Evidence and analysis
Fidelity Funds - Italy Fund A-Euro
The Fidelity Funds - Italy Fund is an equity fund that aims to achieve long-term capital growth from a portfolio consisting primarily of Italian equity securities.
Investment Objective
Latest Official Fund Data
| Metric | Current official value |
|---|---|
| NAV (EUR) | 87.6000 |
| NAV date | 2026-10-02 |
| Daily NAV change | 0.5300 (0.6087%) |
| 1-year performance | 21.6508% |
| 3-year performance | 81.0551% |
| Performance date | 2026-08-31 |
| Fund type | Equity Fund |
| ISIN | LU0048584766 |
Source: Fidelity Hong Kong mutual-fund directory, retrieved 2026-10-05. Observation dates are shown separately; performance figures are reproduced from the official directory in the share class currency. Historical risk and return analysis below has not been recalculated by this directory refresh.
Portfolio Manager
Alberto Chiandetti, Andrea Fornoni
The fund invests at least 70% of its assets in Italian equities. It targets companies that are headquartered or do most of their business in Italy. The fund manager focuses on stock selection, aiming to identify companies with strong growth potential or attractive valuations that are not yet fully recognized by the market.
Key Features
- Geographic Focus: Italy.
- Asset Class: Equities.
- Risk Profile: High (due to concentrated geographic exposure).
- Benchmark: FTSE MIB Index (Net).
Performance and Risk Analysis
Based on historical NAV data, the fund exhibits significant volatility, consistent with a single-country equity fund.
Modern Portfolio Theory (MPT) Metrics
The following metrics are calculated based on the last 5 years of historical data:
- Expected Annualised Return: See MPT chart on the main fund page.
- Annualised Risk (Std Dev): High, reflecting the concentrated nature of the Italian market.
- Sharpe Ratio: Evaluated against a risk-free rate of 4.5%.
Market Context
The Italian equity market is known for its strong representation in sectors such as financial services, consumer discretionary (including luxury goods), and industrials. Investors in this fund are betting on the long-term economic resilience and growth of Italian corporations.
Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results.