Investment objective
To achieve returns in excess of the MSCI Emerging Markets Index NR over the suggested minimum investment time period of seven years plus.
Invests in a concentrated portfolio of typically 30 to 50 companies in emerging markets. The fund favours those companies that have a track record of robust corporate governance.
A rigorous bottom-up stock selection process that focuses on companies that we believe are well positioned to generate returns through market cycles and have demonstrated a track record of strong corporate governance.
A portfolio construction process based on conviction of quality and returns over time, with no reference to an underlying index.
Key facts
Fund performance2
Net returns as at 30 November 2019
| Timeframe | Fund | Benchmark | Active return |
|---|---|---|---|
| 1 yr % | 30.12 | 15.82 | 14.30 |
| 3 yr % pa | 18.02 | 12.26 | 5.76 |
| 5 yr % pa | 11.94 | 8.03 | 3.91 |
| Since inception (16/12/13) % pa | 11.63 | 8.26 | 3.37 |
| Timeframe | 1 yr % |
3 yr % pa |
5 yr % pa |
Since inception (16/12/13) % pa |
|---|---|---|---|---|
| Fund | 30.12 | 18.02 | 11.94 | 11.63 |
| Benchmark | 15.82 | 12.26 | 8.03 | 8.26 |
| Active return | 14.30 | 5.76 | 3.91 | 3.37 |
Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: MSCI Emerging Markets Index NR. NR: NR at the end of the benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.
The chart below represents the value now of $10,000 invested in the Fidelity Global Emerging Markets Fund in December 2013 compared with $10,000 invested in the MSCI Emerging Markets Index NR.
Chart as at: 30 November 2019
Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: MSCI Emerging Markets Index NR. NR: NR at the end of the benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.
Net as at 30 November 2019
| Total return | Growth | Income | |
|---|---|---|---|
| 1 yr % | 30.12 | 28.74 | 1.38 |
| 3 yr % pa | 18.02 | 17.02 | 1 |
| 5 yr % pa | 11.94 | 10.88 | 1.06 |
| Since inception (16/12/13) % pa | 11.63 | 10.7 | 0.93 |
| 1 yr % |
3 yr % pa |
5 yr % pa |
Since inception (16/12/13) % pa |
|
|---|---|---|---|---|
| Total return | 30.12 | 18.02 | 11.94 | 11.63 |
| Growth | 28.74 | 17.02 | 10.88 | 10.7 |
| Income | 1.38 | 1 | 1.06 | 0.93 |
Growth return is the unit price movement on exit to exit basis. Income is expressed as Total Return less growth component.
Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: MSCI Emerging Markets Index NR. NR: NR at the end of the benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.
Sectors, holdings and distributions
As at 31 October 2019
As at 31 October 2019
| % total net assets | |
|---|---|
| TAIWAN SEMICONDUCTR MFG CO LTD | 5.2% |
| BANK CENTRAL ASIA TBK PT | 5.0% |
| AIA GROUP LTD | 5.0% |
| HDFC BANK LTD | 4.2% |
| SAMSUNG ELECTRONICS CO LTD | 3.5% |
| TECHTRONIC INDUSTRIES CO LTD | 3.3% |
| LOJAS RENNER SA | 3.2% |
| LI NING CO LTD | 3.1% |
| TATA CONSULTANCY SERVICES LTD | 3.0% |
| CLICKS GROU LTD | 3.0% |
As at 31 October 2019
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| AIA GROUP LTD | 5.0 | 0.0 | 5.0 |
| BANK CENTRAL ASIA TBK PT | 5.0 | 0.4 | 4.6 |
| HDFC BANK LTD | 4.2 | 0.0 | 4.2 |
| TECHTRONIC INDUSTRIES CO LTD | 3.3 | 0.0 | 3.3 |
| LOJAS RENNER SA | 3.2 | 0.2 | 3.0 |
As at 31 October 2019
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| TENCENT HLDGS LTD | 0.9 | 4.2 | - 3.3 |
| ALIBABA GROUP HOLDING LTD | 2.3 | 4.5 | - 2.2 |
| CHINA CONSTRUCTION BANK | 0.0 | 1.4 | - 1.4 |
| PING AN INS GROUP CO CHINA LTD | 0.0 | 1.3 | - 1.3 |
| NASPERS LTD | 0.0 | 1.1 | - 1.1 |
| Distribution | Distribution (CPU) | Reinvestment price |
|---|---|---|
| 28-Jun-19 | 18.413 | $17.1658 |
CPU = cents per unit. The above cash CPU excludes imputation credits and foreign income tax offsets which are non-cash components and are reported in the end of year tax statement. If the Distribution CPU column is 0.0000 it means that nothing was distributed.
Fund downloads
- Quarterly top 10 holdings(873.77KB)
- Infographic: Global emerging markets(1.47MB)
- The case for emerging markets(465.70KB)
- Product Disclosure Statement(113.74KB)
- Fund flyer(781.90KB)
- Fee disclosure statement(71.12KB)
- Monthly fund fact sheet(74.59KB)
- Application form(990.86KB)
- Quarterly fund fact sheet(103.87KB)
- Additional information(72.16KB)
Fund ratings3
| Organisation | Rating / Recommendation |
|---|---|
| Lonsec |
Rated4
The Lonsec Report is only available to financial advisers, please contact us for a copy.
|
| Morningstar | Bronze5 |
| Zenith | Highly Recommended6 |
Related insights
Outlook 2020: Emerging markets
As we move into 2020, some of the headwinds faced by EM investors have the potential to turn into tailwinds. However some volatility is set to persist so selectivity remains of utmost importance to navigate the asset class.
