VIP International Capital Appreciation Portfolio
Variable Insurance Products Fund II
Expense ratio
Net assets1
$858.21M
Holdings1
62
Category
International Equity
Return

Investment objective & strategy

As of April 18, 2025 · prospectus

Objective. VIP International Capital Appreciation Portfolio seeks capital appreciation.

Strategy. Normally investing primarily in non-U.S. securities, including securities of issuers located in emerging markets. The Adviser considers non-U.S. securities to include investments that are tied economically to a particular country or region outside the U.S. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics. The Adviser considers a number of factors to determine whether an issuer is located in or tied economically to a particular country or region including: whether a third-party vendor has assigned a particular country or region classification to the issuer or included … Normally investing primarily in non-U.S. securities, including securities of issuers located in emerging markets. The Adviser considers non-U.S. securities to include investments that are tied economically to a particular country or region outside the U.S. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics. The Adviser considers a number of factors to determine whether an issuer is located in or tied economically to a particular country or region including: whether a third-party vendor has assigned a particular country or region classification to the issuer or included the issuer in an index representative of a particular country or region; the issuer's domicile, incorporation, and location of assets; whether the issuer derives at least 50% of its revenues from, or has at least 50% of its assets in, a particular country or region; the source of government guarantees (if any); and the primary trading market or listing exchange. Whether an issuer is located in or tied economically to a particular country can be determined under any of these factors. Normally investing primarily in common stocks. Allocating investments across different countries and regions. Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Top holdings

As of March 31, 2026 · N-PORT
SecurityTickerValue% of fund
TSMC $54.93M 6.40%
ASML Holding NV $26.97M 3.14%
Fidelity Cash Central Fund $25.51M 2.97%
HITACHI LTD $18.98M 2.21%
SCHNEIDER ELECTR $18.54M 2.16%
IBERDROLA SA $18.37M 2.14%
ROLLS-ROYCE HOLDINGS PLC $17.65M 2.06%
BANCO SANTANDER SA $17.53M 2.04%
SIEMENS ENERGY AG $17.30M 2.02%
ASM INTL NV $17.03M 1.98%
View all holdings →

Allocation by sector

As of March 31, 2026 · N-PORT
View portfolio breakdown →

Portfolio moves

Dec 31, 2025 → Mar 31, 2026
Opened
19
Exited
19
Increased
21
Decreased
22
Unchanged
0

How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.

View portfolio moves →

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Advisers

As of December 31, 2025 · N-CEN
FirmRole
FMR Investment Management (UK) Limited Sub-adviser
Fidelity Management & Research (Japan) Limited Sub-adviser
Fidelity Management & Research (Hong Kong) Limited Sub-adviser
Fidelity Management & Research Company LLC Adviser
FIL Investment Advisors Sub-adviser
FIL Investment Advisors (UK) Limited Sub-adviser

Footnotes

  1. Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.

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