Fidelity Global Emerging Markets Fund
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Fidelity Global Emerging Markets Fund

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

Investment objective

To achieve returns in excess of the MSCI Emerging Markets Index NR over the medium to long term.

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.

Why emerging markets, why now?

Key facts

Fund at a glance
Unit prices (at 15/03/24) Buy 20.9984 / Sell 20.8728 Unit price history
Buy/sell spread 0.30%/0.30%
Management costs1 1.00% p.a.
Fund size (at 15/03/24) A$564.62M
Inception date 16 December 2013
Distribution frequency Annually
Currency Australian dollar
Benchmark MSCI Emerging Markets Index NR
About the manager
Portfolio manager Amit Goel
Appointed to fund 28 May 2021
Location Singapore
Joined Fidelity 2006
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: 29 February 2024

    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 29 February 2024

    Timeframe Fund Benchmark Active return
    1 yr % 2.98 12.61 -9.63
    3 yr % pa -1.63 -0.73 -0.90
    5 yr % pa 6.78 3.71 3.07
    7 yr % pa 9.14 6.21 2.93
    10 yr % pa 8.55 6.33 2.22
    Since inception (16/12/13) % pa 8.18 5.99 2.19
    Timeframe 1 yr
    %
    3 yr
    % pa
    5 yr
    % pa
    7 yr
    % pa
    10 yr
    % pa
    Since inception
    (16/12/13) % pa
    Fund 2.98 -1.63 6.78 9.14 8.55 8.18
    Benchmark 12.61 -0.73 3.71 6.21 6.33 5.99
    Active return -9.63 -0.90 3.07 2.93 2.22 2.19

    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 29 February 2024

    Total return Growth Income
    1 yr % 2.98 2.24 0.74
    3 yr % pa -1.63 -2.2 0.57
    5 yr % pa 6.78 6.04 0.74
    7 yr % pa 9.14 8.37 0.77
    10 yr % pa 8.55 7.75 0.8
    Since inception (16/12/13) % pa 8.18 7.4 0.78
    1 yr
    %
    3 yr
    % pa
    5 yr
    % pa
    7 yr
    % pa
    10 yr
    % pa
    Since inception
    (16/12/13) % pa
    Total return 2.98 -1.63 6.78 9.14 8.55 8.18
    Growth 2.24 -2.2 6.04 8.37 7.75 7.4
    Income 0.74 0.57 0.74 0.77 0.8 0.78

    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 29 February 2024

    As at 29 February 2024

    % total net assets
    TAIWAN SEMICONDUCTOR MFG CO LTD 9.1%
    SAMSUNG ELECTRONICS CO LTD 5.2%
    CHINA MENGNIU DAIRY CO 3.8%
    HDFC BANK LTD 3.6%
    NASPERS LTD 3.5%
    B3 SA BRASIL BOLSA BALCAO 3.3%
    AXIS BANK LTD 3.2%
    BANK CENTRAL ASIA TBK PT 2.7%
    LI NING CO LTD 2.7%
    HCL TECHNOLOGIES LTD 2.5%

    As at 29 February 2024

    Fund % Benchmark % Relative %
    CHINA MENGNIU DAIRY CO 3.8 0.1 3.7
    B3 SA BRASIL BOLSA BALCAO 3.3 0.2 3.1
    NASPERS LTD 3.5 0.4 3.1
    HDFC BANK LTD 3.6 0.7 2.9
    AXIS BANK LTD 3.2 0.4 2.8

    As at 29 February 2024

    Fund % Benchmark % Relative %
    TENCENT HLDGS LTD 0.0 3.3 -3.3
    RELIANCE INDUSTRIES LTD 0.0 1.5 -1.5
    PDD HOLDINGS INC 0.0 1.1 -1.1
    PETROLEO BRASILEIRO-PETROBRAS 0.0 1.0 -1.0
    CHINA CONSTRUCTION BANK 0.0 0.9 -0.9
    Distribution Distribution (CPU) Reinvestment price
    30-Jun-23 15.0139 $20.8821

    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
    Investment Grade4
    The Lonsec Report is only available to financial advisers, please contact us for a copy.
    Morningstar Neutral5
    Zenith Recommended6

    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. 

    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 February 2023) 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.

    ©2023 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 February 2023. 

    6Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned November 2023) 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.

    Forty-seven analysts on the ground in emerging markets, including China and India, means we understand local businesses and markets.

    A concentrated portfolio with low turnover and a patient approach, which allows opportunities time to come to fruition.

    Why emerging markets, why now?

    Meet Amit Goel

    Amit Goel, Portfolio Manager of Fidelity’s Global Emerging Markets Strategies talks about his philosophy, where he is finding opportunities in emerging markets and why active management is so important when investing in the region.

    Our best ideas in EM

    Uncover the Fidelity Advantage to investing in emerging markets. Our strong on-the-ground presence allows our team of global analysts to research companies deeply so that we can invest in the best quality companies that we think will outperform over the next 10-15 years.

    More 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 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. 

    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 February 2023) 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.

    ©2023 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 February 2023. 

    6Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned November 2023) 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