Investment objective & strategy
As of April 18, 2025 · prospectusObjective. 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| Security | Ticker | Value | % 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% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How 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.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| SA Fidelity Institutional AM International Growth Portfolio | 89% | 0.89% |
| Fidelity Advisor International Capital Appreciation Fund · FCPAX, FCPCX, FIATX, FCPIX, FIDZX, FICQX | 75% | 0.78% |
| Fidelity International Capital Appreciation K6 Fund · FAPCX | 75% | 0.65% |
Advisers
| Firm | Role |
|---|---|
| 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
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
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