Saying
that advisors are "clearly looking abroad" for new investment
opportunities, Fidelity Investments announced the launch of a new
international fund.
The Fidelity
International Value Fund, which offers both retail and advisor share
classes, will seek opportunities in undervalued non-U.S. securities,
the company said.
The fund will be
broadly diversified across different countries and regions of the world
and is designed as a core international holding for value investors,
according to Fidelity.
The fund's benchmark will be the MSCI EAFE Value Index.
"With
approximately two-thirds of new advisor-sold fund assets going into
international this year, advisors are clearly looking abroad," said
Martha B. Willis, executive vice president of Fidelity Investments
Institutional Services.
The fund will be
managed by George Stairs, a 20-year industry veteran who joined
Fidelity in 2005, according to the company.