Quarterly Holdings Report
for
Fidelity® International Discovery Fund
July 31, 2023
IGI-NPRT3-0923
1.804822.119
Common Stocks - 97.2% | |||
Shares | Value ($) (000s) | ||
Australia - 3.7% | |||
Bapcor Ltd. | 5,572,948 | 23,396 | |
EBOS Group Ltd. | 1,672,673 | 40,049 | |
Flight Centre Travel Group Ltd. (a)(b) | 3,499,107 | 54,928 | |
Flutter Entertainment PLC (a) | 521,218 | 103,747 | |
Iperionx Ltd. (a)(c) | 16,527,456 | 11,657 | |
National Storage REIT unit | 41,646,941 | 64,900 | |
TOTAL AUSTRALIA | 298,677 | ||
Bailiwick of Jersey - 0.4% | |||
JTC PLC (d) | 3,616,073 | 33,413 | |
Belgium - 2.0% | |||
Azelis Group NV | 490,100 | 12,663 | |
KBC Group NV | 1,007,321 | 75,816 | |
UCB SA | 823,012 | 72,863 | |
TOTAL BELGIUM | 161,342 | ||
Brazil - 0.6% | |||
MercadoLibre, Inc. (a) | 39,936 | 49,443 | |
Canada - 2.9% | |||
Canadian Natural Resources Ltd. | 1,438,559 | 87,482 | |
Constellation Software, Inc. | 51,211 | 108,195 | |
Definity Financial Corp. | 506,686 | 12,753 | |
Franco-Nevada Corp. | 205,729 | 30,020 | |
Lumine Group, Inc. | 158,876 | 2,522 | |
TOTAL CANADA | 240,972 | ||
China - 3.1% | |||
Alibaba Group Holding Ltd. (a) | 5,217,028 | 66,670 | |
Chervon Holdings Ltd. | 7,803,207 | 29,216 | |
Glodon Co. Ltd. (A Shares) | 6,171,620 | 27,908 | |
Li Ning Co. Ltd. | 3,811,358 | 22,969 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | 758,200 | 31,420 | |
Tencent Holdings Ltd. | 1,591,794 | 73,161 | |
TOTAL CHINA | 251,344 | ||
Denmark - 3.3% | |||
DSV A/S | 394,372 | 78,963 | |
Novo Nordisk A/S Series B | 1,176,803 | 189,762 | |
TOTAL DENMARK | 268,725 | ||
France - 12.3% | |||
Air Liquide SA | 730,750 | 131,384 | |
Airbus Group NV | 489,145 | 72,051 | |
AXA SA | 3,101,358 | 95,332 | |
BNP Paribas SA | 1,381,796 | 91,126 | |
Edenred SA | 1,364,493 | 88,635 | |
EssilorLuxottica SA | 314,416 | 63,242 | |
Exclusive Networks SA | 1,616,563 | 34,482 | |
L'Oreal SA | 195,645 | 91,035 | |
LVMH Moet Hennessy Louis Vuitton SE | 302,250 | 280,720 | |
Pernod Ricard SA | 276,393 | 60,961 | |
TOTAL FRANCE | 1,008,968 | ||
Germany - 4.8% | |||
DHL Group | 1,556,991 | 79,981 | |
Merck KGaA | 359,030 | 63,082 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 174,315 | 65,662 | |
Nexus AG | 562,762 | 35,950 | |
Rheinmetall AG | 136,045 | 38,502 | |
Siemens AG | 461,612 | 78,678 | |
Siemens Healthineers AG (d) | 475,045 | 27,589 | |
TOTAL GERMANY | 389,444 | ||
Hong Kong - 1.4% | |||
AIA Group Ltd. | 11,687,137 | 116,927 | |
Hungary - 0.3% | |||
Richter Gedeon PLC | 850,465 | 21,453 | |
India - 5.4% | |||
Avenue Supermarts Ltd. (a)(d) | 505,358 | 23,061 | |
Campus Activewear Ltd. (a) | 1,643,898 | 6,040 | |
HDFC Bank Ltd. | 10,043,319 | 201,652 | |
