Fidelity International Real Estate Fund
FIREX
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- Fidelity International Real Estate Fund (FIREX) is an open-end mutual fund that seeks capital appreciation by investing primarily in equity securities of companies principally engaged in the real estate industry and other real estate-related investments located outside the United States. The fund normally invests at least 80% of assets in common stocks, preferred stocks, real estate investment trusts (REITs), and other equity securities issued by domestic or foreign companies principally engaged in the real estate industry or real estate-related activities; it emphasizes mid-cap value stocks within the global real estate sector, including residential, industrial, office, retail, and diversified real estate holdings, with top positions in companies such as Wing Tai Holdings Ltd, Ingenia Communities Group, National Storage REIT, Arena REIT, and Healthcare & Medical Investment Corp. The portfolio features heavy allocations to real estate (86.43%), with geographic exposure spanning the Eurozone (22.29%), Japan (20.83%), Australasia (15.59%), developed Asia (12.85%), the United Kingdom (11.06%), and other regions; non-U.S. stocks comprise 92.34% of assets, supplemented by cash (4.16%) and minimal U.S. stocks (3.50%). Launched on September 8, 2004, the fund is managed by Fidelity Investments, headquartered at 82 Devonshire Street, Boston, Massachusetts, with portfolio manager Guillermo De Las Casas overseeing operations since April 1, 2010. As of recent data, net assets stand at approximately $340 million, with a net expense ratio of 0.88% and no front-end or deferred loads; it targets individual and institutional investors seeking international real estate exposure through a diversified, value-oriented approach in the Morningstar Global Real Estate category. In the third quarter of 2024, the fund delivered a 13.58% return for its retail class shares, trailing the sector index's 16.50% gain amid global monetary easing and Federal Reserve rate cuts, yet outperforming the MSCI EAFE Index, driven by strong contributions from holdings like Arvida Group and JTower. Recent performance reflects ongoing monitoring of real estate sector challenges, including balance sheet risks, debt maturities, and escalating sustainability costs, with no reported major acquisitions, funding rounds, partnerships, new product launches, or structural changes within the last 1-2 years; assets under management have fluctuated, reaching about $153 million as noted in mid-2025 analyses.