Fidelity International Real Estate Fund Q2 2025 Commentary

2025-07-24 21:50:00 ET

Fidelity International Real Estate Fund ( FIREX )

International real estate stocks gained 16.21% according to the FTSE EPRASM/NAREIT index. A broad-based rally in global stocks contributed to the outperformance of international real estate stocks during the quarter, partly attributable to rising foreign currencies versus the U.S. dollar. Monetary easing also provided a tailwind, as many non-U.S. central banks continued to cut interest rates, including the eurozone and U.K. Meanwhile, China saw signs of economic improvement through a pick-up in industrial activity and regulatory policy. Other positive factors included generally favorably supply/demand dynamics in some international real estate markets and idiosyncratic tailwinds, such as supply constraints and continued excitement around artificial intelligence, boosting demand for data centers....

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