HDFC Bank Ltd. sponsored ADR | 1,186,465 | 81,012 | |
ITC Ltd. | 4,656,000 | 26,366 | |
Larsen & Toubro Ltd. | 579,300 | 18,887 | |
One97 Communications Ltd. (a) | 4,023,500 | 39,159 | |
Pine Labs Private Ltd. (a)(e)(f) | 8,672 | 4,633 | |
PVR INOX Ltd. (a) | 649,600 | 12,299 | |
Sona Blw Precision Forgings Ltd. (d) | 2,874,000 | 19,923 | |
Star Health & Allied Insurance Co. Ltd. (a) | 992,200 | 7,678 | |
TOTAL INDIA | 440,710 | ||
Ireland - 2.2% | |||
Cairn Homes PLC | 27,768,466 | 33,819 | |
CRH PLC | 1,123,211 | 66,911 | |
Dalata Hotel Group PLC (a)(c) | 11,172,339 | 52,268 | |
Kingspan Group PLC (Ireland) | 348,509 | 27,973 | |
TOTAL IRELAND | 180,971 | ||
Italy - 3.9% | |||
BFF Bank SpA (d) | 3,154,969 | 35,591 | |
Davide Campari Milano NV | 2,893,514 | 38,909 | |
Ferrari NV | 151,803 | 48,636 | |
FinecoBank SpA | 1,625,451 | 25,226 | |
Prysmian SpA | 800,300 | 31,897 | |
Recordati SpA | 158,575 | 8,186 | |
UniCredit SpA | 4,998,771 | 126,570 | |
TOTAL ITALY | 315,015 | ||
Japan - 18.9% | |||
Advantest Corp. | 261,607 | 35,904 | |
BayCurrent Consulting, Inc. | 577,000 | 18,608 | |
Capcom Co. Ltd. | 1,225,625 | 55,137 | |
Daiichi Sankyo Kabushiki Kaisha | 1,712,619 | 52,748 | |
Eisai Co. Ltd. | 299,900 | 18,922 | |
Fast Retailing Co. Ltd. | 228,673 | 57,158 | |
FUJIFILM Holdings Corp. | 692,538 | 40,146 | |
Hitachi Ltd. | 2,274,914 | 148,681 | |
Hoya Corp. | 1,020,783 | 118,606 | |
Itochu Corp. | 2,615,509 | 105,712 | |
JTOWER, Inc. (a) | 589,544 | 30,044 | |
Keyence Corp. | 125,031 | 56,036 | |
Misumi Group, Inc. | 937,676 | 17,100 | |
Mitsubishi UFJ Financial Group, Inc. | 9,101,298 | 73,286 | |
NOF Corp. | 447,204 | 19,273 | |
ORIX Corp. | 3,761,766 | 72,213 | |
Outsourcing, Inc. | 2,520,506 | 25,698 | |
Persol Holdings Co. Ltd. | 2,287,062 | 45,142 | |
Renesas Electronics Corp. (a) | 5,996,514 | 115,696 | |
Shin-Etsu Chemical Co. Ltd. | 3,250,901 | 107,100 | |
SMC Corp. | 84,953 | 44,278 | |
Sony Group Corp. | 1,195,018 | 111,933 | |
Sumitomo Mitsui Financial Group, Inc. | 1,229,174 | 57,589 | |
TechnoPro Holdings, Inc. | 803,637 | 20,806 | |
TIS, Inc. | 1,356,750 | 34,361 | |
Tokio Marine Holdings, Inc. | 1,758,860 | 40,445 | |
ZOZO, Inc. | 1,355,009 | 26,402 | |
TOTAL JAPAN | 1,549,024 | ||
Korea (South) - 1.2% | |||
Samsung Electronics Co. Ltd. | 1,785,070 | 97,516 | |
Netherlands - 6.1% | |||
Adyen BV (a)(d) | 33,955 | 63,021 | |
ASML Holding NV (Netherlands) | 315,174 | 225,749 | |
BE Semiconductor Industries NV | 721,740 | 86,220 | |
IMCD NV | 225,189 | 34,156 | |
ING Groep NV (Certificaten Van Aandelen) | 3,889,474 | 56,773 | |
Topicus.Com, Inc. (a) | 101,548 | 8,009 | |
Universal Music Group NV | 962,628 | 24,691 | |
