Fidelity Series International Small Cap Fund is an actively managed mutual fund focused on capital appreciation by investing primarily in small-cap companies located outside the United States, including those in emerging markets. The fund typically allocates at least 80% of its assets to non-U.S. securities of issuers with market capitalizations of $5 billion or less, capturing growth opportunities among smaller firms in developed and developing regions. By emphasizing small-cap equities, the fund targets segments of the global market often overlooked by larger funds, seeking to benefit from the potential for higher growth rates and innovation prevalent in this space. The fund is categorized as Foreign Small/Mid Growth, holding a diversified portfolio across sectors such as technology, industrials, financials, and communication services. With an institutional share class structure and a notably low expense ratio, it is designed to provide cost-efficient access to international small-cap equities, serving as a strategic component for investors and institutions aiming to diversify their portfolios beyond domestic and large-cap holdings.