Having trouble finding a Mutual Fund Equity Report fund? Fidelity International Discovery (FIGRX Quick QuoteFIGRX - Free Report) is a possible starting point. FIGRX 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 FIGRX. Fidelity International Discovery debuted in December of 1986. Since then, FIGRX has accumulated assets of about $5.05 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

Investors naturally seek funds with strong performance. FIGRX has a 5-year annualized total return of 13.43% and it sits in the middle third among its category peers. Investors who prefer analyzing shorter time frames should look at its 3-year annualized total return of 19.83%, 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 16.3%, compared to the category average of 14.64%. Over the past 5 years, the standard deviation of the fund is 14.83% compared to the category average of 12.91%. This makes the fund more volatile than its peers over the past half-decade.

Risk Factors

With a 5-year beta of 0.84, the fund is likely to be less volatile than the market average. Another factor to consider is alpha, as it reflects a portfolio's performance on a risk-adjusted basis relative to a benchmark-in this case, the S&P 500. With a negative alpha of -1.73, managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.

Expenses

As competition heats up in the mutual fund market, costs become increasingly important. Compared to its otherwise identical counterpart, a low-cost product will be an outperformer, all other things being equal. Thus, taking a closer look at cost-related metrics is vital 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 1.16%. 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 neutral 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 average choice for investors right now.

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