Fidelity Global Emerging Markets Fund
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The Fidelity Global Emerging Markets Fund is available as an Unlisted Fund or ASX Quoted Fund.

Unlisted Quoted (ASX: FEMX)

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

About this fund
Unit prices (at 17/04/19) Buy 16.2844 / Sell 16.1546 Unit price history
Buy/sell spread 0.40%/0.40%
Management costs1 1.00% p.a. Fee disclosure document
Fund size (at 17/04/19) A$28.32M
Inception date 16 December 2013
Distribution frequency Annually
Currency Australian dollar
Benchmark MSCI Emerging Markets Index NR
About the manager
Portfolio manager Alex Duffy
Appointed to fund 16 December 2013
Location Singapore
Joined Fidelity 2004
Unique identifiers
APIR code FID0031AU
ARSN code 165837150
mFund code FIL31

Fund performance2

Net returns as at 31 March 2019

Timeframe Fund Benchmark Active return
1 yr % 5.57 -0.02 5.59
3 yr % pa 15.08 13.66 1.42
5 yr % pa 11.26 9.34 1.92
Since inception (16/12/13) % pa 9.98 8.29 1.69
Timeframe 1 yr
%
3 yr
% pa
5 yr
% pa
Since inception
(16/12/13) % pa
Fund 5.57 15.08 11.26 9.98
Benchmark -0.02 13.66 9.34 8.29
Active return 5.59 1.42 1.92 1.69

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. 

    Fidelity Global Emerging Markets Fund
    0
    MSCI Emerging Markets Index NR
    0

    Chart as at: 31 March 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 31 March 2019

    Total return Growth Income
    1 yr % 5.57 5.26 0.31
    3 yr % pa 15.08 13.97 1.11
    5 yr % pa 11.26 10.4 0.86
    Since inception (16/12/13) % pa 9.98 9.17 0.81
    1 yr
    %
    3 yr
    % pa
    5 yr
    % pa
    Since inception
    (16/12/13) % pa
    Total return 5.57 15.08 11.26 9.98
    Growth 5.26 13.97 10.4 9.17
    Income 0.31 1.11 0.86 0.81

    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 March 2019

    As at 31 March 2019

    % total net assets
    AIA GROUP LTD 5.6%
    TAIWAN SEMICONDUCTR MFG CO LTD 5.3%
    HDFC BANK LTD 4.7%
    BANK CENTRAL ASIA TBK PT 4.5%
    HOUSING DEV FINANCE CORP LTD 4.1%
    LI NING CO LTD 3.5%
    ZHEJIANG SUPOR COOKWARE CO LTD 3.5%
    TECHTRONIC INDUSTRIES CO LTD 3.3%
    MIDEA GROUP CO LTD 3.0%
    FOSHAN HAITIAN FLAVOURING & FOOD COMPANY LTD 3.0%

    As at 31 March 2019

    Fund % Benchmark % Relative %
    AIA GROUP LTD 5.6 0.0 5.6
    HDFC BANK LTD 4.7 0.0 4.7
    BANK CENTRAL ASIA TBK PT 4.5 0.4 4.2
    ZHEJIANG SUPOR COOKWARE CO LTD 3.5 0.0 3.5
    LI NING CO LTD 3.5 0.0 3.5

    As at 31 March 2019

    Fund % Benchmark % Relative %
    ALIBABA GROUP HOLDING LTD 0.0 4.5 - 4.5
    TENCENT HLDGS LTD 2.4 5.0 - 2.5
    NASPERS LTD 0.0 1.9 - 1.9
    CHINA CONSTRUCTION BANK 0.0 1.6 - 1.6
    SAMSUNG ELECTRONICS CO LTD 2.8 4.0 - 1.3
    Distribution Distribution (CPU) Reinvestment price
    30-Jun-18 4.440000 $14.7623

    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 ratings3

    Organisation Rating / Recommendation
    Lonsec
    Rated4
    The Lonsec Report is only available to financial advisers, please contact us for a copy.
    Morningstar Bronze5
    Zenith Recommended6
     

    Key facts

    About this fund
    Ticker details
      FUND INAV
    ISIN AU0000027708  
    SEDOL BGDQ7G1  
    RIC FEMX.AX FEMXAUiv.P
    Bloomberg Code FEMX AU Equity FEMXIV Index
    End of day price (at 17/04/19) AUD $4.78 Download end of day history
    Management costs1 0.99% p.a. Fee disclosure document
    Inception date 29 October 2018
    Distribution frequency Annually
    Currency Australian dollar
    Benchmark MSCI Emerging Markets Index NR
    About the manager
    Portfolio manager Alex Duffy
    Appointed to fund 29 October 2018
    Location Singapore
    Joined Fidelity 2004
    Unique identifiers
    ASX ticker code FEMX
    ARSN code 627 296 959

    Fund performance2

    Net returns as at 31 March 2019

    Timeframe Fund Benchmark Active return
    1 mth % 3.03 1.00 2.03
    3 mth % 10.71 8.94 1.77
    6 mth % - - -
    Since inception (29/10/18) % pa 17.20 13.45 3.75
    Timeframe 1 mth
    %
    3 mth
    %
    6 mth
    %
    Since inception
    (29/10/18) % pa
    Fund 3.03 10.71 - 17.20
    Benchmark 1.00 8.94 - 13.45
    Active return 2.03 1.77 - 3.75

    Sectors and holdings

    As at 31 March 2019

    As at 31 March 2019

    % total net assets
    AIA GROUP LTD 5.5%
    TAIWAN SEMICONDUCTR MFG CO LTD 5.3%
    HDFC BANK LTD 4.8%
    BANK CENTRAL ASIA TBK PT 4.6%
    HOUSING DEV FINANCE CORP LTD 4.0%
    ZHEJIANG SUPOR COOKWARE CO LTD 3.5%
    LI NING CO LTD 3.4%
    TECHTRONIC INDUSTRIES CO LTD 3.3%
    MIDEA GROUP CO LTD 3.0%
    FOSHAN HAITIAN FLAVOURING & FOOD COMPANY LTD 3.0%

    Distributions and ASX Announcements

    Fidelity Global Emerging Markets Fund (ASX:FEMX) distribution timetable.

