The Fidelity International Growth Fund (FIGFX) experienced an 11.12% gain in the second quarter of 2025, slightly underperforming its benchmark, the MSCI EAFE Growth Index. However, the fund maintains a robust record of long-term outperformance against both its peers and the benchmark. The fund’s strategy is rooted in a fundamental, bottom-up approach, focusing on identifying companies with inherent structural growth, significant barriers to entry, and attractive valuations. Despite some recent setbacks due to underweighting positions in Japanese equities and the financial sector, the fund's management remains committed to its core investment philosophy. They perceive international equities as offering compelling valuations compared to their U.S. counterparts, with anticipated monetary easing and favorable currency trends expected to bolster global diversification efforts, even amidst ongoing macroeconomic and geopolitical uncertainties.