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 31 March 2018
| Timeframe | Fund | Benchmark | Active return |
|---|---|---|---|
| 1 yr % | 24.66 | 24.25 | 0.41 |
| 3 yr % pa | 8.57 | 8.66 | -0.09 |
| 5 yr % pa | - | - | - |
| Since inception (16/12/13) % pa | 11.03 | 10.33 | 0.70 |
| Timeframe | 1 yr % |
3 yr % pa |
5 yr % pa |
Since inception (16/12/13) % pa |
|---|---|---|---|---|
| Fund | 24.66 | 8.57 | - | 11.03 |
| Benchmark | 24.25 | 8.66 | - | 10.33 |
| Active return | 0.41 | -0.09 | - | 0.70 |
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: 31 March 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 31 March 2018
| Total return | Growth | Income | |
|---|---|---|---|
| 1 yr % | 24.66 | 23.2 | 1.46 |
| 3 yr % pa | 8.57 | 7.35 | 1.22 |
| 5 yr % pa | - | - | - |
| Since inception (16/12/13) % pa | 11.03 | 10.1 | 0.93 |
| 1 yr % |
3 yr % pa |
5 yr % pa |
Since inception (16/12/13) % pa |
|
|---|---|---|---|---|
| Total return | 24.66 | 8.57 | - | 11.03 |
| Growth | 23.2 | 7.35 | - | 10.1 |
| Income | 1.46 | 1.22 | - | 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 March 2018
As at 31 March 2018
| % total net assets | |
|---|---|
| HDFC BANK LTD | 5.3% |
| AIA GROUP LTD | 5.2% |
| TAIWAN SEMICONDUCTR MFG CO LTD | 5.1% |
| NASPERS LTD | 3.8% |
| BANK CENTRAL ASIA TBK PT | 3.7% |
| HOUSING DEV FINANCE CORP LTD | 3.3% |
| SAMSUNG ELECTRONICS CO LTD | 3.0% |
| ITAU UNIBANCO HOLDING SA | 2.9% |
| AVI LTD | 2.9% |
| INTERNATIONAL FLAVS & FRAG INC | 2.7% |
As at 31 March 2018
| 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 | 3.7 | 0.3 | 3.4 |
| AVI LTD | 2.9 | 0.0 | 2.9 |
| INTERNATIONAL FLAVS & FRAG INC | 2.7 | 0.0 | 2.7 |
As at 31 March 2018
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| TENCENT HLDGS LTD | 0.0 | 5.4 | - 5.4 |
| ALIBABA GROUP HOLDING LTD | 0.0 | 3.8 | - 3.8 |
| SAMSUNG ELECTRONICS CO LTD | 3.0 | 4.7 | - 1.6 |
| CHINA CONSTRUCTION BANK | 0.0 | 1.6 | - 1.6 |
| INDUSTRIAL & COML BK CHINA | 0.0 | 1.1 | - 1.1 |
| Distribution | Distribution (CPU) | Reinvestment price |
|---|---|---|
| 31-Mar-18 | 0.000000 | $15.1112 |
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.
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.
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.
What I learned: Alex Duffy on emerging markets, corporate governance and life on the farm
Alex Duffy, Portfolio Manager of the Fidelity Emerging Markets Fund, talks about how getting his hands dirty in a mine in Africa got him into a messy situation.
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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.