China's Singles' Day is pushing offline
China’s Singles’ Day has grown exponentially in its first decade to smash retail sales records globally. The ecommerce holiday’s changing focus offers a glimpse into the country’s overall retail trends, where online/offline integration and deeper penetration of lower-tier cities are key for investors tracking both the sector and the broader consumption patterns in China.
China's unprecedented growth
In 1978, China started on a path of unprecedented economic change, shifting the country's economic centre from agriculture to manufacturing and services. The speed of this change has seen the country leapfrog its western peers in areas such as transport and mobile payments.
Understanding what drives returns matters
The returns we can expect to derive from a stock can essentially be broken down into two factors and it's important for investors to be aware of this. Let's look at Argentina as an example.
This Fund is subject to the risk of stock market fluctuations. Investors accessing the Fund through a master trust or wrap account will also bear any fees charged by the operator of such master trust or wrap account. Any apparent discrepancies in the numbers are due to rounding.
1Management costs are current as at the date of publication of this website. These fees may be subject to change in the future.
2Total returns (net) have been calculated using exit prices and take into account the applicable buy/sell spread and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for tax. Returns of more than one year are annualised. The return of capital is not guaranteed.
Why this fund
Access to a prudent, focused investment process designed to provide investors with attractive returns over time.
A strong track record backed by more than 20 years' experience investing in emerging markets, informed by over 50 on-the-ground analysts.
A concentrated portfolio with low turnover and a patient approach which allows opportunities time to come to fruition.
Meet Alex Duffy
Alex Duffy, Portfolio Manager of the Fidelity Global Emerging Markets Fund outlines how he approaches investing and why emerging markets are so unique.
Related insights
Outlook 2020: Emerging markets
As we move into 2020, some of the headwinds faced by EM investors have the potential to turn into tailwinds. However some volatility is set to persist so selectivity remains of utmost importance to navigate the asset class.
China's Singles' Day is pushing offline
China’s Singles’ Day has grown exponentially in its first decade to smash retail sales records globally. The ecommerce holiday’s changing focus offers a glimpse into the country’s overall retail trends, where online/offline integration and deeper penetration of lower-tier cities are key for investors tracking both the sector and the broader consumption patterns in China.
China's unprecedented growth
In 1978, China started on a path of unprecedented economic change, shifting the country's economic centre from agriculture to manufacturing and services. The speed of this change has seen the country leapfrog its western peers in areas such as transport and mobile payments.
Understanding what drives returns matters
The returns we can expect to derive from a stock can essentially be broken down into two factors and it's important for investors to be aware of this. Let's look at Argentina as an example.
Awards6
Fidelity International has won two categories at the 2019 Zenith Fund Award - International equities – emerging markets & regional and Australian equities - small cap. Fidelity was also a finalist for Fund Manager of the Year.
The annual awards were held in Sydney on 11 October 2019. The award points to the skill and expertise of Fidelity’s investment team across Fidelity’s Future Leaders Fund, Asia Fund, and Global Emerging Markets Fund. It is awarded in the name of Fidelity rather than to a specific fund.
The Zenith Fund Awards were issued 11 October 2019 by Zenith Investment Partners (ABN 27 130 132 672, AFSL 226872) and are determined using proprietary methodologies. The Fund Awards are solely statements of opinion and do not represent recommendations to purchase, hold or sell any securities or make any other investment decisions. To the extent that the Fund Awards constitutes advice, it is General Advice for Wholesale clients only without taking into consideration the objectives, financial situation or needs of any specific person. Investors should seek their own independent financial advice before making any investment decision and should consider the appropriateness of any advice. Investors should obtain a copy of and consider any relevant PDS or offer document before making any investment decisions. Past performance is not an indication of future performance. Fund Awards are current for 12months from the date awarded and are subject to change at any time. Fund Awards for previous years are referenced for historical purposes only.
Fund downloads
- Quarterly top 10 holdings(873.77KB)
- Infographic: Global emerging markets(1.47MB)
- The case for emerging markets(465.70KB)
- Product Disclosure Statement(113.74KB)
- Fund flyer(781.90KB)
- Fee disclosure statement(71.12KB)
- Monthly fund fact sheet(74.59KB)
- Application form(990.86KB)
- Quarterly fund fact sheet(103.87KB)
- Additional information(72.16KB)
This Fund is subject to the risk of stock market fluctuations. Investors accessing the Fund through a master trust or wrap account will also bear any fees charged by the operator of such master trust or wrap account. Any apparent discrepancies in the numbers are due to rounding.
1Management costs are current as at the date of publication of this website. These fees may be subject to change in the future.
2Total returns (net) have been calculated using exit prices and take into account the applicable buy/sell spread and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for tax. Returns of more than one year are annualised. The return of capital is not guaranteed.