Fidelity International has lost some of its appeal because of the "shocking number" of changes in the helm of most of its funds, says Morningstar analyst Gregg Wolper. Wolper writes that three-quarters of Fido's retail international funds are being run by managers who have been with the firm less than a year. And if the manager replacements weren't enough, he says, newcomers often mean new approaches, and a change in direction.

"With managers having no record at the funds they're running and little or no history at similar funds," writes Wolper about the European funds, "it is nearly impossible for investors to properly evaluate the funds' prospects."

The revolving door is not limited to Europe, but Wolper suggests that Fidelity's international network of analysts will help keep performance from dropping dramatically. "But given the unsettled nature of so many manager slots," he concludes, "it's very hard to have a strong feeling of confidence in those particular funds' prospects – or, for that matter, in Fidelity's international operation as a whole right now."