Questions about Fidelity funds

Q – I have read different statements about the management style concerning Fidelity’s International Portfolio Fund.  Is it growth or a G.A.R.P. style?  Similarly, I’m not sure whether Fidelity’s Small Cap America Fund follows a value, G.A.R.P., or true growth style. What do the managers of these funds say themselves in this regard?   
Finally, do you think that the International Portfolio Fund is overdiversified? In other words, does it hold too many stocks for it to outperform the relevant index? – L.R.

A – Fidelity officially describes these funds as having a GARP style (growth at a reasonable price). However, some managers operate more aggressively than others within that general mandate.

As for the International Portfolio Fund, in fact it has significantly outperformed its benchmark MSCI World Index (Can. $) in recent years. Over the three years to May 31, it lost 1.7% a year on average, while the index dropped 4.1% annually. So even with broad diversification, this fund has been more efficient than buying the index itself. – G.P.