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LIN - Fidelity International Growth Fund Q2 2024 Quarterly Review
Linde plc
2024-07-31 00:20:00 ET
Summary
For the three months ending June 30, 2024, the fund's Retail Class shares returned -1.88%, trailing the -0.67% result of the benchmark MSCI EAFE Growth Index.
The biggest individual detractor was our outsized stake in Japan's Lasertec (-22%).
An underweight and good picks in Japan notably contributed for the quarter, as did non-benchmark exposure to Taiwan and favorable positioning in Sweden.
Market projections point toward more rate cuts in 2024, including from the U.S. Federal Reserve and Bank of England, but the timing and pace of easing is significantly diminished compared with expectations entering the year.