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When uncertainty meets opportunity

As international stocks grapple with geopolitical tension, shifting policies and disruption from AI, Fidelity’s Alex Zavratsky is digging deeper into companies he believes can benefit from secular trends.

With recent headlines and market trends creating volatility across international equities, Fidelity Portfolio Manager Alex Zavratsky is applying his value investing discipline to identify businesses benefiting from long-term structural themes, including the rebalancing of global trade and a broader realignment of geopolitical leadership.

“I think investors have yet to fully appreciate the impact of these enduring and powerful market dynamics,” explains Zavratsky, who helms Fidelity® International Value Fund (FIVLX). “This has led me to several high-quality companies with strong competitive positioning trading at attractive valuations.”

In managing the diversified international equity strategy, Zavratsky employs a “quality-value” approach, seeking attractively valued, higher-quality businesses with strong balance sheets, stable returns on equity, attractive shareholder remuneration (e.g., dividend payments) and recurring free-cash-flow generation.

He is particularly constructive on infrastructure and defense, where he sees companies that combine strategic importance with inherent pricing power and offer resilience against geopolitical instability and inflationary pressures.

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“Recent disruption, ranging from the COVID-19 pandemic to rising geopolitical tensions, trade wars and the green energy transition, has prompted governments to rethink supply-chain dependencies,” Zavratsky explains. “As a result, reshoring and nearshoring initiatives among allied nations have accelerated, driving investment in secure, localized growth.”

He adds that, at the same time, shifting global power dynamics have fueled a new wave of capital spending aimed at strengthening self-sufficiency in energy, computing and defense.

Zavratsky points to several portfolio holdings that reflect these themes, including the U.K.’s BAE Systems and European construction firms Saint-Gobain and Heidelberg Materials, as well as industrial innovators Hitachi (Japan) and Germany’s Siemens, which he believes are critical to expanding localized energy infrastructure.

In addition, the fund has favored companies that support power plants while helping make them more environmentally sustainable, including France’s Air Liquide and U.K.-based Linde.

“By focusing on durable trends and high-quality businesses, my goal is to position the portfolio to benefit from long-term value creation, even in uncertain times,” concludes Zavratsky.

For specific fund information, including full holdings, please click on the fund trading symbol above. Securities mentioned were fund holdings as of June 30, 2026.

Alex Zavratsky
Alex Zavratsky
Portfolio Manager

Alexander Zavratsky is a portfolio manager in the Equity division at Fidelity Investments.

In this role, Mr. Zavratsky is responsible for managing Fidelity and Fidelity Advisor International Value Fund, Fidelity and Fidelity Advisor Total International Equity Fund, and Fidelity Series International Value Fund.

Prior to assuming his current role in September 2011, Mr. Zavratsky was a portfolio assistant on Fidelity Diversified International Fund. Previously, he managed various other Fidelity funds, including a Fidelity International Country Diversified Equity Fund, Fidelity Global Industrials Fund, Fidelity Global Natural Resources Fund, and co-managed Fidelity Global Telecommunications Fund. He has been in the financial industry since joining Fidelity in 1996 as a member of the Fixed Income division.

Mr. Zavratsky earned his bachelor of science degree from Boston College.

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