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 06/12/18) Buy 14.2500 / Sell 14.1364 Unit price history
Buy/sell spread 0.40%/0.40%
Management costs1 1.00% p.a. Fee disclosure document
Fund size (at 06/12/18) A$20.57M
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
ASX ticker code FEMX
APIR code FID0031AU
ARSN code 165837150
mFund code FIL31

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 06/12/18) AUD $4.17 Download end of day history
Management costs1 0.99 Product Disclosure Document
Fund size (at 06/12/18) A$10.94M
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
APIR code FID0031AU
ARSN code 627 296 959
mFund code FIL31

Fund performance2

Net returns as at 30 November 2018

Timeframe Fund Benchmark Active return
1 yr % -2.51 -5.50 2.99
3 yr % pa 9.75 9.13 0.62
5 yr % pa - - -
Since inception (16/12/13) % pa 8.21 6.80 1.41
Timeframe 1 yr
%
3 yr
% pa
5 yr
% pa
Since inception
(16/12/13) % pa
Fund -2.51 9.75 - 8.21
Benchmark -5.50 9.13 - 6.80
Active return 2.99 0.62 - 1.41

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: 30 November 2018

    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 2018

    Total return Growth Income
    1 yr % -2.51 -2.8 0.29
    3 yr % pa 9.75 8.69 1.06
    5 yr % pa - - -
    Since inception (16/12/13) % pa 8.21 7.36 0.85
    1 yr
    %
    3 yr
    % pa
    5 yr
    % pa
    Since inception
    (16/12/13) % pa
    Total return -2.51 9.75 - 8.21
    Growth -2.8 8.69 - 7.36
    Income 0.29 1.06 - 0.85

    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.

    Fund performance2

    Net returns as at 30 November 2018

    Timeframe Fund Benchmark Active return
    1 yr % - - -
    3 yr % pa - - -
    5 yr % pa - - -
    Since inception (29/10/18) % pa 4.57 3.14 1.43
    Timeframe 1 yr
    %
    3 yr
    % pa
    5 yr
    % pa
    Since inception
    (29/10/18) % pa
    Fund - - - 4.57
    Benchmark - - - 3.14
    Active return - - - 1.43

    Sectors, holdings and distributions

    As at 31 October 2018

    As at 31 October 2018

    % total net assets
    TAIWAN SEMICONDUCTR MFG CO LTD 5.2%
    AIA GROUP LTD 5.1%
    HDFC BANK LTD 4.7%
    BANK CENTRAL ASIA TBK PT 4.2%
    HOUSING DEV FINANCE CORP LTD 3.9%
    COGNIZANT TECH SOLUTIONS CORP 3.0%
    SAMSUNG ELECTRONICS CO LTD 3.0%
    BAIDU INC 2.9%
    AVI LTD 2.8%
    TATA CONSULTANCY SERVICES LTD 2.8%

    As at 31 October 2018

    Fund % Benchmark % Relative %
    AIA GROUP LTD 5.1 0.0 5.1
    HDFC BANK LTD 4.7 0.0 4.7
    BANK CENTRAL ASIA TBK PT 4.2 0.3 3.9
    HOUSING DEV FINANCE CORP LTD 3.9 0.8 3.1
    COGNIZANT TECH SOLUTIONS CORP 3.0 0.0 3.0

    As at 31 October 2018

    Fund % Benchmark % Relative %
    ALIBABA GROUP HOLDING LTD 0.0 3.5 - 3.5
    TENCENT HLDGS LTD 1.4 4.1 - 2.7
    CHINA CONSTRUCTION BANK 0.0 1.6 - 1.6
    SAMSUNG ELECTRONICS CO LTD 3.0 4.4 - 1.4
    PETROLEO BRASILEIRO-PETROBRAS 0.0 1.1 - 1.1
    Distribution Distribution (CPU) Reinvestment price
    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. 

    Distributions and ASX Announcements

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

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

    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
    Rated4
    The Lonsec Report is only available to financial advisers, please contact us for a copy.
    Zenith Recommended5
     

    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

    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 and buy/sell spread are current as at the date of publication of this website. These fees may be subject to change in the future.

    2The returns shown have been calculated using the net asset value of the Fund from one period to the next. The returns include any re-invested distributions and are after fees and expenses. No allowance has been made for taxation or for any fees charged by operators of master trusts or wrap accounts through which the products are offered. For periods greater than one year returns have been annualised. 

    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.

    5Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned October 2017) 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 and buy/sell spread are current as at the date of publication of this website. These fees may be subject to change in the future.

    2The returns shown have been calculated using the net asset value of the Fund from one period to the next. The returns include any re-invested distributions and are after fees and expenses. No allowance has been made for taxation or for any fees charged by operators of master trusts or wrap accounts through which the products are offered. For periods greater than one year returns have been annualised. 

    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

    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 and buy/sell spread are current as at the date of publication of this website. These fees may be subject to change in the future.

    2The returns shown have been calculated using the net asset value of the Fund from one period to the next. The returns include any re-invested distributions and are after fees and expenses. No allowance has been made for taxation or for any fees charged by operators of master trusts or wrap accounts through which the products are offered. For periods greater than one year returns have been annualised. 

    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.

    5Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned October 2017) 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 and buy/sell spread are current as at the date of publication of this website. These fees may be subject to change in the future.

    2The returns shown have been calculated using the net asset value of the Fund from one period to the next. The returns include any re-invested distributions and are after fees and expenses. No allowance has been made for taxation or for any fees charged by operators of master trusts or wrap accounts through which the products are offered. For periods greater than one year returns have been annualised. 

    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