A Versatile Core International Stock Fund

Katie Reichart: Fidelity International Discovery receives a Morningstar Analyst Rating of Bronze. Manager Bill Kennedy has run the fund since 2004 and has lived in various international markets throughout his career. He also relies on Fidelity's global analyst team, which covers a wide range of companies and helps source ideas across the market-cap spectrum. In fact, the fund typically has an above-average stake in small- and mid-cap companies relative to the MSCI EAFE Index and average foreign large-growth peer.

The fund is diversified across countries and does have some emerging-markets exposure, which was about 10% recently 10%. In particular, Kennedy has sought out opportunities in China and India.

The fund invests in companies with competitive advantages and consistent earnings, so the portfolio typically has above-average quality characteristics. That also comes with above-average price metrics at times.

While the fund has skewed toward growth-oriented names in recent years, with particular preferences for technology and consumer discretionary names, the fund can serve as a core holding.

The fund has done well during Kennedy's tenure versus the benchmark and peers, and its distinctive portfolio helps it stand out.