared: | 89% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 2.1% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $182 Mil |
| Fund Total Assets: | $ 183 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 42% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 4.3 years | |||
| Average Tenure: 4.3 years | |||
| Managers (Year): Kennedy William (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 93 |
| % in Top 10 Holdings: | 35.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 94.2% |
Portfolio Allocation |
|
| Domestic Stock: | 2.0% |
| Foreign Stock: | 94.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.9% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 202-371-8300 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | April 14, 2022 |
| 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 (%): | 0.75% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.94% |
| Share Class: | Fidelity SAI Sustainable Intl Eq |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
