Fidelity Overseas is run by a talented manager with a prudent, repeatable approach. But increased competition from lower-priced rivals in the foreign large-growth Morningstar Category drop its Morningstar Analyst Rating to Bronze from Silver. Vincent Montemaggiore provides thoughtful, deliberate leadership to the fund. He brings 10-plus years of diverse portfolio management experience to the table, including four years on Fidelity Select Banking FSRBX, which he took over in June 2008, right as the financial crisis began to take hold. That time was especially hard for banks, and the experience left an imprint on how he invests. He saw firsthand the damaging effects that poor balance sheets and fragile business models can have on companies in times of stress, and his investment style reflects that experience. He brings a uniquely introspective mindset to this fund. He keeps journals to track investment theses as well as capture any key lessons learned from mistakes. This constant self-evaluation bodes well for this fund’s future.
Will FOSKX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable FOSKX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the FOSKX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of FOSKX’s parent organization’s priorities and whether they’re in line with investors’ interests.