If you've been stuck searching for Non US - Equity funds, you might want to consider passing on by Fidelity International Discovery (FIGRX Quick QuoteFIGRX - Free Report) as a possibility. FIGRX possesses a Zacks Mutual Fund Rank of 4 (Sell), which is based on nine forecasting factors like size, cost, and past performance.

Objective

FIGRX is classified in the Non US - Equity area by Zacks, and this segment is full of potential. Non US - Equity funds focus their investments on companies outside of the United States, which is an important distinction since global mutual funds tend to keep a sizable portion of their portfolio based in the United States. Most of these funds will allocate across emerging and developed markets, and can often extend across cap levels too.

History of Fund/Manager

Fidelity is based in Boston, MA, and is the manager of FIGRX. Fidelity International Discovery debuted in December of 1986. Since then, FIGRX has accumulated assets of about $8.64 billion, according to the most recently available information. The fund is currently managed by William Kennedy who has been in charge of the fund since October of 2004.

Performance

Of course, investors look for strong performance in funds. FIGRX has a 5-year annualized total return of 12.87% and is in the middle third among its category peers. If you're interested in shorter time frames, do not dismiss looking at the fund's 3-year annualized total return of 12.59%, 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. Over the past three years, FIGRX's standard deviation comes in at 17.55%, compared to the category average of 15.37%. The standard deviation of the fund over the past 5 years is 14.79% compared to the category average of 12.77%. This makes the fund more volatile than its peers over the past half-decade.

Risk Factors

The fund has a 5-year beta of 0.84, so investors should note that it is hypothetically 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. FIGRX's 5-year performance has produced a negative alpha of -1.71, which means managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.

Expenses

Costs are increasingly important for mutual fund investing, and particularly as competition heats up in this market. And all things being equal, a lower cost product will outperform its otherwise identical counterpart, so taking a closer look at these metrics is key for investors. In terms of fees, FIGRX is a no load fund. It has an expense ratio of 0.99% compared to the category average of 1.18%. Looking at the fund from a cost perspective, FIGRX 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 International Discovery ( FIGRX ) has a low Zacks Mutual Fund rank, and in conjunction with its comparatively similar performance, average downside risk, and lower fees, Fidelity International Discovery ( FIGRX ) looks like a somewhat weak choice for investors right now.

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