If you're looking for a Mutual Fund Equity Report fund category, then a potential option is Fidelity Diversified International Fund (FDIVX Quick QuoteFDIVX - Free Report) . FDIVX has a Zacks Mutual Fund Rank of 3 (Hold), which is based on nine forecasting factors like size, cost, and past performance.

History of Fund/Manager

Fidelity is based in Boston, MA, and is the manager of FDIVX. Since Fidelity Diversified International Fund made its debut in December of 1991, FDIVX has garnered more than $6.90 billion in assets. The fund is currently managed by William Bower who has been in charge of the fund since April of 2001.

Performance

Investors naturally seek funds with strong performance. This fund carries a 5-year annualized total return of 0.29%, and it sits in the middle third among its category peers. But if you are looking for a shorter time frame, it is also worth looking at its 3-year annualized total return of -0.69%, which places it in the middle third during this time-frame.

When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. FDIVX's standard deviation over the past three years is 19.19% compared to the category average of 17.62%. Looking at the past 5 years, the fund's standard deviation is 16.82% compared to the category average of 15.63%. This makes the fund more volatile than its peers over the past half-decade.

Risk Factors

Investors should note that the fund has a 5-year beta of 0.87, so it is likely going to be less volatile than the market at large. Alpha is an additional metric to take into consideration, since it represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which in this case, is the S&P 500. FDIVX has generated a negative alpha over the past five years of -7.27, demonstrating that managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.

Expenses

For investors, taking a closer look at cost-related metrics is key, since costs are increasingly important for mutual fund investing. Competition is heating up in this space, and a lower cost product will likely outperform its otherwise identical counterpart, all things being equal. In terms of fees, FDIVX is a no load fund. It has an expense ratio of 1.03% compared to the category average of 1.15%. From a cost perspective, FDIVX is actually cheaper than its peers.

While the minimum initial investment for the product is $0, investors should also note that there is no minimum for each subsequent investment.

Bottom Line

Overall, Fidelity Diversified International Fund ( FDIVX ) has a neutral Zacks Mutual Fund rank, and in conjunction with its comparatively similar performance, average downside risk, and lower fees, this fund looks like a somewhat average choice for investors right now.

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