TOTAL NETHERLANDS | 498,619 | ||
Russia - 0.0% | |||
Fix Price Group Ltd. GDR (Reg. S) (a)(f) | 619,390 | 229 | |
Spain - 1.3% | |||
CaixaBank SA | 17,998,287 | 72,807 | |
Cie Automotive SA | 1,050,928 | 32,909 | |
TOTAL SPAIN | 105,716 | ||
Sweden - 2.4% | |||
ASSA ABLOY AB (B Shares) | 1,380,789 | 33,198 | |
HEXPOL AB (B Shares) | 1,961,031 | 21,294 | |
Indutrade AB | 2,394,149 | 50,242 | |
Kry International AB (a)(e)(f) | 4,183 | 236 | |
Lagercrantz Group AB (B Shares) | 2,939,024 | 35,375 | |
Nibe Industrier AB (B Shares) | 3,116,844 | 28,052 | |
Nordnet AB | 1,801,451 | 26,732 | |
TOTAL SWEDEN | 195,129 | ||
Switzerland - 1.5% | |||
Compagnie Financiere Richemont SA Series A | 564,287 | 90,869 | |
Partners Group Holding AG | 30,988 | 34,753 | |
TOTAL SWITZERLAND | 125,622 | ||
Taiwan - 2.0% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 9,144,000 | 164,807 | |
United Kingdom - 10.9% | |||
3i Group PLC | 1,855,300 | 47,071 | |
AstraZeneca PLC (United Kingdom) | 1,546,581 | 222,207 | |
BAE Systems PLC | 6,223,621 | 74,429 | |
Beazley PLC | 3,488,397 | 24,555 | |
Big Yellow Group PLC | 1,999,553 | 27,535 | |
Bunzl PLC | 2,238,046 | 82,949 | |
Cab Payments Holdings Ltd. | 4,659,200 | 17,161 | |
Compass Group PLC | 4,817,382 | 125,337 | |
Diageo PLC | 1,495,972 | 65,288 | |
Endava PLC ADR (a) | 231,005 | 12,119 | |
Games Workshop Group PLC | 164,010 | 24,521 | |
JD Sports Fashion PLC | 15,236,172 | 30,836 | |
London Stock Exchange Group PLC | 455,413 | 49,455 | |
Sage Group PLC | 2,758,200 | 33,153 | |
Smart Metering Systems PLC | 2,852,560 | 25,516 | |
Starling Bank Ltd. Series D (a)(e)(f) | 6,223,100 | 27,873 | |
Zegona Communications PLC (a)(c) | 322,474 | 155 | |
TOTAL UNITED KINGDOM | 890,160 | ||
United States of America - 6.2% | |||
Globant SA (a) | 100,728 | 17,600 | |
Lattice Semiconductor Corp. (a) | 486,685 | 44,259 | |
Linde PLC | 216,883 | 84,730 | |
Microsoft Corp. | 96,900 | 32,551 | |
Nestle SA (Reg. S) | 1,652,478 | 202,460 | |
NVIDIA Corp. | 184,132 | 86,043 | |
Samsonite International SA (a)(d) | 12,741,420 | 37,740 | |
TOTAL UNITED STATES OF AMERICA | 505,383 | ||
Zambia - 0.4% | |||
First Quantum Minerals Ltd. | 1,179,400 | 34,980 | |
TOTAL COMMON STOCKS (Cost $6,038,616) | 7,944,589 | ||
Preferred Stocks - 0.9% | |||
Shares | Value ($) (000s) | ||
Convertible Preferred Stocks - 0.6% | |||
China - 0.5% | |||
ByteDance Ltd. Series E1 (a)(e)(f) | 131,235 | 31,464 | |
dMed Biopharmaceutical Co. Ltd. Series C (a)(e)(f) | 727,754 | 5,698 | |
37,162 | |||
Estonia - 0.1% | |||
Bolt Technology OU Series E (a)(e)(f) | 87,239 | 11,420 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 48,582 | ||
