Fidelity Global Emerging Markets Fund
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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 16/01/18) Buy 15.2464 / Sell 15.1250 Unit price history
Buy/sell spread 0.40%/0.40%
Management costs1 1.31% p.a.
Fund size (at 16/01/18) A$9.35M
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

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 December 2017

    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 returns as at 31 December 2017

    Timeframe Fund Benchmark Active return
    1 mth % 1.52 0.54 0.98
    3 mth % 9.02 7.78 1.24
    6 mth % 14.87 13.68 1.19
    1 yr % 30.34 27.10 3.24
    3 yr % pa 11.77 10.76 1.01
    5 yr % pa - - -
    Since inception (16/12/13) % pa 11.27 10.07 1.20
    Timeframe 1 mth
    %
    3 mth
    %
    6 mth
    %
    1 yr
    %
    3 yr
    % pa
    5 yr
    % pa
    Since inception
    (16/12/13) % pa
    Fund 1.52 9.02 14.87 30.34 11.77 - 11.27
    Benchmark 0.54 7.78 13.68 27.10 10.76 - 10.07
    Active return 0.98 1.24 1.19 3.24 1.01 - 1.20

    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 December 2017

    Total return Growth Income
    1 yr % 30.34 28.81 1.53
    3 yr % pa 11.77 10.51 1.26
    5 yr % pa - - -
    Since inception (16/12/13) % pa 11.27 10.40 0.87
    1 yr
    %
    3 yr
    % pa
    5 yr
    % pa
    Since inception
    (16/12/13) % pa
    Total return 30.34 11.77 - 11.27
    Growth 28.81 10.51 - 10.40
    Income 1.53 1.26 - 0.87

    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 December 2017

    As at 31 December 2017

    % total net assets
    HDFC BANK LTD 5.3%
    AIA GROUP LTD 5.2%
    TAIWAN SEMICONDUCTR MFG CO LTD 5.1%
    NASPERS LTD 5.0%
    BANK CENTRAL ASIA TBK PT 4.0%
    TECHTRONIC INDUSTRIES CO LTD 3.2%
    MIDEA GROUP CO LTD 3.1%
    HOUSING DEV FINANCE CORP LTD 3.0%
    INTERNATIONAL FLAVS & FRAG INC 3.0%
    ZHEJIANG SUPOR COOKWARE CO LTD 2.8%

    As at 31 December 2017

    Fund % Benchmark % Relative %
    HDFC BANK LTD 5.3 0.0 5.3
    AIA GROUP LTD 5.2 0.0 5.2
    BANK CENTRAL ASIA TBK PT 4.0 0.3 3.7
    TECHTRONIC INDUSTRIES CO LTD 3.2 0.0 3.2
    MIDEA GROUP CO LTD 3.1 0.0 3.1

    As at 31 December 2017

    Fund % Benchmark % Relative %
    TENCENT HLDGS LTD 0.0 5.5 - 5.5
    ALIBABA GROUP HOLDING LTD 0.0 3.7 - 3.7
    SAMSUNG ELECTRONICS CO LTD 2.8 4.9 - 2.1
    CHINA CONSTRUCTION BANK 0.0 1.4 - 1.4
    CHINA MOBILE LTD 0.0 1.1 - 1.1
    Distribution Distribution (CPU) Reinvestment price
    31-Dec-17 0.000000 $14.8539

    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
    Zenith Recommended4

    Related insights

    2018 outlook: Emerging markets
    Alex Duffy

    2018 outlook: Emerging markets

    It’s been a strong year for emerging markets equites which should continue into 2018 but investors will need to be more discerning to generate consistent absolute returns.

    China, India & Brazil - what's hot, what's not.
    Alex Duffy

    China, India & Brazil - what's hot, what's not.

    Alex looks at some of the key regions in his Emerging Markets portfolio.  Facing unique challenges in each market, there are selective opportunities to be found.

    Interested in the growth story of emerging markets?
    Alex Duffy

    Interested in the growth story of emerging markets?

    With a good macro backdrop and favourable currency movements, now is a good time to consider. 

    Pause for breadth: Are we in the era of the new 'Nifty Fifty'?
    Alex Duffy

    Pause for breadth: Are we in the era of the new 'Nifty Fifty'?

    Market forces are driving a small number of stocks up.  Need we only focus on a handful of dominant global companies and to heck with the rest? 

    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.

    4Zenith 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

    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

    2018 outlook: Emerging markets
    Alex Duffy

    2018 outlook: Emerging markets

    It’s been a strong year for emerging markets equites which should continue into 2018 but investors will need to be more discerning to generate consistent absolute returns.

    China, India & Brazil - what's hot, what's not.
    Alex Duffy

    China, India & Brazil - what's hot, what's not.

    Alex looks at some of the key regions in his Emerging Markets portfolio.  Facing unique challenges in each market, there are selective opportunities to be found.

    Interested in the growth story of emerging markets?
    Alex Duffy

    Interested in the growth story of emerging markets?

    With a good macro backdrop and favourable currency movements, now is a good time to consider. 

    Pause for breadth: Are we in the era of the new 'Nifty Fifty'?
    Alex Duffy

    Pause for breadth: Are we in the era of the new 'Nifty Fifty'?

    Market forces are driving a small number of stocks up.  Need we only focus on a handful of dominant global companies and to heck with the rest? 

    From the desk of Alex Duffy

    Sign up for Alex's insights on emerging markets

    Subscribe 

    Amit Lodha
     

    Download past insights from Alex

    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.

    4Zenith 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