    The first distribution period for this fund will be 30 June 2019.

    2019-04-03
    ASX:FEM - Monthly redemptions & units on issue - February 2019
    2019-04-02
    ASX:FEM - Monthly redemption & units on issue - January 2019
    2019-03-19
    ASX:FEM - FEMX- Monthly Report - February 2019
    2019-03-13
    ASX:FEM - Half Yearly Financial Report
    2019-03-04
    ASX:FEM - Monthly redemption & units on issue - March 2019
    2019-02-28
    ASX:FEM - FEMX - Quarterly Portfolio Holdings - Dec 2018
    2019-02-22
    ASX:FEM - ASIC RG97 Disclosure
    2019-02-22
    ASX:FEM - Amended ASIC RG97 Disclosure
    2019-02-20
    ASX:FEM - FEMX - Monthly Report - January 2019
    2019-02-01
    ASX:FEM - Monthly units on issue & redemptions - December 2018
    2019-01-29
    ASX:FEM - FEMX - Monthly Report - Dec 18
    2019-01-15
    ASX:FEM - FEMX - Monthly Report - Nov 18
    2018-04-11
    ASX:FEM - ASX Notice - Admission and Commencement of Trading
    2018-04-11
    ASX:FEM - Product Disclosure Statement - 25 Oct 18
    2018-03-12
    ASX:FEM - Monthly redemption & units on issue - November 2018

    Fund ratings3

    Organisation Rating / Recommendation
    Lonsec
    Rated by Lonsec3 - the report is only available to financial services professionals, please contact Fidelity to get a copy

    Related insights

    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 mid prices and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for tax or the buy/sell spread.  Returns of more than one year are annualised. The return of capital is not guaranteed.

    3You should refer to respective research houses (and their disclaimers below) to obtain further information about the meaning of the rating and the rating scale. Ratings are only one factor to be taken into account when deciding whether to invest. Ratings are subject to change without notice and may not be regularly updated.  Ratings are current as at date (s) stated below. Fidelity pays a fee to some research houses for rating our funds.

    4The Lonsec Rating (assigned July 2018) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to "General Advice" (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Fidelity International product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria.

    5© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement (Australian products) or Investment Statement (New Zealand products) before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782 ("ASXO"). Rating assigned March 2019. 

    6Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned November 2018) referred to in this document is limited to “General Advice” (as defined by the Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Zenith usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessment’s and at http://www.zenithpartners.com.au/RegulatoryGuidelines

    Related insights

    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 mid prices and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for tax or the buy/sell spread.  Returns of more than one year are annualised. The return of capital is not guaranteed.

    3You should refer to respective research houses (and their disclaimers below) to obtain further information about the meaning of the rating and the rating scale. Ratings are only one factor to be taken into account when deciding whether to invest. Ratings are subject to change without notice and may not be regularly updated. Ratings are current as at date (s) stated below. Fidelity pays a fee to some research houses for rating our funds.

    The Lonsec Rating (assigned November 2018) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to "General Advice" (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Fidelity International product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria.

    For further information regarding Lonsec's Ratings methodology, please refer to our website at http://www.lonsecresearch.com.au/research-solutions/our-ratings

    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

    From the desk of Alex Duffy

    Sign up for Alex's insights on emerging markets

    Subscribe 

    Amit Lodha
     

    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 mid prices and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for tax or the buy/sell spread.  Returns of more than one year are annualised. The return of capital is not guaranteed.

    3You should refer to respective research houses (and their disclaimers below) to obtain further information about the meaning of the rating and the rating scale. Ratings are only one factor to be taken into account when deciding whether to invest. Ratings are subject to change without notice and may not be regularly updated.  Ratings are current as at date (s) stated below. Fidelity pays a fee to some research houses for rating our funds.

    4The Lonsec Rating (assigned July 2018) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to "General Advice" (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Fidelity International product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria.

    5© 2019 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement (Australian products) or Investment Statement (New Zealand products) before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782 ("ASXO"). Rating assigned March 2019. 

    6Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned November 2018) referred to in this document is limited to “General Advice” (as defined by the Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Zenith usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessment’s and at http://www.zenithpartners.com.au/RegulatoryGuidelines

    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 mid prices and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for tax or the buy/sell spread.  Returns of more than one year are annualised. The return of capital is not guaranteed.

    3You should refer to respective research houses (and their disclaimers below) to obtain further information about the meaning of the rating and the rating scale. Ratings are only one factor to be taken into account when deciding whether to invest. Ratings are subject to change without notice and may not be regularly updated. Ratings are current as at date (s) stated below. Fidelity pays a fee to some research houses for rating our funds.

    The Lonsec Rating (assigned November 2018) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to "General Advice" (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Fidelity International product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria.

    For further information regarding Lonsec's Ratings methodology, please refer to our website at http://www.lonsecresearch.com.au/research-solutions/our-ratings