Nonconvertible Preferred Stocks - 0.3% | |||
India - 0.3% | |||
Pine Labs Private Ltd.: | |||
Series 1 (a)(e)(f) | 20,726 | 11,073 | |
Series A (a)(e)(f) | 5,179 | 2,767 | |
Series B (a)(e)(f) | 5,635 | 3,011 | |
Series B2 (a)(e)(f) | 4,558 | 2,435 | |
Series C (a)(e)(f) | 8,478 | 4,529 | |
Series C1 (a)(e)(f) | 1,786 | 954 | |
Series D (a)(e)(f) | 1,910 | 1,020 | |
25,789 | |||
Sweden - 0.0% | |||
Kry International AB Series E (a)(e)(f) | 24,162 | 1,365 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 27,154 | ||
TOTAL PREFERRED STOCKS (Cost $76,424) | 75,736 | ||
Money Market Funds - 1.0% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.32% (g) | 73,093,262 | 73,108 | |
Fidelity Securities Lending Cash Central Fund 5.32% (g)(h) | 12,588,439 | 12,590 | |
TOTAL MONEY MARKET FUNDS (Cost $85,698) | 85,698 | ||
TOTAL INVESTMENT IN SECURITIES - 99.1% (Cost $6,200,738) | 8,106,023 |
NET OTHER ASSETS (LIABILITIES) - 0.9% | 71,686 |
NET ASSETS - 100.0% | 8,177,709 |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated company |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $240,338,000 or 2.9% of net assets. |
(e) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $108,478,000 or 1.3% of net assets. |
(f) | Level 3 security |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
Bolt Technology OU Series E | 1/03/22 | 22,664 |
ByteDance Ltd. Series E1 | 11/18/20 | 14,380 |
dMed Biopharmaceutical Co. Ltd. Series C | 12/01/20 | 10,336 |
Kry International AB | 5/14/21 | 1,817 |
Kry International AB Series E | 5/14/21 | 11,046 |
Pine Labs Private Ltd. | 6/30/21 | 3,233 |
Pine Labs Private Ltd. Series 1 | 6/30/21 | 7,728 |
Pine Labs Private Ltd. Series A | 6/30/21 | 1,931 |
Pine Labs Private Ltd. Series B | 6/30/21 | 2,101 |
Pine Labs Private Ltd. Series B2 | 6/30/21 | 1,699 |
Pine Labs Private Ltd. Series C | 6/30/21 | 3,161 |
Pine Labs Private Ltd. Series C1 | 6/30/21 | 666 |
Pine Labs Private Ltd. Series D | 6/30/21 | 712 |
Starling Bank Ltd. Series D | 6/18/21 | 11,126 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.32% | 376,692 | 1,443,474 | 1,747,058 | 6,635 | - | - | 73,108 | 0.2% |
Fidelity Securities Lending Cash Central Fund 5.32% | 29,429 | 801,427 | 818,266 | 1,248 | - | - | 12,590 | 0.0% |
Total | 406,121 | 2,244,901 | 2,565,324 | 7,883 | - | - | 85,698 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Dalata Hotel Group PLC | 36,423 | - | 853 | - | 289 | 16,409 | 52,268 |
Iperionx Ltd. | 6,780 | 1,236 | 147 | - | 13 | 3,775 | 11,657 |
Zegona Communications PLC | 282 | - | 5 | - | (2) | (120) | 155 |
Total | 43,485 | 1,236 | 1,005 | - | 300 | 20,064 | 64,080 |
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.