Stocks worldwide did not move significantly in the wake of Friday’s tragic Paris attacks. Vincent Montemaggiore, portfolio manager for the Fidelity Overseas Fund (FOSFX), said the lack of a meaningful market reaction demonstrates that international investors are taking a longer view when it comes to this particular incident. ‘At the end of the day we are long term investors at Fidelity and we really don’t manage to the day-to-day,’ said Montemaggiore. ‘And over the long term we don’t see much impact to business values.’ The Fidelity Overseas Fund has risen 8% so far in 2015, according to fund-tracker Morningstar. The fund, which garners a full five stars from Morningstar, has outperformed 99% of its peers in its large blend category. The price of a barrel of oil fell below $40 this week despite increased worries about Middle East unrest as a result of the Paris tragedy. Montemaggiore said he is underweight the energy sector compared to his fund’s benchmark the MSCI EAFE Index. Nevertheless, with oil prices having more upside than downside potential, he said he is slowly narrowing that deficit. ‘I’m doing it more through industrials that have a lot of exposure to oil and gas, rather than be directly in the big integrated oils,’ said Montemaggiore. He said he is also relatively underweight foreign financial stocks because they are still wrestling with quantitative easing programs in places like Europe and Japan.
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