Fidelity Export and Multinational Fund
FEXPX
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- Fidelity Export and Multinational Fund (FEXPX) is an open-end mutual fund that seeks long-term growth of capital by investing primarily in common stocks of U.S. companies expected to benefit from export activities or multinational operations; it targets issuers deriving significant revenues from foreign sales, international trade, or global business expansion. The fund offers share classes including Class A (FEXPX ticker), Class K (FEXKX), among others, with an expense ratio of approximately 0.91% and portfolio turnover reflecting active management focused on U.S. equities with international exposure. Headquartered at 245 Summer Street in Boston, Massachusetts, as part of Fidelity Summer Street Trust managed by Fidelity Management & Research Company LLC (FMRCo), the fund was incepted on October 4, 1994, and primarily serves U.S. retail and institutional investors seeking growth-oriented equity exposure without direct foreign investment. The fund's core strategy emphasizes securities of companies engaged in exporting products, services, or technology abroad; multinational corporations with substantial non-U.S. revenue streams; and firms participating in global supply chains or international markets, typically maintaining a diversified portfolio benchmarked against the S&P 500 Index. It does not invest directly in non-U.S. securities but focuses on domestic issuers with international revenue contributions exceeding typical benchmarks; sector allocations often overweight industrials, information technology, and consumer discretionary where export leaders reside. In recent developments, the fund participated in a reorganization in 2021 involving the merger of an acquired fund's assets into the acquiring fund structure under Fidelity Summer Street Trust, streamlining operations without altering its core investment objective. No major funding rounds, new product launches, or strategic shifts have been reported in the last 1-2 years; however, Fidelity Investments continues to manage the fund amid broader firm updates, such as first-quarter 2024 business enhancements supporting its mutual fund lineup. The fund operates within Fidelity's global asset management platform, with no subsidiaries or parent changes noted recently.