HDLMY - Fidelity International Capital Appreciation Fund Q1 2025 Commentary
2025-05-06 13:15:00 ET
Summary
- Fidelity® International Capital Appreciation Fund seeks capital growth by investing in non-U.S. stocks, focusing on high-quality growth stocks benefiting from mega trends and strong management teams.
- The fund underperformed in Q1 2025, gaining 2.40% versus the benchmark's 5.29%, with security selection and sector positioning in IT and financials detracting most.
- Despite challenges, the fund's overweight in industrials and strategic picks in materials and communication services sectors contributed positively, with notable gains from Heidelberg Materials and Rolls-Royce Holdings.
- The fund remains focused on steady growers with strong balance sheets, maintaining significant overweights in industrials and selective geographic exposures, while avoiding consumer staples, energy, and health care.